Can I buy a boiler on finance?

If you’re facing the high cost of replacing a boiler but aren’t ready to pay for it upfront, consider paying for your new heating system via a monthly payment plan. Boilers on finance allow you to spread the cost of installation over time, making the process more manageable without straining your finances.

Whether your current boiler is outdated, inefficient, or simply breaking down too often, this guide will walk you through the benefits, process, and frequently asked questions about financing a boiler.

Why Choose Boiler Financing?

A boiler is an essential investment in your home, especially as the weather gets colder. While the upfront cost of a new boiler can be significant, paying for it over time with a flexible financing plan can help ease the financial burden. Boilers on finance allow you to break down the cost of a new boiler installation into monthly payments that suit your budget.

Instead of scraping together thousands of pounds all at once, you can pay for your boiler across several months or even years. This approach not only ensures you get a reliable heating system but also gives you the flexibility to manage your finances more effectively.

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Key Takeaways

• Affordable monthly payments for your boiler.
• 0% APR deals, meaning no extra interest charges.
• No deposit required, although a partial deposit (up to 50%) is possible.
• Flexible repayment periods of 12 to 48 months or even up to 10 years with interest-bearing loans.
• No hidden fees, with a clear, fixed price for your installation.
• Credit approval required, but customers with poor credit are still eligible.

Understanding Pay Monthly Boiler Deals

The concept of a pay-monthly boiler deal is simple: rather than paying for your boiler upfront, you opt to pay for it in affordable, fixed monthly installments. This option has become increasingly popular, as it helps homeowners avoid the shock of a large lump sum payment while still enjoying the benefits of a new, efficient boiler.

In the past, homeowners often had to dip into savings or take out loans to fund a boiler replacement. However, with boiler finance, you can now avoid these significant upfront costs, allowing you to allocate your resources to other pressing expenses.

Key Features of Pay Monthly Boilers:

• No initial deposit required, making it easier for you to get started.
• Flexible repayment periods ranging from 12 months to 48 months, with some deals extending to 10 years.
• Interest-free deals (0% APR) on selected boilers, allowing you to spread the payments over time without incurring extra charges.

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How Does Boiler Finance Work?

The process for securing boiler finance is straightforward and designed to be as hassle-free as possible. Here’s a step-by-step breakdown of how it works:

1. Get Your Quote: Begin by obtaining an online quote for your new boiler. This can usually be done quickly and easily.
2. Choose Your Finance Plan: Once you’ve chosen your boiler, you can select the payment plan that best suits you. You’ll choose a repayment period that aligns with your budget, whether that’s 12 months, 3 years, or even 10 years.
3. Get Your Boiler Installed: After completing the necessary paperwork and agreeing to the payment plan, a Gas Safe engineer will come to your home, remove the old boiler, and install the new one. They will also provide a 12-month workmanship warranty.
4. Ongoing Support: Post-installation, support is available to help with any issues or questions regarding your new boiler.

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Why Consider Financing a New Boiler?

For many homeowners, the high cost of a new boiler can feel overwhelming. On average, a new gas boiler can cost around £4,000, according to the Energy Saving Trust. This is a significant amount for many people, which is why financing options have become so popular. By opting for a monthly payment plan, you can make the expense more manageable while still receiving the benefits of a new, more energy-efficient heating system.

Moreover, newer boilers are far more energy-efficient than older models. Replacing an old, inefficient boiler with a modern one could help you save up to £445 a year on your energy bills. Therefore, the upfront cost of financing your boiler could pay off in the long run with lower energy consumption.

Can I Get a Boiler on Finance with Bad Credit?

One of the most common concerns about financing a boiler is whether bad credit will affect your ability to secure a deal. The good news is that even if you have a less-than-perfect credit history, you can still apply for boiler finance.

What to Know About Bad Credit and Boiler Finance:

• Credit check required: As with any financial agreement, the lender will conduct a credit check to assess your eligibility.
• No automatic rejection: Having a bad credit score doesn’t automatically disqualify you from getting a new boiler on finance. Each application is assessed on its own merits.
• Affordability checks: In addition to checking your credit, lenders will assess your affordability, ensuring you can comfortably manage the monthly payments.

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Do I Need a Deposit for Boiler Finance?

Many people are concerned about having to provide a large deposit when financing a boiler. The good news is that no deposit is typically required for boiler financing. However, you do have the option to contribute up to 50% of the loan amount, which can lower your monthly repayments significantly.

In practice, most people opting for pay monthly plans will likely not be in a position to pay a large lump sum, which is why no deposit options are so popular.

How Long Do I Have to Pay Back My Boiler?

Boiler financing allows for a wide range of repayment periods, from 12 months to 10 years. The length of time you choose to repay your loan will impact your monthly payments and the total amount of interest paid over the course of the loan.

• Short-term plans (12 to 48 months): If you choose a shorter repayment term, your monthly payments will be higher, but you’ll pay less interest overall.
• Long-term plans (up to 10 years): Longer repayment periods result in lower monthly payments, but they typically come with higher total interest costs.

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What Does 0% APR Mean?

When you choose a 0% APR boiler financing plan, you won’t pay any interest on the loan. This means the cost of the boiler and installation is spread out over time, but you’re not paying extra for the privilege. It’s an ideal way to finance your new boiler without incurring additional costs.

However, it’s important to note that not all financing options come with 0% APR. Some loans may come with an interest-bearing option, where the interest rate will depend on the terms you agree upon.

Final Thoughts on Boilers on Finance

Opting for boiler financing is a great way to spread the cost of a new, efficient boiler over time, making it easier to manage your budget while still improving your home’s heating system.

With no upfront deposit required, interest-free deals, and flexible repayment options, it’s now more accessible than ever to replace your old boiler. Whether you’re dealing with a broken-down system or want to take advantage of energy-efficient models, financing is an option that ensures you get the system you need without compromising your financial stability.

Start your journey towards a warmer, more efficient home today with the convenience and flexibility of boiler finance.

For more information on available boiler plans or to get a fixed quote, use our easy online tool to see how affordable a new boiler could be for you.

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