Is AC Financing The Smart Thing To Do?

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Our hot and humid South Florida climate is only bearable because of air conditioners. When air conditioners stop working, the cost of replacement is unfortunately not something the average household easily can afford.

Replacing an air conditioner can cost anywhere between $3,000 and $6,000. Not many households can afford that amount of money without dipping into their emergency savings fund. It’s for that reason that a lot of homeowners opt for ac financing with monthly payments instead.

Applying for financial assistance is a decision that should not be taken lightly. When considering purchasing an air conditioner with financial aid, the question most people ask is, “Is AC Financing The Smart Thing To Do?” Let’s have a look at the pros and cons of both cash and financing options.

The Pros And Cons Of Cash Payments

Although an air conditioner is a vital appliance in any South Florida home, it does not come cheaply. Even the smallest unit can put a dent in the household budget, that is why most households carefully consider both pros and cons of purchasing an air conditioner in cash.

The Pros Of A Cash Purchase

A lot of people prefer cash purchases and choose that option whenever possible. The advantages of cash purchases are:

• They do not accumulate interest
• They do not incur finance fees
• They do not commit to long-term payments, minimizing the risk of defaulting on the loan

The Cons Of Cash Purchases

Unless you have a large saving plan that you can comfortably dip into, purchasing an air conditioner in cash is not always the best decision. Two reasons that cash purchases may not be the best option include:

• You could diminish or even drain your emergency cash fund.
• You will not be building up your credit score. You may think that that is not a problem, until you need a loan in an emergency and cannot get one.

The Pros And Cons Of Financed Purchases

The average household budget cannot normally stretch to accommodate a large appliance like an air conditioner. Luckily there are numerous financial assistance options available, but these need to be carefully examined as they too have both pros and cons.

The Pros Of Financing Purchases

There are many pros to purchasing large appliances like air conditioners, with financial assistance, including:

• You can get the best available unit for your requirement. The energy-saving, eco-friendly air conditioners will be most cost-effective over time but are usually more expensive to purchase.
• You can customize your payment plan and make payments that your budget can accommodate.
• You will not be draining your emergency savings fund.
• You will be building up your credit score. A good credit score is necessary when purchasing a car or home.
• The application process is usually quick and easy.

The Cons Of Financing Purchases

People who do not approve of financing purchases usually cite the following reasons:

• They do not want to be locked into monthly payments.
• They disapprove of the extra costs like the added interest and finance fees.

Convenient Air Conditioner Finance Options With Art Plumbing, Air Conditioning & Electric

Needing a new air conditioner that you haven’t budgeted for? Consider the following convenient financing options:

Service Finance Company LLC

Service Finance Company LLC offers over 50 financing solutions. They are a National Licensed Sales finance company that offers both promotional and standard installment terms on any Art Plumbing, Air Conditioning & Electric services.

Ygrene Financing

Ygrene Financing offers many benefits that traditional financial institutions do not offer, including low, fixed interest rates and various payment options. Art Plumbing, Air Conditioning & Electric are one of the independent contractors vetted and authorized by Ygrene Financing, so you can get approval for 100% financing, in 30 minutes or less, without putting any money down.

Art Plumbing, Air Conditioning & Electric have been South Florida’s trusted air conditioning specialists since 1983. Don’t let a faulty air conditioner make you lose your cool. Give us a call at 1-800-475-1504 today.