One of the most expensive repairs an ac system has involves replacing the compressor unit. No one wants to do it, but it won’t cool down your home without it. Should the expense of installing a new one stop you from enjoying cooler air on hot summer days?
The answer is no, it should not. There are ways you can work around the cost with a few different financing options. Here, we explore a few of those choices and see how they work for your situation.
Ways to finance the cost of an air conditioner compressor
We know that installing a new compressor is an expensive repair job for most people. Not everyone can hand over the money that easily. But that doesn’t mean you can’t get yours fixed. There are a few different ways you can finance the repair cost to help get your ac running again. Some ways you could fund the job include:
- personal loan
- Tap into your home’s equity
- Refinancing your mortgage
Getting a personal loan is simple to do and doesn’t require you to hand over your home to do it. Find a lender that offers you a decent rate discount for having good credit or retirement savings. Get only what you need and finance for as little time as possible to avoid paying too much in interest, since they tend to be high with unsecured loans.
Another option is to tap into your home’s equity. You can do this with a loan or a line of credit. The amount you can get will depend on your credit history. It will also depend on the equity derived from the market value of your home, provided it’s more than your mortgage amount. Refinance your mortgage by increasing the amount a little more to accommodate for any home repairs you need. You can even decide to replace the whole ac unit with a more efficient one if you choose.
Don’t let the cost of a compressor stop you from staying cool on warm summer days. There are plenty of options out there for financing a new compressor for your home’s ac system. Figure out what works best for your situation and then give us a call at 408-295-2182. We’ll be glad to answer any questions you may have. Plus, we can walk you through the process of installing a new compressor for your ac unit, since we’ve done the job for many of our customers already.