When my wife and I bought our new home, we knew we were going to need a new HVAC system and thought we had borrowed enough to have it installed.
Unfortunately, there were more charges in the closing than we had expected.
Instead of having money for the new HVAC system, all the extra money went into the closing costs. We were now left wondering where we were going to get the money, and how we could afford it. Because it was a new house, we had no equity, and we had to use all of our savings for the down-payment. We talked about using credit cards, but none of them had a high enough balance to sustain the cost of the HVAC system. We then considered going for a loan, but the bank we worked with would not give us a second loan when we barely got the mortgage. We called the HVAC company to get a quote for the new HVAC system and then we started putting our heads together. We knew we would soon need a heating system, and there had to be a way to purchase it. When my brother called and asked when the new HVAC system was being installed, I told him the story about not being able to afford it, and why. He asked if we had talked to the HVAC company. When he bought his, they had given him a two-year, same-as-cash payment plan. He was sure that if they would do it for him, they would probably do it for us. We figured the worse that could happen was say no, and we wouldn’t be any worse off than we were now.