I didn't have the money to pay for the repairs
Last week I called an HVAC repair service because there was no AC in the house at all.
My equipment is about six or seven years old. I was of course worried that the technician would give me bad news. I still had to contact the repair service because I didn’t know how to fix the AC on my own. The repair service told me that I needed a brand new motor for the blower. The blower is responsible for forcefully sending the air into the duct work. Without the blower, the air doesn’t really go anywhere. The cost for the new motor was almost $1,000. I didn’t have $1,000 to pay for the repairs. The repair technician gave me a couple of names of people that provide loan services for HVAC repairs and replacements. The loan company happily gave me a loan for the cost of the new AC blower motor. Unfortunately, they charged me a huge amount of fees for the loan. The interest rate is 26%, the highest interest rate available under our state mods. Each month I have to make a $70 payment to the finance company. The terms of the loan are for two years. I am hoping that I will be able to pay off the finance company before I have to pay any more money for expensive HVAC repairs. The next time I have problems with the HVAC unit, I am probably going to need to replace the entire system. There’s absolutely no way I can afford to pay $6,000 for a new machine, so I’ll probably have to get a loan from the same finance company when that happens.