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7 HVAC Loans: Compare HVAC Financing Options

Last updated on July 17, 2024
Written by 
Annie Millerbernd
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked
Ronita Choudhuri-Wade
Co-written by 
Lead Writer
Annie Millerbernd
Written by 
Assistant Assigning Editor
Kim Lowe
Edited by 
Kim Lowe
Lead Assigning Editor
Fact Checked

Maintaining a comfortable temperature in your home depends on a smooth-running heating, ventilation and air conditioning — or HVAC — system.

A personal loan can be a fast way to finance a new or replacement HVAC system. Many lenders, including those listed here, can fund a loan within one or two days of approval. Compare loan offers and financing alternatives to find the least expensive option.

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Check your personalized rates

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Why Trust NerdWallet
  • 7 HVAC Loans: Compare HVAC Financing Options
  • What are HVAC loans?
  • HVAC loan considerations
  • How to get an HVAC loan
  • HVAC financing alternatives
  • How much does a new HVAC system cost

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. This does not influence our product evaluations or star ratings.

Limited-Time Offer

Expires 01/06/25

EXCLUSIVE OFFER
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Don't miss out on a better rate

Get a 0.50% discount on your next loan from SoFi, NerdWallet's 2024 Best Personal Loan winner. Offer expires 01/06/25. Click on "View details" for offer terms*

SoFi
5.0
NerdWallet rating
SoFi
Est. APR
8.99-29.99%
Get a 0.50% discountLimited-time offer
Limited-time offer - Get a 0.50% discount
Loan amount
$5K-$100K
Min. credit score
None
on SoFi's website

Offer terms:

*NerdWallet Exclusive Offer (Rate Discount):Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 9/18/24 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan. Terms and conditions apply. Offer subject to lender approval. To receive the offer, you must: (1) register and apply through a Nerdwallet issued link by 01/06/25; (2) complete a loan application with SoFi within 45 days of your application submission date; (3) and meet SoFi's underwriting criteria. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.50% rate discount. Cannot be combined with other offers, with the exception of the 0.25% AutoPay rate discount, 0.25% Direct Pay discount, and 0.25% Direct Deposit discount. SoFi reserves the right to change or terminate the Rate Discount Program to unenrolled participants at any time with or without notice.
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Discover® Personal Loans: Best for HVAC loans

🏆 Top 3 most visited
Discover
5.0

Est. APR

7.99-24.99%

Loan amount

$2.5K-$40K

Min. credit score

660

See Offers
on Discover's website
on Discover's website

Qualifications:

Key Facts:With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Qualifications:
  • Minimum credit score: 660.
  • Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
  • Must provide a valid U.S. address and email address.
  • Must be 18 years old with a valid Social Security number.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: $39.

Upgrade: Best for HVAC loans

🏆 Top 3 most visited
Upgrade

Est. APR

9.99-35.99%

Loan amount

$1K-$50K

Min. credit score

580

See Offers
on Upgrade's website
on Upgrade's website

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 years
Fees:
  • Origination fee: 1.85% to 9.99%.
  • Late Fee: $10.
  • Failed payment fee: $10.

Best Egg: Best for HVAC loans

BestEgg
4.5

Est. APR

7.99-35.99%

Loan amount

$2K-$50K

Min. credit score

600

See Offers
on Best Egg's website
on Best Egg's website

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 years
Fees:
  • Origination fee: 0.99% - 9.99%.

First Tech Credit Union Personal Loan: Best for HVAC loans

First Tech Credit Union Personal Loan

Est. APR

8.14-18.00%

Loan amount

$500-$50K

Min. credit score

660

See Offers
on NerdWallet
on NerdWallet

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 years
Fees:
  • Late fee: $29

Upstart: Best for HVAC loans

🏆 Top 3 most visited
Upstart

Est. APR

7.80-35.99%

Loan amount

$1K-$50K

Min. credit score

None

See Offers
on Upstart's website
on Upstart's website

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 7 years
Fees:
  • 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

LendingPoint

Est. APR

7.99-35.99%

Loan amount

$1K-$37K

Min. credit score

640

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 years
Fees:
  • Origination fee: Up to 10%.
  • Late fee: 5% of the payment amount or $30.

LightStream: Best for HVAC loans

Lightstream

Est. APR

6.99-25.29%

Loan amount

$5K-$100K

Min. credit score

660

See Offers
on LightStream's website
on LightStream's website

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 years
Fees:
  • Origination fee: None.
  • Late fee: None.

Discover® Personal Loans: Best for HVAC loans

Discover

Est. APR

7.99-24.99%

Loan amount

$2.5K-$40K

Min. credit score

660
See Offers
on Discover's website
on Discover's website

Qualifications:

Key Facts:With competitive rates and no orgination fees, Discover personal loans are good options for borrowers with good and excellent credit.
Qualifications:
  • Minimum credit score: 660.
  • Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
  • Must provide a valid U.S. address and email address.
  • Must be 18 years old with a valid Social Security number.
Available Term Lengths:3 to 7 years
Fees:
  • Origination fee: None.
  • Late fee: $39.

Upgrade: Best for HVAC loans

Upgrade

Est. APR

9.99-35.99%

Loan amount

$1K-$50K

Min. credit score

580
See Offers
on Upgrade's website
on Upgrade's website

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 years
Fees:
  • Origination fee: 1.85% to 9.99%.
  • Late Fee: $10.
  • Failed payment fee: $10.

Best Egg: Best for HVAC loans

BestEgg

Est. APR

7.99-35.99%

Loan amount

$2K-$50K

Min. credit score

600
See Offers
on Best Egg's website
on Best Egg's website

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 years
Fees:
  • Origination fee: 0.99% - 9.99%.

First Tech Credit Union Personal Loan: Best for HVAC loans

First Tech Credit Union Personal Loan

Est. APR

8.14-18.00%

Loan amount

$500-$50K

Min. credit score

660
See Offers
on NerdWallet
on NerdWallet

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 years
Fees:
  • Late fee: $29

Upstart: Best for HVAC loans

Upstart

Est. APR

7.80-35.99%

Loan amount

$1K-$50K

Min. credit score

None
See Offers
on Upstart's website
on Upstart's website

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 7 years
Fees:
  • 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

LendingPoint

Est. APR

7.99-35.99%

Loan amount

$1K-$37K

Min. credit score

640

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 years
Fees:
  • Origination fee: Up to 10%.
  • Late fee: 5% of the payment amount or $30.

LightStream: Best for HVAC loans

Lightstream

Est. APR

6.99-25.29%

Loan amount

$5K-$100K

Min. credit score

660
See Offers
on LightStream's website
on LightStream's website

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 years
Fees:
  • Origination fee: None.
  • Late fee: None.

» MORE: Find the best home improvement loan

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 creditworthiness 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

  1. 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.

  2. 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

  3. 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. 

  4. 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.

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 July 17, 2024

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. 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.

Why trust NerdWallet
  • 35+ personal loans reviewed and rated by our team of experts.
  • 20+ years of combined experience covering personal loans and financial topics.
  • Objective, comprehensive star rating system assessing 20+ categories and 70+ data points.
  • Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's personal loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in The Associated Press, USA Today, The New York Times, MarketWatch and many other national, regional and local publications. They have been cited in publications including The Harvard Kennedy School, and appeared on NerdWallet's "Smart Money" podcast as well as local TV and radio.

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's HVAC Loans: Compare HVAC Financing Options

  • Discover® Personal Loans: Best for HVAC loans
  • 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
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