FAQs

Boiler Finance

  • 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.

  • 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.

  • Will I have to make a new boiler finance deposit?

    It’s all up to you. You can choose to pay nothing or pay 50% of the loan amount. It must be stated that a minimum loan of £1,000 is needed.

    A large deposit of 50% can reduce your monthly repayments, cutting the cost down to a trivial £10 a month.

    With that in mind, choosing a monthly payment plan probably means that you don’t have a large sum of money on hand. And that’s the whole point for the paying monthly scheme.

  • The term periods of a new boiler on finance repayment

    To begin with, the repayment terms for new boilers on finance are very flexible indeed.

    Paying for your new boiler in a decade (10 years) will make your monthly payments lower.

    A 3 year payment plan will, without a doubt, make your monthly payments higher.

    Of course, the longer the term, the more interest you pay.

    The average amount you pay, for your monthly boiler finance plan, is around £17-20 per month.

    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 9.9% APR
  • How does Interest-free boiler finance (0% APR) work?

    You can easily get 0% interest-free boilers with payment terms of 12 months from most boiler companies and boiler financing providers.

    Boiler finance provided by a bank or a lender will ensure that you won’t pay a penny of interest over a set term. Here is how it works. The boiler company pays a subsidy to the bank. And that’s how they are able to make their money.

    In short, the price of your boiler wouldn’t increase because of interest, and there are no additional charges or fees. So you will only pay the agreed-upon monthly payments and the installation cost without extra fees.

    If you want to know more about our free-interest plan, feel free to contact us.

    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
  • 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.

  • Who can apply for boiler finance?

    If you are over the age of 18, then you can easily apply for a new boiler pay monthly plan.

    Besides the minimum age for boiler finance applications, there is a maximum age as well. Boiler finance lenders have a policy that won’t allow you to exceed 85 by the end of your finance agreement.

    Being a UK resident for at least 3 years is also important for your application. What is equally important is having some way of earning your living. You will be approved if you are employed, on benefits or have an allowance.

    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.
  • What does a new boiler on finance include?

    The Let’s Heat 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.
  • 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.