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Financing your HVAC unit: should you do it?

Do you need a new furnace, heat pump, air conditioning unit or water heater for your home but don’t want to break the bank? Financing may be a good option. The upfront cost of a new HVAC system can be high, especially if you purchase an energy-efficient model.


Therefore, it isn’t a decision you want to take lightly. Here’s an overview of the pros and cons of HVAC financing to help you make the best choice.

young happy couple signing a financing contract

Advantages and disadvantages of financing

Financing allows you to immediately purchase a new HVAC unit by taking out a loan you can pay off over several months or years. The loan payments are often very affordable, so you can easily work it into your monthly budget without draining your savings.


When you finance an HVAC unit, being tight on cash won't force you to settle for the cheapest option. Instead, you can purchase a high-end, high-efficiency model, which can help you save a significant amount of money on your energy bills. You can put this extra cash toward paying off your loan faster. Financing also allows you to build up your credit score.


However, keep in mind that when you finance your HVAC unit, you may also have to pay interest. Although the initial cost becomes zero, you may end up paying more for the system over time. Additionally, as you own the unit, you must still pay out of pocket for maintenance and repairs.


To help you stay on top of maintenance costs, Aire One Heating & Cooling in Kitchener/Waterloo offers a flexible protection plan that takes the guesswork out of annual maintenance. Our team will ensure your new HVAC unit is always running in peak condition.


Financing vs. renting

Like financing, renting allows you to replace or upgrade your HVAC equipment while keeping your monthly budget under control. The biggest difference is that you won’t own the unit once the rental period is up. However, when you rent an HVAC unit, the cost of installation, maintenance and repairs is often included in the rental agreement. This gives you peace of mind and ensures you don’t have to fork out extra cash when something goes wrong.


How do HVAC rebates work?

You can also take advantage of rebates to offset the cost of upgrading your HVAC equipment. Many rebates put hundreds or even thousands of dollars back in your pocket, tax-free. Keep in mind that in most cases, you must register or qualify for the rebate before purchasing your new furnace, air conditioner or water heater.


At Aire One Heating & Cooling, we can help you take advantage of various manufacturer and government rebates to help ease the financial burden of investing in a new HVAC unit. For example, our knowledgeable team can help you apply for the Canada Greener Homes Grant to upgrade your system for less. We also offer promotions and coupons to help you cut costs wherever you can.


Frequently asked questions

If you’re still unsure where to start, here are the answers to some of the most frequently asked questions about HVAC financing.


1. Can you finance a new HVAC system?

Yes, of course. Many HVAC retailers offer flexible financing options, as well as promotions and rebates. Contact an HVAC dealer, like Aire One Heating & Cooling in Kitchener/Waterloo, to see what offers they have. You can also inquire about manufacturer financing programs.


2. Is it hard to get approved for HVAC financing?

No. Although many conventional lenders require you to have a credit score of at least 650, many lenders don’t have any minimum credit score requirements.


3. Do I need to make a down payment to finance an HVAC system?

No, in most cases. Many lenders offer no-money-down financing plans. This means that you don’t have to pay anything upfront.


4. Do all HVAC financing plans charge interest?

No. Some financing plans offer no-interest financing for 12, 24, 36, 48 or 60 months.

young woman on a yellow sofa enjoying the cool breeze of a heat pump

Water heater, furnace and central air installation, replacement and financing in Ontario

If you’re ready to upgrade your home AC, heat pump, furnace or water heater, turn to Aire One Heating & Cooling in Kitchener/Waterloo. Take advantage of our offers, promotions and rebates to help you offset the cost of purchasing the HVAC equipment you need to keep your home comfortable all year round. We also install, repair and maintain all kinds of HVAC systems, including mini-split, furnace and central air systems.


We serve customers in Kitchener/Waterloo, as well as Guelph, Cambridge, Stratford and Woodstock. Contact us today for more information about our no-interest financing options and payment plans.


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