Financing An Outdoor Wood Boiler - Finding The Right Solution For You
An outdoor wood furnace can be a large up-front expense. Thus many people finance the cost initially and pay off the boiler with the money it saves them on their heating expenses. However, there are many different ways ways to come up with the money, so which is the best option? In this post I'm going to go over some of the common financing options.
One of the most common ways to finance an outdoor wood furnace is with a home equity line of credit. Many banks and credit unions will lend to homeowners against the equity they have available on their home. As this is a secured loan, banks often offer competative interest rates and terms to borrowers using this option. To pursue this sort of loan you must be a homeowner and you must have equity available on your home.
Another option is a personal loan. Often offered by banks, credit unions, and other lending institutions, a personal loan is an unsecured loan. Thus, interest rates and terms can often be less favorable to the buyer. However, if you don't own a house, this could be a viable way to finance an outdoor boiler and eliminate a big heating bill.
Finally, outdoor wood boiler manufacturers often offer or sponsor special financing plans available only to people who purchase specific products or brands. In some cases, manufacturers negotiate better terms for their customers from certain lending institutions. For example, HeatMasterSS, a leader in the outdoor wood boiler industry, works with financing companies to offer very competative financing for their customers.
While there are many ways to fund your outdoor wood boiler, we recommend speaking with your banker or , if you have one, your financial advisor, to decide where you can get the best loan for you. There are many variables and nuances, so do your research and good luck to you.