Can I Refinance My HVAC Equipment Loan in Utah?

Yes — Utah HVAC contractors can refinance equipment loans with a 580+ credit score, 6+ months in business, and $100K+ annual revenue. See if you qualify today.

The specifics

Utah HVAC contractors have multiple refinancing pathways, each with specific thresholds. Equipment financing refinancing requires a minimum 580 FICO score, 6 months in business, and $100K+ annual revenue ABLE Platform. According to Crestmont Capital, funding speed is a key advantage — equipment financing refinances close in 3-7 days, far faster than traditional bank refinancing.

For contractors seeking lower rates, SBA 7(a) loans offer refinancing for equipment and business debt. The SBA sets minimum 640 FICO and 24 months in business requirements SBA.gov. SBA refinancing amounts range from $50K to $5M+ with terms of 10-25 years SBA.gov, making these ideal for larger equipment portfolios. The SBA 7(a) rate range is Prime + 2.75–4.75% APR.

Business term loans through our funding partner offer amounts from $25K to $1M+ with 1-5 year terms. These typically require a 600+ FICO score, 12 months in business, and $100K+ annual revenue. Approval amounts depend on your equipment's value and cash flow.

Qualification & edge cases

Contractors with credit scores between 550-640 can still refinance but should expect higher rates (often 18-35% APR for business term loans). If your score falls below 580, consider invoice factoring as an alternative — it requires no minimum credit score and funds in 24-48 hours against unpaid B2B invoices ServiceTitan.

Newer businesses (under 12 months) may struggle with traditional refinancing. A business line of credit — requiring just 6 months in business and $10K+ monthly revenue — can serve as interim financing while you build history SBA 7(a) guidelines. Our funding partner offers lines from $10K to $250K with revolving terms.

For contractors with significant home equity, a HELOC offers another refinancing avenue, though it requires 660+ FICO and secured collateral SBA lending standards. Our funding partner HELOC terms include amounts up to $500K+ (≤85% CLTV) with DTI ≤43% SBA guidelines.

Address the two most common rejection reasons: (1) insufficient time in business — wait until you hit the 6- or 24-month threshold depending on the product; (2) high debt-to-income — target below 43% DTI. A smaller refinance amount or shorter term can also improve approval odds. Use our affordability calculator to estimate what you can manage.

Background & how it works

Equipment financing is the most common method for HVAC contractors to acquire — and subsequently refinance — heating, ventilation, and air conditioning units. Unlike general business loans, equipment financing uses the equipment itself as collateral, which lowers risk for lenders and often results in easier approval Allied Commercial.

The refinancing process works similarly to new equipment financing: you apply with your current loan documents, equipment details, and business financials. The new lender pays off your existing loan, and you make payments on the new term. This can lower your monthly payment by extending the term, reduce your interest rate, or free up cash by cashing out equity in appreciated equipment.

Utah contractors benefit from the state's strong commercial HVAC market — the industry continues growing as heat pump adoption and commercial construction expand across the region ServiceTitan. For those with credit challenges, see our bad credit Utah guide for alternative pathways.

Bottom line

Yes — Utah HVAC contractors can refinance equipment loans starting at 580 FICO with 6+ months in business and $100K+ annual revenue. Check the rate you qualify for in 2 minutes — no credit-score hit.

Disclosures

This content is for educational purposes only and is not financial advice. hvacfinancing.finance may receive compensation from partner lenders, which may influence which products are featured. Rates, terms, and availability vary by lender and applicant qualifications.

Sources

• ABLE Platform - HVAC Financing for Contractors
• Crestmont Capital - HVAC Equipment Financing Guide
• ServiceTitan - HVAC Business Loans
• SBA 7(a) Loans