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Boiler finance or Pay monthly for your new boiler. No deposit and interest-free as well.
Investing in a new boiler can be a significant expense upfront, impacting your budget considerably. Fortunately, there’s a solution. Nowadays, you can opt for monthly payments on your new boiler, with 0% interest and no deposit required.
What does it cost?
First and foremost, the expense of replacing a boiler can be substantial, ranging from £1,500 to £3,000. Understandably, not everyone has that sum readily available.
But fear not! You have the option to secure a monthly finance plan for your new boiler. This plan allows you to spread the cost over a period that suits your budget. Additionally, you can choose to pay it off over 2 years, 5 years, or even a decade. The flexibility of boiler finance lies in your hands.
How does paying monthly for your new boiler work?
To help you understand the whole process clearly, we prepared an overview of some of the most frequently asked questions. The aim of this overview is to make boiler finance easier to understand and use by customers.
Can I get a boiler on finance with bad credit?
Having a less-than-ideal credit history doesn’t automatically disqualify you from securing a finance plan. Boiler finance approval rates remain high as long as you haven’t had any recent CCJs or IVAs within the last 5 years.
Subprime lenders are available to assist individuals with poor credit histories. However, they may charge a higher APR percentage rate due to the associated risks.
Is a credit check needed?
Some people want to know if it is ok to get a boiler on finance or a repayment plan for a new boiler installation without completing a standard credit check.
That is, however, is not possible. A standard credit check is needed by boiler on finance and pay monthly lenders.
Read more: Different Types Of Reliable Boiler
The term periods of a new boiler on finance repayment
Firstly, the repayment terms for boilers financed are incredibly flexible.
Opting for a decade-long (10 years) repayment period will result in lower monthly payments.
Conversely, a 3-year payment plan will undoubtedly lead to higher monthly payments.
Naturally, extending the term means paying more interest over time.
On average, monthly payments for boiler finance plans range from £17 to £20.
Summary: the pay monthly boiler finance
- A deposit is not required
- There is no penalty for overpayment
- Ability to spread the cost over 2, 4, 8 or 10 years
- Interest rates from 13.9% APR
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Things to know before buying a new boiler
Will I have to make a new boiler finance deposit?
The choice is entirely yours. You have the option to pay nothing upfront or contribute 50% of the loan amount. It’s important to note that a minimum loan of £1,000 is required.
A substantial deposit of 50% can significantly reduce your monthly repayments, potentially lowering them to as little as £10 per month.
Considering this, opting for a monthly payment plan likely indicates that you don’t have a large sum of money available upfront. And that’s precisely the purpose of the monthly payment scheme.
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Does boiler financing cover the cost of installation?
In simpler terms, you won’t need to concern yourself with financing the installation expenses. We’ll take care of everything—from removing your old boiler to installing the new one—and all the associated installation fees will be included in your monthly payment plan.
How does Interest-free boiler finance (0% APR) work?
You can easily secure 0% interest-free boilers with 12-month payment terms from most boiler companies and financing providers.
When you opt for boiler finance through a bank or lender, you won’t incur any interest charges over the specified term. Here’s how it works: the boiler company pays a subsidy to the bank, enabling them to generate their revenue.
In essence, the price of your boiler remains unaffected by interest, and there are no additional charges or fees. You’ll only need to pay the agreed-upon monthly payments and the installation cost, without any extra fees.
If you’d like to learn more about our interest-free plan, don’t hesitate to reach out to us.
Read more: Best combi boilers & boiler brands
Summary: interest-free boiler finance
- You don’t need to make a deposit on the new boiler pay monthly scheme.
- No penalty for making boiler financing overpayments
- Clear the balance without any penalty
- Pay monthly over 12 months
Do I get the same quality for a boiler on finance?
Rest assured, you’ll receive the same high-quality boiler regardless of how you choose to pay for it. There’s no need to fret about the payment method affecting the quality of service or the boiler itself.
It’s important to note that regardless of the brand you choose—whether it’s Alpha, Worcester Bosch, Viessmann, or any other—the warranty protection remains consistent in both duration and quality.
In essence, whether you opt for cash payment or finance, you can expect top-notch service and a reliable boiler with consistent warranty coverage.
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What does a new boiler on finance include?
The Cardiff Boiler Service engineers are Gas Safe Registered. Along with your package, you will also receive the following extras:
- Boiler filter: to provide you with maximum protection from corrosion and sludge.
- wireless thermostat: this will help you have full control. Optional upgrades to smart thermostats are also available.
- A flue kit: An important thing to have when installing a new boiler.
- Chemical cleanse: to have a better water quality.
Who can apply for boiler finance?
If you’re 18 years or older, you’re eligible to apply for a new boiler pay monthly plan.
In addition to the minimum age requirement, there’s also a maximum age limit to consider. Boiler finance lenders typically enforce a policy that restricts applicants from exceeding 85 years of age by the end of the finance agreement.
Residency in the UK for at least 3 years is another crucial factor for your application. Equally important is demonstrating a means of income. Whether you’re employed, receiving benefits, or have an allowance, you can still be approved for boiler finance.
If you are planning to apply for a finance plan, then you might need to provide some form of documentation. These might include:
- A valid UK passport or a driving license
- A utility bill dated the last 3 months of the boiler finance application date.
Read more: Top UK Heat Only Boilers
Reasons to get your boiler on finance
Here are some compelling reasons to consider getting your boiler on finance:
Spread the Cost: Instead of making a large upfront payment, you can spread the cost of your boiler over manageable monthly installments.
Budget Flexibility: Finance plans offer flexibility in terms of repayment periods, allowing you to choose a plan that aligns with your budget and financial situation.
No Large Upfront Payment: With finance options, you don’t need to worry about having a significant sum of money available upfront, making it more accessible for many homeowners.
0% Interest Options: Many finance plans offer 0% interest, meaning you won’t incur any additional charges for spreading the cost over time.
Includes Installation: Some finance packages include the cost of installation, ensuring that you have a fully operational boiler without any additional hassle or expense.
Warranty Protection: Regardless of the payment method, you’ll typically receive the same warranty protection, providing peace of mind for your investment.
Approval Options: Even if you have a less-than-perfect credit history, there are finance options available, making it possible for more people to afford a new boiler.
Convenience: Applying for boiler finance is often a straightforward process, with many companies offering online applications and quick approval times.
Read about: Combi boilers common faults
Can I get the next-day boiler installation?
“You can enjoy next-day boiler installation with Cardiff Boiler Service. Simply order your boiler before 12 pm in colder months or 2 pm in warmer months.
Our next-day boiler fitting service is available nationwide across England, Wales, and Scotland. Don’t endure long periods without heating, even during winter.
Few boiler companies offer such rapid nationwide fitting. If you require a boiler, request a quote from us as soon as possible.”
Why Cardiff Boiler Service?
- We work in Cardiff and the surrounding areas of South Wales.
- We are reliable, professional and trustworthy.
- High Trustpilot score of 4.9 out of 5.
- We can travel anywhere throughout the UK.
- Gas Safe Accredited (corgi registered).
- Our finance is FCA accredited.
- We provide a 12-month snag guarantee.
- Our prices are very competitive.
- We make sure your house is kept clean and tidy during work.
- Our workmen use floor protection.
- And lastly, we dispose of your rubbish correctly.
FAQ’s
Can I get a boiler on finance with bad credit?
Having a bad credit history will not necessarily disqualify you from getting a finance plan. Pass rates for boilers on finance are high if you don’t have any recent CCJs or IVAs in the last 5 years.
Sub-prime lenders often help those with poor credit history. But they would charge a much higher APR % rate due to the risks involved.
Do I get the same quality for a boiler on finance?
Without a doubt, you will get the same quality for your boiler as if you have paid for it in cash. This is something you shouldn’t worry about in the first place.
How you choose to pay for your new boiler has nothing to do with the quality of the service and the boiler.
Needless to say that you will receive the same warranty protection for the same period and quality regardless of the brand you go with. This includes the Alpha boiler, the Worcester Bosch boiler or the Viessmann boiler.
Does boiler financing cover the cost of installation?
Of course, it does. The cost of the installation can be included in your monthly plan.
In other words, you don’t have to worry about financing the installation cost. We will remove your old boiler, get you a new one and install it. And all the installation fees will be part of your monthly payment plan.
