Other Heat Pump Financing Options
While the terms of the financing we offer through Synchrony Financial are difficult to beat, we understand that there may be interest in understanding other ways to potentially finance your new heat pump system. We encourage all of our customers to research the best financing options for their needs. If you have any questions about our financing, make sure to give us a call.
Credit cards offer you a way to make large purchases and then make monthly payments to lower the balance. If you already have a credit card with an interest rate lower than what we offer through Synchrony Financial, this may be a suitable option for you. Several credit cards also offer the specific option to finance large purchases. However, interest rates can be variable, and you should check the terms of your specific credit card before choosing this option.
Additionally, many credit cards have introductory promotional periods of extremely low or no interest for applying for a new credit card. Some of these cards may also come with rewards like cashback, rewards points, or travel miles.
Personal Loans or Line of Credit
Your bank, credit union, or other financial institution may offer personal loans to lines of credit to qualified members. A loan is when your financial institution gives you a specific amount of money that you pay back, with interest, every month until the balance is paid in full. What we offer through Synchrony Financial is very similar to a personal loan.
A personal line of credit, though, is more akin to a credit card but without a physical card. Your financial institution offers you a revolving amount of funds that you can borrow from as needed. When you borrow money, you’ll then begin to make monthly payments, including interest, to pay down the balance.
You should check with your preferred financial institution to see what the terms are of any personal loan or line of credit. They’ll also help you understand if you qualify for either financial product.
Home Equity Loan or Line of Credit
The last option is a home equity loan or line of credit. These types of financing are loans or lines of credit that are secured by the equity in your home. So, if you don’t own a home or if you don’t yet have much equity in your home, you likely won’t qualify.
However, these financial products can offer low interest rates and provide for higher loan amounts than a traditional unsecured personal loan or line of credit. A revolving line of credit can also act as a good source of backup funds should your life experience unexpected events that require significant funds. For instance, many people use Home Equity Lines of Credit to finance home improvements.
Since these types of financial products are secured by your home, though, you should make sure to read through and understand the terms of any home equity loan or line of credit before signing any documents. You should only apply for these types of financial products through trusted financial institutions.