Tips for Financing Your MVHR Unit

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Written By Financial master

 

 

 

 

 

An MVHR system removes moist stale air and delivers fresh air to a property.  They can be used in your building or home to provide high-quality fresh air.  They are also used for reducing dust, energy usage and the smells generated through cooking and washing.

How Much Do They Cost?

Depending on the size and model you choose, these units can cost from around £500 to over £12,000.

How to Finance A Unit

There are a few different options for financing an MVHR unit that you might want to consider.

Savings

If you have existing savings, then it may be worth using these to finance your unit.  Savings rates are low at the moment so you may not be getting a lot of interest in a bank or savings account.  Therefore, it could be wise to use your savings to finance an MVHR unit.  However, make sure you retain enough savings to have an emergency fund for things like car repairs or losing your job.

Overdraft

If you know that you are going to be able to pay the money back quickly after you have borrowed it then and overdraft might be the best option for you.  They are usually easy to set up through your bank and you should get the money within a couple of days or even hours.  Overdrafts can be expensive to keep for a long period of time as you will pay higher interest than with other options.  Therefore, if you know you will be unable to pay the money back quickly, an alternative option may be more suitable.

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Credit Card

A credit card is a great option for a shorter-term loan.  Some credit cards will offer you several months to pay back any new purchases you have made on it which makes it a low-cost option if you are happy you will be able to pay the money back within the allotted time.  The interest can mount up if you carry a balance over every month once this grace period is up though. Shop around to get the best deal for you and set a budget to make sure you can adhere to the repayment terms you are being offered.

Loan

Loans are typically available if you want to borrow between £1,000 and £25,000.  The interest rate is usually more favourable the bigger the amount you want to borrow.  You will need to make set monthly payments and you will need to set these at the outset.  Loan companies will usually let you borrow for up to five years, so this will help you to spread the repayments and make the monthly payment lower.  The longer the term, the more interest you pay though, so it can work out more cost-effective to borrow over a shorter period if you can meet the monthly repayments.

There are several options open to you for financing your MVHR unit.  Choose the one that works best for you.