Are you tired of constantly fixing your old and unreliable boiler? Do you want to upgrade to a more energy-efficient model but are concerned about the upfront cost? If so, boiler finance on pay monthly may be the solution you need.
Boilers on Finance: Pay Monthly Options
With the help of boiler finance, you can spread the cost of a new boiler over a period of time, making it more affordable and accessible. This option allows you to enjoy the benefits of a new boiler without having to pay for it all at once. Instead, you can choose a monthly payment plan that works for you, making it easier to budget for the cost.
Boiler finance schemes
There are several popular options for boiler finance pay monthly, including:
Hire Purchase
Hire purchase is a popular option for financing a new boiler. It involves paying a deposit, followed by monthly payments until the total cost of the boiler is paid off. Most boiler retailers use this method.
Personal Loan
Another option is to take out a personal loan from a bank or lender to finance your new boiler. This allows you to spread the cost of the boiler over a set period of time, typically 1-5 years.
Energy Company Financing
Some energy companies offer financing options for new boilers. These options may include special financing plans or promotions, as well as flexible payment options.
Credit Cards
If you have a good credit score, you may be able to finance your new boiler with a credit card. This can be a convenient option, as it allows you to spread the cost of the boiler over several months or years.
Government Schemes
There may be government schemes available to help finance a new boiler. These programmes typically offer interest-free or low-interest financing options to help households upgrade to more energy-efficient boilers.
However, with the increase in renewable energy incentives, current or future schemes will offer better finance schemes for heat pumps and other similar installations.
Boiler on finance with bad credit
The good news is that there are options available, even if you have a poor credit score. Some companies offer boiler finance options specifically for those with bad credit, although the interest rates and repayment terms may be less favourable than for those with good credit.
Another option for financing a new boiler with bad credit is to apply for a personal loan. While this may be more difficult to obtain with a poor credit score, it’s not impossible. Some lenders specialise in offering loans to those with bad credit, although the interest rates may be higher than for those with good credit.
If you have bad credit, it is still possible to finance a boiler. As long as you do not have recent County Court Judgements or Individual Voluntary Arrangements. The pass rates for boiler financing are typically high. However, active CCJs, current insolvency or IVA, mortgage repayments in arrears, and other accounts in default can cause someone to fail a credit check.
It’s important to read the terms and conditions carefully before committing to any loan, and to ensure that you can afford the monthly repayments.
Can you get a British Gas boiler on finance?
Yes, British Gas offers boiler finance options to help customers spread the cost of a new boiler. They offer a range of finance plans with different repayment terms and interest rates, depending on the customer’s circumstances. However, the availability of finance options may depend on your credit history and other factors, so it’s best to contact British Gas directly to discuss your options.
Benefits of a boiler on finance
One of the biggest advantages of boiler finance pay monthly is that it allows you to save money in the long run. New boilers are more energy-efficient than older models, which means that you will spend less on energy bills. This, in turn, means that you can offset the cost of the monthly payments over time, effectively saving money in the long run.
Another benefit of boiler finance pay monthly is that you can upgrade your boiler to a more advanced model. This can include features such as programmable thermostats, which allow you to control the temperature of your home even when you’re not there. This not only provides greater comfort, but it can also help you save money on your energy bills.
Here are some more benefits:
Improved Home Comfort
With a new, energy-efficient boiler, you can enjoy better heating and hot water throughout your home. This means you’ll be more comfortable, no matter the weather outside.
Increased Home Value
Investing in a new boiler can also increase the value of your home. This is because potential buyers are attracted to homes that are energy-efficient and well-maintained.
Lower Maintenance Costs
New boilers are typically more reliable and require less maintenance than older models. This means you’ll spend less on repairs and maintenance over time.
Environmentally Friendly
Upgrading to a new, energy-efficient boiler can also help reduce your carbon footprint. By using less energy, you’ll be doing your part to help protect the environment.
Peace of Mind
With a new boiler, you won’t have to worry about unexpected breakdowns or expensive repairs. This gives you peace of mind and helps you avoid the stress and inconvenience of dealing with a faulty boiler.
By choosing boiler finance pay monthly, you can enjoy all of these benefits without having to pay for your new boiler all at once. This makes it a great option for those who want to upgrade their home’s heating and hot water system while staying within budget.
Factors to consider when buying a new boiler
When choosing a new boiler, there are several important factors to consider:
- Size: The size of the boiler should be appropriate for the size of your home and your hot water requirements. A boiler that is too small will struggle to meet your heating and hot water needs, while a boiler that is too large will be less efficient and cost more to run.
- Efficiency: Look for a boiler with a high efficiency rating, as this will help you save money on energy bills over time. The most efficient boilers are typically those with an A or A+ rating.
- Type: There are several different types of boilers available, including combi, system, and regular boilers. Consider the type of boiler that best suits your needs based on the size of your home and your hot water requirements.
- Fuel Type: Boilers can be powered by gas, oil, or electricity. Consider the fuel type that is most convenient and cost-effective for your home.
- Brand Reputation: Choose a brand with a good reputation for quality, reliability, and customer support. Look for boilers with a good warranty, as this will give you peace of mind in the event of any problems.
- Cost: Consider the upfront cost of the boiler, as well as the cost of installation and any ongoing maintenance expenses. Also, look for boilers with low energy costs, as this will help you save money over time.
- Professional Installation: Consider the importance of professional installation. Installing a boiler is a complex process that requires specialized knowledge and skills. A professional installer will ensure that your boiler is installed correctly, safely, and efficiently.
By considering these factors, you can choose a new boiler that meets your needs, fits your budget, and provides reliable heating and hot water for years to come.
When considering boiler finance pay monthly, it is important to choose a reputable provider that offers flexible payment plans and affordable interest rates. Boiler Central, for example, provides a range of options that allow you to choose the plan that best suits your needs.
Examples of finance options for boilers
Spread the cost with interest free credit
This option allows you to spread the cost of your new boiler over a period of up to 1 to 5 years without paying any interest. You would make monthly payments towards the cost of the boiler during this time.
Interest-free finance can be an attractive option for those who are looking to finance a new boiler, as it allows you to spread the cost over several months or years without incurring additional costs in the form of interest. However, it is important to carefully consider the terms and conditions of the finance option, as there may be other charges or fees involved, and there may be a minimum deposit required.
10 years 9% APR available
This option allows you to spread the cost of your new boiler over a period of 10 years, longer than the interest free option, if you need more time to pay back the cost. This example has an annual percentage rate (APR) of 9%. The APR is the interest rate that is charged on the loan, and it will be reflected in your monthly payments.
APR stands for Annual Percentage Rate, and it is the rate of interest that is charged on a loan. A 0% APR means that there is no interest charged on the loan, and you would only need to pay back the amount you borrowed over the set repayment period.
No upfront payment and no hidden charges
This option means that there will be no upfront payment required when you finance your new boiler, and there will be no hidden charges or fees. This can help to reduce the overall cost of financing your new boiler.
Choose the payment term that suits you
This option gives you the flexibility to choose the payment term that best suits your needs and budget. You can opt for a short term of three years with interest-free credit, or a longer term of 10 years with a higher percentage APR. This allows you to choose the option that works best for you based on your financial situation and goals.
It is important to consider all of these options carefully and choose the one that best meets your needs and budget. You should also make sure to read the terms and conditions of each option carefully, and ask any questions you may have before making a decision. This will help you to make an informed choice and ensure that you are getting the best possible financing for your new boiler.
*The information in this article should be used for general guidance only. Full details are on the link in the footer to our disclaimer page. Always discuss your requirements with a competent and suitably qualified professional before undertaking any work.