How Can I Finance Unexpected AC Repairs?

Emergency AC repair: It’s never convenient. But then, what kind of emergency is? If your AC needs immediate repair, one of the biggest hurdles to clear is cost. How will you pay for the repair? And what should you do if the cost is just not in the budget right now?

In these situations, financing is your best friend. You may be hesitant to try financing because, after all, you will pay more over time because of interest. Though the pros greatly outweigh the cons, and that’s mostly because financing gives you a chance to breathe since it allows you to defer the cost of AC repair. This makes it an excellent way to get the services or products you need now, without stressing over a huge bill or busting your bank account.

How Much Does a New AC Unit Cost?

The cost depends on a few variables. These include the following:

  • The size of your home
  • The nature of the repair
  • The type of unit in your home
  • The cost of the new unit, if you need a replacement

As you can imagine, there’s no one-size-fits-all rule for AC repair costs. According to HomeGuide, however, people spend an average of $4,500-$5,000 to repair or replace an AC unit. If you don’t have that kind of cash floating around, financing can be helpful because you can keep your family comfortable while paying for it over time, rather than all at once. 

How to Finance Your AC Repair 

Of course, if possible, the best way to pay for any home repairs is with cash that comes out of your home repair fund (and if you don’t have one, you should think about starting one when you can because a little bit of money adds up over time!). As homeowners ourselves, we understand that sometimes cash just isn’t a possibility, and you have to look into financing your unit. If you do, you’ll be happy to know there are a couple ways to make it happen.

Here are the top two most common:

Retailer Financing

Of all the financing options, this is the most popular. And for a good reason! Interest rates can be as low as 0% APR for several months during a promotional period. Compared to average interest rates of 5.82% for a home equity loan and about 7% for a personal loan, that’s a pretty good number. 

Personal Loans

Personal loans are an option for people who are working with contractors that don’t offer in-house financing. Unfortunately, you’ll wind up paying much more over the long term of these loans, thanks to higher interest rates and more rigid credit requirements. So while personal loans are one way you can pay for your repair, they’re not always the best route to take.

The Benefits of HVAC Financing

As a general rule, AC repair can’t wait and sweating it out in your home while you pinch your pennies isn’t a great way to handle the problem. That’s why so many people choose to finance their HVAC equipment. In addition to freeing up your cash flow, financing helps you get the HVAC services you need, when you need them without waiting in discomfort. 

Here are a few additional benefits of HVAC financing:

  • Accessibility. Most borrowers can get approved for financing with their local HVAC company, even those whose credit scores may exclude them from accessing personal loans.
  • Convenience. With financing, you can bridge the gap between the cost of your equipment and the cash you have on hand. It’s a convenient way to repair your AC without going broke. 
  • Efficiency. Getting a new AC unit or repairing your old one helps your home operate more efficiently with updated equipment. This, in turn, saves you money in the long-term. 

Find the Right Financing Options for Your AC Repair in Yankton, SD

At Larry’s Heating & Cooling, we’ve been keeping homes and businesses comfortable since 1982. If you need repair for your AC but can’t afford it right now, don’t sweat it! (See what we did there?) We offer financing to make accessing AC repairs easier for those in Yankton, Vermillion, and the surrounding SD communities. To get started, schedule an appointment with our team or apply for financing!

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For over 30 years we have proudly been serving the Yankton SD area and surrounding communities with reliable heating and cooling services! 24/7 services!

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