Rent, finance, or buy home comfort in Ontario
There are three ways to get a new furnace, air conditioner, heat pump or water heater from Arctic. Rent it fully serviced, and it becomes yours at year 15. Finance it straight from Arctic and own it from day one. Or buy it outright. Licensed professionals install it, whichever you choose, and rentals come with a 30-day trial. Here’s how to pick the one that fits.
The short answer: renting has no upfront cost and includes repairs for the term of the plan. Financing means monthly payments and you own the equipment from day one. Buying means one payment and you carry any repair costs yourself. The right choice depends on your budget, how long you plan to stay in your home and how you feel about repair risk.
Last updated:
Three ways to pay. Same equipment.
Rent it fully serviced and buy it out whenever you like. Spread the purchase over 3 to 10 years. Or buy it outright. Install and removal of your old unit are included, whichever you choose.
What are you spending on comfort?
Add your current monthly rental or equipment cost and see it over time. Then compare it against renting, financing, or buying the same equipment with Arctic.
Example based on the A.O. Smith 40 Gal Electric Water Heater, financed over 5 years at 12.99% fixed (APR 15.88%); the financed total includes HST, which is financed, and the one-time PPSA registration fee, while the rent and buy figures are before HST. Renting costs more over a long horizon, and what you get for it is repairs covered and nothing due up front. Financing and buying cost less in total and leave the repair risk with you. Your exact price is confirmed on a free quote.
Rental totals include the yearly adjustment set out in an Arctic rental agreement, compounded each year*. Your current rental is projected the same way, so the comparison is like for like; if yours rises by less, its total will be lower.
- $0 upfront, one monthly payment
- Install, service and repairs included
- Yours at year 15, or buy out earlier
- Financing straight from Arctic, nothing down
- 12.99% fixed over 3 to 10 years, APR shown before you sign
- You own it from day one, payments end
- One purchase, then you own it outright
- Professional install included
- Add an optional plan to cover repairs
Your exact price is confirmed on a free quote.
Renting makes sense when
- You’d rather keep your upfront cost at $0.
- You want repairs covered for the full term of the plan.
- Your unit failed and you need a replacement fast, without a big bill.
- You want it to become yours eventually without paying for it up front.
Financing makes sense when
- You want to pay monthly, but you want to own it from day one.
- You’d rather the payments ended than ran indefinitely.
- You like the simplicity of financing straight from Arctic.
Buying makes sense when
- You’d prefer to own the equipment outright from day one.
- You plan to stay in your home for the long term.
- You want the lowest total cost and will carry the repair risk yourself.
- You’d rather pay once than budget a monthly amount.
Renting doesn’t mean renting forever
This is the part most rental programmes don’t offer: at year 15 the equipment becomes yours, at no extra cost. Before then you can buy it out at a price fixed in your agreement the day you sign, and you can see today’s buy-out price any time in your customer portal. Selling your home? Transfer the rental to the new owners, with no buy-out required and no transfer fee. Pick what fits now, and change your mind later.
Questions, answered
What are my options for paying?
Three, and you pick on the product page. Rent it fully serviced for a monthly price, and it becomes yours at year 15. Finance the purchase straight from Arctic at 12.99% fixed over 3 to 10 years, with your APR shown before you sign, and own it from day one. Or buy it outright. Professional installation is included every way.
Do you check my credit?
A rental or a financed purchase may be subject to a credit check, as your agreement explains. Arctic finances its own customers directly, and there is no application fee.
What happens at the end of a rental?
The equipment becomes yours at year 15, at no extra cost. You can also buy it out earlier at a price that is fixed in your agreement when you sign, and you can see today’s buy-out price any time in your customer portal. If you sell your home first, you can transfer the rental to the new owners instead.
Can I pay monthly without renting?
Yes. Arctic finances purchases directly at 12.99% fixed, over terms from 3 to 10 years. You own the equipment from day one, and there is no down payment. It may be subject to a credit check. Your monthly payment, the APR, the total of payments and the full cost of borrowing, including the one-time PPSA registration fee, are all shown before you commit.
What’s included in the price?
Every price includes the equipment, professional local installation, and removal of your old unit. Rentals also include service and repairs for the life of the plan. On a purchase, a $14.99 a month (plus HST) protection plan is optional. HST is added on top, and nothing is added on install day.
Does my monthly price ever go up?
On a rental, yes, once a year, on the anniversary of your install. Increases are nominal in nature and tied to CPI and Arctic’s annual surcharge. The exact amount for every year, from the first to the fifteenth, is set out in your agreement before you sign, so there is nothing to guess and no other increase at any point. Purchase prices, financed or paid once, do not change at all. And you can buy out a rental at any time at a price fixed the day you sign, which drops every year and never rises.
Do you service my area?
Arctic serves the GTA and well beyond it, from Oshawa to Kitchener and Barrie down to Niagara Falls, including Hamilton, Guelph and Brantford. Enter your postal code at checkout and we’ll confirm install availability before you book.
I’m selling my house. What happens to the rental?
You can transfer it to the new owners. Mention the rental in the agreement of purchase and sale, give us the buyer’s name and the closing date in your customer portal before closing, and bring your account up to date. Once the new owners accept the agreement, your payments end. There is no buy-out required and no transfer fee. If you would rather hand over the equipment owned outright, you can buy it out first at the price fixed in your agreement.
Is there a trial period?
On a rental, yes: a 30-day trial, and the 30 days run from the day your equipment is installed, not from the day you order. If your rented equipment isn’t right, we’ll make it right or take it back, with no fees. Financed and outright purchases do not include a trial, so if you are buying, ask us anything you want to know before you order. One exclusion on rentals: the trial doesn’t apply to new home installations arranged through a builder.
How soon can you install?
You choose the install date, so you can book the soonest one that works for you. Pick a morning, afternoon, or evening window at checkout, and we call to confirm it. Every install and repair is done by licensed professionals. On a rental or a financed purchase, you also complete a short online identity check after you sign, and we confirm the install once it is done.
Fine print
- Your monthly rental adjusts once a year, on the anniversary of your install. Increases are nominal in nature and tied to CPI and Arctic’s annual surcharge. The exact amount for every year is set out in your agreement before you sign. Purchase and financed prices do not change. How the annual adjustment works
- The 30-day trial applies to rentals only. Financed and outright purchases do not include a trial. The 30 days run from the day your equipment is installed, not from the day you order, and the trial does not apply to new home installations arranged through a builder, where the equipment comes to you through your Agreement of Purchase and Sale. The 30-day rental trial in full
- Ownership transfers to you at the end of the 15-year term at no extra cost, provided the agreement has run its term and the account is in good standing. You can also buy out earlier at the price in your schedule. How ownership transfers
- Prices include the equipment, professional installation and removal of your old unit, plus service and repairs on a rental, apart from the exceptions in the rental agreement such as damage or misuse. HST applies on top of the prices shown. What is included in a price
- A rental or a financed purchase may be subject to a credit check, as your agreement explains. Arctic finances its own customers directly, and there is no application fee. Arctic registers its security interest in the equipment under Ontario’s Personal Property Security Act, against you as a person, never against the title to your home. Credit checks, and what Arctic registers
The full terms are in our Rental Agreement and Terms of Use, and in the agreement you read before you sign.
Still weighing up the three?
Ask Arctic. We’ll walk you through the numbers for your home, no pressure.