Upgrade: Best for HVAC loans
Qualifications:
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Best Egg: Best for HVAC loans
Qualifications:
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
First Tech Credit Union Personal Loan: Best for HVAC loans
Qualifications:
Key Facts:First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.Qualifications:- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
Available Term Lengths:6 months to 7 yearsFees:- Late fee: $29
Upstart: Best for HVAC loans
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
LendingPoint: Best for HVAC loans
Qualifications:
Key Facts:LendingPoint personal loans are a solid borrowing option for fair- and bad-credit borrowers. They are funded quickly and have some flexible features.Qualifications:- Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
- Minimum credit history: 2 years.
- Maximum debt-to-income ratio: 45%, not including mortgage payments.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support, Social Security and disability benefits, but not a partner’s income.
- Must be at least 18 years old in most states.
- Must have a Social Security number, a government-issued photo ID and a personal bank account.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: Up to 10%.
- Late fee: 5% of the payment amount or $30.
LightStream: Best for HVAC loans
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
Upgrade: Best for HVAC loans
Qualifications:
Key Facts:Upgrade personal loans offer multiple rate discounts and direct payment to creditors. A low minimum credit score requirement makes the perks stand out even more.Qualifications:- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Best Egg: Best for HVAC loans
Qualifications:
Key Facts:Best Egg offers personal loans for borrowers who want to consolidate debt and need cash fast.Qualifications:- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
Available Term Lengths:3 to 5 yearsFees:- Origination fee: 0.99% - 9.99%.
First Tech Credit Union Personal Loan: Best for HVAC loans
Qualifications:
Key Facts:First Tech’s personal loans are a sound option for members who want a customizable loan with fast funding.Qualifications:- Minimum credit score: 660.
- Maximum debt-to-income ratio: 50%.
- Must be a member of First Tech Federal Credit Union.
- Must provide a Social Security number and copy of your driver's license or other state-issued ID.
Available Term Lengths:6 months to 7 yearsFees:- Late fee: $29
Upstart: Best for HVAC loans
Qualifications:
Key Facts:Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid financing choice for large purchases.Qualifications:- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
Available Term Lengths:3 to 5 yearsFees:- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
LendingPoint: Best for HVAC loans
Qualifications:
Key Facts:LendingPoint personal loans are a solid borrowing option for fair- and bad-credit borrowers. They are funded quickly and have some flexible features.Qualifications:- Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
- Minimum credit history: 2 years.
- Maximum debt-to-income ratio: 45%, not including mortgage payments.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support, Social Security and disability benefits, but not a partner’s income.
- Must be at least 18 years old in most states.
- Must have a Social Security number, a government-issued photo ID and a personal bank account.
Available Term Lengths:2 to 6 yearsFees:- Origination fee: Up to 10%.
- Late fee: 5% of the payment amount or $30.
LightStream: Best for HVAC loans
Qualifications:
Key Facts:LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.Qualifications:- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
Available Term Lengths:2 to 7 yearsFees:- Origination fee: None.
- Late fee: None.
What are HVAC loans?
HVAC loans are unsecured personal loans that you use to purchase or replace an HVAC system. Upon approval, you receive the loan in a lump sum and repay it in fixed monthly installments over a period of about two to seven years.
Qualifying for a personal loan primarily depends on your credit and finances. Borrowers with high credit scores, stable income and little debt receive the lowest rates and largest loan amounts.
Rates on personal loans typically range from 6% to 36%, and loan amounts are $1,000 to $100,000. Many online lenders allow you to pre-qualify and see your loan rate and term before formally applying. Pre-qualifying doesn't affect your credit score.
HVAC loan example
For an excellent-credit borrower, a $7,000 loan with a two-year repayment term and 11.10% annual percentage rate (APR) would require monthly payments of $327 and cost $7,838 including interest, according to NerdWallet’s home improvement loan calculator.
HVAC loan considerations
As with any home improvement purchase, it's a good idea to compare multiple financing options. Here are things to consider about personal loans.
Loan amount: Personal loans are best for large, one-time purchases. You may not find a personal loan small enough to cover a repair that costs a few hundred dollars. A personal loan, unlike a line of credit, distributes the funds all at once, so you won’t be able to borrow more from the same loan if sudden expenses come up.
APR and fees: APR, which is the loan's interest rate plus any fees the lender charges, is the best way to compare the total costs of different loans. The loan with the lowest APR is the cheapest. Some lenders charge origination fees from 1% to 10% of the loan amount and deduct the charge from your loan before depositing the money into your account.
Repayment term: A longer repayment term on a personal loan means lower monthly payments, but you’ll pay more overall interest. Factor monthly payments into your budget to determine what amount you can manage over the loan's term.
Funding time: Pre-qualifying for a personal loan with an online lender can take minutes, and some lenders will fund a loan the same day you’re approved or the following business day.
How to get an HVAC loan
Get a firm cost estimate. Understanding the exact cost of your new HVAC system will help you determine how much you need to borrow and narrow down your lender options.
Check your credit. Your credit score plays an important role when qualifying for a loan. You can check your credit reports for free with NerdWallet or at AnnualCreditReport.com.
Pre-qualify. Lenders have unique qualification requirements, so pre-qualifying with multiple lenders allows you to compare offers and choose one with the loan amount and rate that fits your expense and budget.
Apply. Once you’ve chosen a lender, gather documents like your W-2s and bank statements and formally apply for an HVAC loan. Most lenders let you apply online, but some banks and credit unions may require submitting an application in person. If approved, expect to receive funds within a week.
» MORE: Requirements for a personal loan
HVAC financing alternatives
Emergency fund: While not technically a financing option, your emergency savings is made for expenses like a new HVAC system. When there are extreme temperatures outside, a broken AC or heating unit constitutes an emergency.
HVAC company financing: Some companies that sell and install HVAC systems also offer financing through third-party lenders, like Greensky or Ally. Rates and terms vary across contractors. Rolling your installation and payment plan together can be a convenient option if it's also the most affordable one.
0% interest credit card: Consumers with good or excellent credit (690 or higher scores) may qualify for a credit card with a zero-interest promotional period. Be sure to pay off the balance during the interest-free term — usually 15 to 21 months — to avoid paying the card’s regular interest rate.
Government loans: You may qualify for an FHA Title 1 loan, which can be used to improve your home’s “basic livability and utility,” according to the Department of Housing and Urban Development. Another option is to finance HVAC repairs or a replacement with an FHA 203(k) loan. These programs each have their own requirements and may prolong your installation’s timeline, but they could save you money. Borrowers with low income may be eligible for federal assistance through the Low Income Home Energy Assistance Program (LIHEAP).
How much does a new HVAC system cost
A new HVAC system can cost from $5,000 to $12,500, according to Angi, an online platform that connects homeowners with local home service professionals. Your overall costs can increase if you need a larger overhaul, such as replacing ductwork, or if you want premium features in the new system.
Be ready to also budget for removal and disposal costs of an existing system when installing a new HVAC.
Last updated on January 10, 2025
Frequently asked questions
Some companies that sell and install HVAC systems offer financing through a third-party lender. Rates and terms vary across contractors. Compare an HVAC company’s financing option with alternatives, like a personal loan or 0% APR credit card, to find the least expensive one.
The credit score you need for HVAC financing depends on the lender. In general, borrowers with good or excellent credit (690 or higher) are likely to qualify for financing through an HVAC company, a personal loan or a 0% APR credit card.
Most of the lenders listed on this page have a 580 to 660 minimum credit score requirement. Some lenders offer home improvement loans for bad credit (score of 629 or lower), but consumers with low credit scores combined with low income and high debt are unlikely to qualify.
How we chose the best personal loans
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NerdWallet's HVAC Loans: Compare HVAC Financing Options
- Upgrade: Best for HVAC loans
- Best Egg: Best for HVAC loans
- First Tech Credit Union Personal Loan: Best for HVAC loans
- Upstart: Best for HVAC loans
- LendingPoint: Best for HVAC loans
- LightStream: Best for HVAC loans
