I had to replace the heat pump and the air conditioner in my home.
I thought the problem would be repairable, but I got the bad news on a cold February day.
My options were limited by the weather and the money in my pocket. I didn’t have any idea that their purchase would be thousands of dollars. When I found out that the price tag was going to be severe, I called the bank to get a loan. Unfortunately, the bank refused to give me a loan because they said my debt to income ratio was too close. I couldn’t go without a new heat pump and air conditioner so I called a few other financial institutions. The one place that offered to loan me the money charged a bunch of totally outrageous fees. They had a fee for setting up the loan and a fee for wiring the money to the HVAC company. They also had a fee for carrying the loan longer than 12 months. I could have paid off the loan in twelve months, but my payments would have been more than my Subaru. After everything was said and done, I ended up paying $4,312 in loan interest rates and fees. The new system components work great and my home feels warm and cozy, but I’m still making payments on the new heat pump and air conditioner. I pay $168 to the loan company, every month on the 15th. By the time I finish paying the loan off, it should be about time to replace the machinery again.