Financing options for your new HVAC system
An investment in a new HVAC system is one of the larger ones you will make as a homeowner. When your system eventually fails or performs so poorly that you have to replace it, you’ll need to make a decision about how to pay for it. Below are several options for you to choose from to help in funding your project:
This is a PACE program lending tool. E3 partners with local governments to bring you low cost financing that gets repaid through your property tax bill. The financing can be used for improvements that are good for the environment and save you money on your utility bills, like replacing your HVAC system. The benefits are that most properties qualify, 100% financing, ZERO money down, and NOT based on credit score.
Ygrene is the leading provider of PACE financing in the Greater Sacramento Area. Some of the key points to know are that HVAC projects are 100% eligible, no money down, and not based on credit score. The only requirements are that you must be current on your property taxes, been on time on your mortgage payments, and if you have had a bankruptcy, you must be 24 months removed from it.
Synchrony (NYSE: SYF) is one of the nations’ premier consumer financial services companies. Their roots in consumer finance trace back to 1932, and today they are the largest provider of private label credit cards in the United States based on volume and receivables. We have chosen to partner with them because of their favorable programs revolving around the HVAC business. Fast, simple, smart financing available.
GreenSky, like Synchrony, gives us another palette of options and rates, and a little more flexibility when it comes to the type of equipment you will be financing. Sometimes one is better than the other, so it’s best to explore all options and select the one that fits YOUR exact needs and situation.
Turns Financing specializes in what is known as “second look” financing, meaning, that if your credit is not that great, then you still have a chance to utilize their program. While Synchrony and GreenSky typically target FICO credit scores of 620 and above, Turns has their “sweet-spot” with scores from around 550 – 620. When it comes to financing, as we have said before, it’s better to have all the options laid out in front of you and to choose what makes sense for YOU.
If you live in the service area of SMUD you are eligible to use this option. It’s a fixed rate loan at 6.99%. That’s a pretty good rate, which has held up at that number even though the Federal Government has raised interest rates several times recently. For now, it’s still 6.99%. Most customers that choose this option select a ten year term for the loan.