What's the cheapest way to pay for a new central AC this summer?
Summary
When buying a new central air conditioner (AC), there are ways to reduce extra costs like interest and fees. Paying with cash, using promotional financing deals, or borrowing against home equity can help make the purchase more affordable.Key Facts
- A new central AC can cost several thousand dollars.
- Paying cash avoids interest, fees, and monthly payments but should not drain emergency savings.
- Some HVAC companies offer promotional financing with 0% interest for a limited time if fully paid off before it ends.
- Some financing offers have deferred interest clauses, meaning you owe interest if not fully paid on time.
- Home equity loans give a fixed lump sum with set payments and interest rates, good for one-time purchases.
- Home Equity Lines of Credit (HELOCs) provide flexible borrowing and can be useful if costs change during installation.
- Both home equity loans and HELOCs usually have lower interest rates (around 7%) compared to credit cards or personal loans.
- These loans use your home as security, which lowers the risk for lenders and the interest rates for borrowers.
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