HVAC Financing Options for Central Oregon Homeowners

When someone is planning a trip to Disneyland or a new car, they often set aside money in advance to pay for their excursion. In comparison, most people don’t have a savings account set up for an unexpected heating, ventilation, and air conditioning (HVAC) replacement.

For Bend and Redmond homeowners, having HVAC financing options is essential. You don’t know when your furnace or air conditioner may suddenly stop working. With the right financing, you can ensure your family is comfortable no matter what.

Why HVAC Financing Matters

When your furnace breaks down during a Central Oregon snowstorm, your family can’t wait for your next paycheck to get a new one. It’s impossible to plan for an emergency replacement, so you need spur-of-the-moment furnace financing options.

Besides requiring financing for emergency situations, it also helps to have installment plans for planned replacements. HVAC systems have fairly high upfront costs, so affording a new unit is often a struggle for local families.

Plus, financing allows you to extend your payments over time. Instead of tightening the belt and trying to pay everything at once, you can make your payments more affordable.

Types of HVAC Financing Options Available

There are many options for HVAC financing in Bend, OR. The best choice depends on your budget, credit availability, and goals.

• Personal Loans: Some people take out personal loans to cover the upfront cost of a new system. While these have lower interest rates than credit cards, they can still be fairly expensive.
• Credit Cards: Credit cards are one of the most costly ways to finance an HVAC system. Additionally, many credit cards don’t have a large enough credit limit to cover HVAC systems.
• Cash: If you have the cash available, this is a low-cost option for paying for an HVAC system.
• Home Improvement Loans: A home improvement loan is designed specifically for things like HVAC upgrades. These loans are often unsecured and have a fixed interest rate. Many of these loans, like the ones offered by GreenSky, come with promotional discounts on the interest rate.

HVAC Financing vs. Paying Upfront

As a homeowner, it’s important to consider the benefits and drawbacks of HVAC financing options and paying upfront for a new unit or repairs.

• Monthly Payments vs. Upfront Investment: With HVAC financing, Redmond homeowners can divide the cost of their new unit over multiple months instead of paying it all upfront. Some plans also offer 0% financing for a set term, so financing plans may have a total that is similar to paying in cash upfront.
• Interest Charges vs. No Fees: While some loans have promotional periods with 0% interest, many of them charge interest. If you can afford to pay upfront, you can avoid paying interest charges.
• Immediate HVAC System vs. Delayed Comfort: Using monthly HVAC payment plans means you can immediately get a new unit and enjoy a more comfortable home. Plus, delaying your replacement means you miss out on all of the energy savings that a new unit offers.

What Can You Finance?

With the best heat pump, furnace, and AC financing plans, you can fund your new installation. Financing also covers the cost of emergency replacements if your system breaks down unexpectedly. 

For many homeowners, repairs and upgrades can be expensive. With financing, you can get ductwork upgrades, thermostat installations, and major repairs covered.

Our team also makes covering maintenance costs easier through our convenient maintenance plan. Rather than pay for each tune-up all at once, you can pay a monthly charge and receive complimentary tune-ups, special promotions, and discounts.

How Much Does HVAC Financing Cost?

The total cost of your HVAC financing depends on your loan terms, interest rate, and credit profile. Factors like your credit score, system size, and loan amount will influence which options you qualify for.

Here’s a breakdown of common financing options and what they look like in practice:

Option 1: 0% APR for Up to 24 Months

With this option, you can pay no interest during the promotional period.

• Borrow: $1,000
• Estimated payment: $41.67/month per $1,000 financed
• Term: 24 months
• Total paid: $1,000
• Interest paid: $0

Note: Payment amounts may vary slightly depending on when the transaction is finalized.

Option 2: 9.99% APR for 120 Months

This option spreads payments over a longer period, making monthly costs more manageable.

• Borrow: $10,000
• Monthly payment: $132.09
• Term: 120 months (10 years)
• Total paid: $15,850.80
• Interest paid: $5,850.80

Option 3: Extended Financing (Up to 180 Months)

For even lower monthly payments, extended terms may be available based on creditworthiness.

• Interest rate: 7.99% – 19.99% APR
• Example ($10,000 loan):
  • Monthly payments range: $90.50 – $175.55
  • Term: 180 months (15 years)

Option 4: No Interest if Paid in Full in 6 Months

This short-term option allows you to avoid interest entirely if paid off in time.

• No interest if the full balance is paid within 6 months
• Minimum monthly payments required
• If not paid in full within the promotional period, interest may be applied

Ways to Reduce Your HVAC Costs

You may be able to lower your total investment by taking advantage of rebates and incentives:

• Federal Energy Efficiency Home Improvement Credit
  Get 30% back (up to $2,000) on qualifying energy-efficient heat pumps
• Oregon Heat Pump Purchase Program
  Financial assistance for new construction and rental properties
• Energy Trust of Oregon Rebates
  • Up to $4,000 for manufactured homes with heat pumps
  • Up to $1,600 for income-qualified furnace upgrades

Important Financing Notes

• All financing options are subject to credit approval
• Rates and terms vary based on creditworthiness and loan details
• Monthly payments and total costs may vary depending on timing and usage

Choosing the Right Option

• Want zero interest?
  • Go with the 0% or 6-month promo option
• Need lower monthly payments?
  • Consider longer-term financing
• Planning to pay off quickly?
  • Short-term promos can save you the most

How To Choose the Right Financing Option

As you search for the best HVAC financing, there are a few factors you should consider.

• Consider Your Budget: Before you apply for any HVAC loan, figure out what you can comfortably afford per month. Don’t accept a loan that has a monthly payment that is more than you can afford.
• Adjust the Loan Term: If you are unable to afford the monthly payment, you may want to extend the loan term. A longer loan term may take more years to pay off, but it also provides a lower monthly payment.
• Review Interest Rates and Hidden Fees: It’s important to always read the fine print. Make sure you know if the interest is fixed or variable. Also, note any origination costs or hidden charges.
• Find a Trusted HVAC Contractor: One of the most important things you can do is find a trusted HVAC contractor to work with. An experienced HVAC company can recommend reliable, affordable financing options because they’ve worked with HVAC loan providers in the past.

HVAC Financing in Bend & Redmond, OR

If you’re searching for HVAC financing options in Bend and Redmond, OR, we can help. Through our financing partnership, you can enjoy a simple approval process. From 0% short-term loans to longer terms, our financing partner offers a range of options for local homeowners who need HVAC upgrades and replacements.

Get pre-qualified today.

FAQs

Can I finance a new HVAC system?

Absolutely. There are many different home improvement loans that can help you finance a new HVAC system, so you don’t have to sacrifice your family’s comfort.

What credit score is needed for HVAC financing?

It all depends on the loan’s size, the interest rate you want, and the provider. To qualify for the best interest rate and terms, you’ll generally need a higher score. You can find out what you qualify for by applying and getting pre-approved.

Is HVAC financing worth it?

It all depends on your situation. If you can’t afford to pay the full price of a new HVAC system out of pocket, then heating and cooling financing is absolutely worth the time and cost.

Explore Your Financing Options

Don’t let upfront costs delay your family’s comfort. The right HVAC financing options offer fast approval times and flexible plans. 

Learn more about local HVAC financing by reaching out to Central Oregon today.