My Father’s Mechanical understands that you may not have the money stashed away for a new air conditioner. You may also not have the money stashed away for a new heater or for air conditioner or heater repairs. This is why we work with EnerBankUSA to provide our customers with financing options for which they can apply. We will talk more about this below as well as the other financing options.
Bank Loan
If you have a good relationship with your bank or credit union, you can always approach them for a personal loan. This can also be considered a home-improvement loan if you are having a new air conditioner or heater installed. Bank loans tend to offer the best interest rates and the longest payback periods. This makes it easier for you to guarantee the bank that you can make the monthly payments.
In order to qualify for a bank loan, you will need to prove that you have excellent credit, a low debt-to-income ratio, and a steady job. You will also need to provide collateral to back up the loan. This may seem like a lot, but it can be worth it to get the lower interest rate and longer payback period.
Credit Card
Another option is to use your credit card, but credit experts Credit Karma advised that this can be an expensive endeavor that you may never be able to pay off. In less your credit card has an extremely low interest rate, you will not be able to pay off your new air conditioner or heater or even the repairs because the balance will continue to rise due to interest rates that can be as high as 20 percent.
Line of Credit
The same is true with a line of credit. You really need to walk into using credit with extreme knowledge. Check the interest rates on your credit card or line of credit to determine how long it will take you to pay off the new air conditioner, new heater, or HVAC repairs. If the interest rate is too high, you should probably look for a different way to finance your needs.
EnerBankUSA
One of those ways is to click the “Financing” option at the top of our website to review the financing offers by EnerBankUSA. You can select the option that you prefer and apply for it directly online.
Call My Father’s Mechanical in San Antonio, TX, today if you have any questions.