My Father’s Mechanical understands that repairing your air conditioner can be an expense that is completely out of your budget. This is why you can apply for financing directly on our website to get the money you need so you can have your air conditioner fixed before the hot summer weather hits. Aside from the financing options on our website, there are other ways you can pay for your repair bill if you don’t have the cash on hand. Please note that some of these options can make paying off the bill much harder because of exorbitant interest rates. Let’s talk more about this below.
Bank Loan
Aside from the financing options on our website, the best approach to paying for your air conditioning repairs when you cannot afford them is to ask your bank for a personal loan. The reason why this option is best is that bank loans come with the lowest interest rates on the market. Your bank will also offer you an extended period to pay back the loan so the monthly payments are lower. The caveat is you need excellent credit as well as collateral to secure a bank loan.
Credit Card
We get that it can be tempting to put your air conditioning repair on your credit card, but it’s an excellent idea to check the interest rate on the card before you charge the repairs. Some credit cards come with interest rates that are as high as 20 percent or more. Consequently, it will take you years to pay off the air conditioning repairs. It’s better to see if you can get a low-interest credit card or a credit card that has a temporary period of zero interest.
Line of Credit
A line of credit works a lot like a credit card. For example, if you were to take a second mortgage out on your home, you can opt to receive the money in a line of credit from which you can draw. Eventually, you will need to pay the line of credit back plus interest. This being said, depending on the bank issuing the line of credit, the interest rate may be relatively low.
Payday Loan
Finally, if your state allows them, you could secure a payday loan to pay for your air conditioning repairs, but Credit Karma warns that these loans come with very high interest rates and the money is due out of your next paycheck. This can put you in an even worse financial situation.
Again, My Father’s Mechanical in San Antonio, TX, offers financing options through our website, so apply today.