Need a new furnace this winter but not sure whether you should use furnace financing? Many Edmonton homeowners choose to use financing because of the numerous furnace financing benefits. But what is best for you?
In this furnace financing guide, our heating experts look at some of the top furnace financing benefits. We’ll also explain what HVAC financing is and how it compares to buying a new furnace outright. As a result, you'll be able to decide whether financing a furnace is the best option for you!
Ready? Here’s what every homeowner should know about financing a furnace in Edmonton.
What is Furnace Financing?
Furnace financing is borrowing money to buy a new furnace. So, you borrow from an Edmonton furnace financing company rather than paying cash upfront for a new HVAC system.
Once approved for furnace financing, you can buy the new furnace you want, have it installed and make payments over a certain period.
Can you make monthly payments on a furnace?
Yes, you can make monthly payments on a furnace. With the help of a furnace financing company like ProSolutions Heating Inc. (and our reputable partner SNAP Home Finance), Edmonton homeowners can get the furnace they need and make affordable monthly payments.
Better yet, various flexible payment options are available, meaning you can make monthly payments over a long or short period. This is just one of the many furnace financing benefits that homeowners find enticing.
How long can I finance a furnace?
Edmonton homeowners have the option to finance a furnace long-term or short-term. This means you can finance a furnace over several months or even years - depending on how big you want your monthly payments to be.
One of the best things about choosing a furnace financing company like ProSolutions Inc. and SNAP Home Finance is that there are no early payout penalties. Therefore, if you decide to pay off your loan sooner, you can do so without fear of early payout penalties or surprise fees!
How the Furnace Financing Process Works
Furnace financing always starts with the application and qualification process. First, you apply. Then, the financing company decides whether you qualify.
This process is slightly different from provider to provider. But, with furnace financing companies like ProSolutions Heating, the process is simple, and approvals are quick.
Here’s how the furnace financing process works with ProSolutions Inc. and our partner SNAP Home Finance.
- Decide whether you want to apply for short-term financing or long-term financing.
- The application process is simple. You'll just have to fill out a short financing form. This form asks for personal details such as:
- Date of birth
- Phone number
- Email address
- Employment details
- Housing details, etc.
- Once the furnace financing form is complete, read and accept a Consent Notice, then submit your application. That’s it - it’s that easy!
ProSolutions Heating’s finance partner, SNAP Home Finance, will process your furnace financing request within minutes.
As part of the furnace financing process, SNAP will confirm that you have an acceptable credit score. If everything checks out, you will be offered affordable financing for your new furnace!
With a process this quick and easy, furnace financing is a no-brainer! You can get the furnace you want (when you need it) and take advantage of numerous furnace financing benefits.
What Credit Score Do I Need to Finance a Furnace?
When researching furnace financing in Edmonton, many people wonder - what credit score do you need to finance a furnace?
The truth is, it depends. Some Edmonton furnace financing companies may require a minimum credit score. However, with ProSolutions Inc. and SNAP Home Finance, you do not need any particular credit score to finance a furnace.
At ProSolutions Heating, we think everyone deserves to be warm and comfortable in their home. Therefore, we provide flexible payment plans, affordable interest rates, and furnace financing for as little as $1,000. So, you can achieve maximum home comfort regardless of your credit score.
Buy a Furnace or Finance a Furnace - Which is Better for You?
Is it better to buy a new furnace outright or finance a furnace? The option that’s best for you will depend on several factors, including:
- Amount of cash you have on-hand
- Cost of the new furnace
If you can buy a new furnace using cash, this is the best option. Why? Because when you buy a furnace outright, you don’t have to pay any interest.
That said, if you don’t have a lot of cash, you’ll have to dip into your savings - and that’s not always a great option. Alternatively, if you have cash on hand but want a top-of-the-line, high-efficiency furnace, you may want to keep your cash and finance the total sticker price.
Many Edmonton homeowners find that the cost of credit is worth it. That’s because it allows them to buy the HVAC system they want without having to dip into their savings or investments or borrow against their home.
Let’s look at some additional benefits of financing vs buying a furnace.
Top 8 Furnace Financing Benefits Every Edmonton Homeowner Should Know About
Still not sure if you should buy or finance a new furnace? Here are some furnace financing benefits to keep in mind.
- No large upfront payments.
- More cash in hand - this is especially helpful if you are a new homeowner and require cash for other things.
- You'll have one low monthly payment with the help of an Edmonton furnace financing company like ProSolutions Heating and SNAP Home Finance.
- Avoid tying up liquid assets - whether you want to invest or keep an emergency fund, keeping some liquid assets is a good idea.
- Borrowing can help improve your credit score.
- Furnace financing allows you to buy the new furnace you want (no need to settle for a cheaper option).
- You can pay off your furnace as fast or slowly as you want with various payment options.
- No early payout penalty - pay off your loan whenever you want without incurring any extra fees.
So, is it smart to finance a furnace?
As you can see, there are many furnace financing benefits. Therefore, furnace financing is a smart option if you have limited cash or illiquid assets and don’t want to deplete your savings or sell off/borrow against your investments.
PRO FURNACE FINANCING TIP: When you’re ready to buy a new furnace, give our top-rated furnace installation company a call. Our heating specialists can help you decide what furnace is best for your home and whether you should buy vs finance your furnace.
Tips for Saving While Financing a Furnace
Have you decided to finance a furnace? This is an excellent option for many Edmonton homeowners!
In addition to keeping money in your pocket by financing a furnace, there are other tips and tricks you can use to save! Keep these money-saving tips in mind when selecting your new furnace and running it day-to-day:
- Buying an energy-efficient HVAC unit will help you save on energy costs in the long run.
- Check for manufacturer and government rebates when looking at new furnaces. The best way to do this? Call the professional furnace team at ProSolutions Heating Inc. Our heating experts will help you determine if any rebates are available and explain how you can get them!
- Check for current heating promotions. Do you want to save on the cost of your new furnace and HVAC installation? Check with your local furnace installation company to see if they have any heating promotions.
- Consider investing in a Service Plan with your furnace installation company. This will keep your furnace in top working condition by helping you stay on top of regular furnace tune-ups and maintenance. Plus, with a Partner Plan, you’ll save every time an HVAC technician visits your home.
Why Choose ProSolutions Inc. for Furnace Finance?
Ready to take advantage of the furnace financing benefits above? Give the heating experts at ProSolutions Inc. a call. In addition to being a top-rated furnace installation company in Edmonton, ProSolutions Inc. also offers:
- Furnace financing for as little as $1,000
- Flexible payment options
- Affordable monthly payments
- Low interest rates
- No early payout penalties
- Option for no payments, no interest for up to 1 year
- Quick and easy furnace financing approval
Best of all, ProSolutions Inc., in partnership with SNAP Home Finance, offers financing for all home improvement projects. So, whatever home comfort project you want to undertake, you can - without needing cash up front!
For more information on affordable home financing, call us at 780-453-6640 or apply for furnace financing today!