Home Heating and Cooling Equipment - Rent vs Buy vs Financing
Considering Renting your HVAC Equipment in the Niagara are? You've come to the right place.
Here is the short, fast facts on renting your furnace and/or air conditioner. Comparing Reliance, Enercare, ONE, EcoHome and Konkle programs in an easy to read fact based list. Plus some tips on buying vs financing vs renting.
There are four (4) Critical Factors in Renting HVAC Equipment.
1. Will my payments stay the same for the entire rental period?
2. Will I automatically own the equipment at the end of the rental term?
3. Can I buyout my rental equipment early without a penalty?
4. Will my billing be automatically cancelled at the end of my term?
You'll see that in most contracts, the answer is NO to all these questions. Konkle is the exception. If you don't reside in the Niagara area, you can contact your local Trane dealer to find out who offers these same rates.
The Pros and Cons to buying, financing and renting are fairly straightforward.
PURCHASING: Overall, buying your equipment outright is the least expensive route. Of course ensuring the top 5 details are included in the purchase price. 1. Quality, North American made brands 2. a 10 year labour warranty is included (as well as parts) 3. established contractor 4. insured contractor 5. experienced installer. If you can afford to - buy it.
FINANCING: Depending on the terms, financing can be a reasonable solution. Similar to using your credit card or line of credit, interest is accumulating as long as there is a balance owing. Beware of high interest rates. Be sure there are no penalties should you wish to pay off the balance. If you are using the financing for short term (i.e. funds are coming available soon), ask about a no interest deferral option instead. If you plan on financing for a longer period of time, you may want to consider a rent to own program.
RENT (TO OWN): This option can offer great peace of mind. BE SURE that everything is included and monthly payments are automatically withdrawn. Understand there is a cost involved in paying over time. Minimize that cost when you determine the answers to the Critical Factors (above). Next, and most importantly, ensure your rental program includes the following:
High quality equipment - 10 year parts and labour warranty - annual check/cleaning - full installation with no upfront costs - 120 month fixed payment amount - no escalation - fully transferable - no penalty or fee to buyout - no administration fee - full ownership at the end of the term - no balloon or end payment.
For more information or estimates on HVAC equipment installation in Niagara, Buying, Financing or Renting. Call us 905-563-4847 or send an email.
Since 1981, Konkle has served the Niagara area: Stoney Creek, Grimsby, Beamsville, Smithville, Vineland, Jordan, Welland, Winona, Wainfleet, Niagara Falls and St. Catharines.