Buying vs Financing Your HVAC System | Pros & Cons for Each Option

When an HVAC system goes out, often there is no warning and you’re faced with a major purchase for a home necessity that you can’t go without. (Especially in Florida!) A major decision to make is whether to purchase the system outright or finance and make monthly payments.

According to Energy Star, new HVAC systems can cost in the range of $3,000 to $6,000 on average, which is dependent upon where you live and the type and size of system you need. That’s a big chunk of money to come up with, especially if it’s not a planned for expense.

At Air Tech of Central Florida, we understand the necessity of keeping your family comfortable and work to make the buying process as stress-free as possible. We discuss HVAC buying vs financing options with our clients in central Florida so they can make the best decision for their family.

One way we take the stress out of buying a new heating and air conditioning system is by offering easy Microf® Financing that makes it simple for families to finance an HVAC unit with no credit check needed and affordable monthly payments.

May through September, Orlando’s average high temperature is in the high 80’s and 90’s. (U.S. Climate Data)

When it’s hot outside and your A/C unit goes out, there isn’t a lot of time for making buying decisions. If the thermometer is registering 90 degrees outside and it can be potentially hotter indoors, and you need to get a new unit up and running fast.

Take a few minutes to look over the pros and cons of financing vs buying an HVAC unit now, and you’ll be more prepared when the time comes for a replacement.

Is it Better to Finance or Purchase that New HVAC Unit?

Should you dip into your savings to avoid financing fees? Will monthly payments be your best option to be on sound financial footing?

It’s a major decision and one that could impact your family’s financial health and well-being for several months or years down the road, so you want to go in eyes wide-open to make the best choice.

Here are some of the pros and cons of financing a new HVAC system in Orlando versus buying it outright in cash.

Pros & Cons of Purchasing an HVAC System

If you have the ability to put together the money to purchase an HVAC system outright it can have advantages, but there are also some downsides to consider.

Pros of Purchasing:

  • No interest to pay or financing fees: You can save hundreds of dollars in interest by purchasing 100% up front, along with eliminating any loan or finance fees.
  • You don’t have to worry about long-term payments: If something happens and you lose your job in 6 months, you won’t have to worry about defaulting on a loan.
  • You can sometimes get a cash discount: Occasionally, you can get a discount on an HVAC system if you pay in for it in full rather than finance it.
  • Good to do if you’re planning to sell soon: If you plan to sell your home soon, then paying in advance ensures you’re not still paying on an HVAC system you no longer use.

Cons of Purchasing:

  • You could leave yourself cash-bare: If you drain your savings account to pay for a unit in full, you might not have cash on hand if an emergency arises.
  • You’re not building credit: If you’re trying to build or increase your credit score, you miss an opportunity if you pay in cash.

Pros & Cons of Financing an HVAC System

HVAC financing offers many the ability to get the HVAC system they need without going broke. It also has its advantages and disadvantages, which include the following considerations.

Pros of Financing:

  • Ability to get the unit you need: Financing allows you to get the HVAC system your home needs without having to settle for the cheapest option, which could be too small for your home.
  • Make affordable payments over time: You don’t have to drain your bank account or up-end your finances, just make monthly payments over time.
  • Build your credit: Financing your home air conditioning unit allows you to build up your credit score.
  • Fast & easy application process: Air Tech of Central Florida offers a fast and easy application process for HVAC financing with no credit check required.

Cons of Financing:

  • You’re locked into payments: You’ll be making payments for the term of your loan and having another bill to pay each month, although you can choose to pay the loan off early to reduce the long-term liability.
  • Extra costs from interest: When borrowing money, it does generally come with interest added to the balance, so you end up paying more overall for the option to make affordably monthly payments.

Ask Us Anything About HVAC Financing!

Are you looking at replacing your HVAC unit before it becomes an emergency situation? Our expert technicians at Air Tech of Central Florida can sit down with you and answer all your questions about our affordable financing options.

Schedule a free consultation online today or call us at 407-696-9876.

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