Should I get a boiler on finance?
New boiler installations can be very expensive, especially when you have to pay for them in one large lump sum and sometimes the job might not be a straightforward boiler swap. Thankfully, new boiler finance plans are available to help spread the cost, giving you control over your finances and keeping any savings you have in the bank.
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How does a boiler on finance work?
Paying for a boiler monthly on finance means you can spread the costs into manageable monthly instalments, instead of paying the large upfront cost all at once.
As long as you make sure the payments are made each month for the duration of your contract, you will not need to pay anything else, other than your annual boiler service to ensure your boiler warranty is validated.
You can contact us today to discuss your new boiler pay monthly options.
What is included when getting a new boiler on finance?
When you pay for a boiler on finance, there are no deposits required, but you can pay an optional 50% or less and you can also make overpayments if you wish (with no penalty).
Typically, boiler finance plans can be spread across a period of 3, 5, 7 or 10 years to suit your financial needs.
Having a boiler finance plan also means that you’ll have a new boiler fitted with a boiler warranty, which will cover any parts and labour repairs.
Therefore, you don’t need to worry about any repair payments for the duration of your warranty – these can last for the duration of your finance or longer, depending on which finance option you choose and which boiler make and model you have installed.
Who can apply for boiler financing?
You can apply for boiler finance if you are:
- 18 and over
- A permanent UK resident (for the past 3 or more years)
- Employed, retired or receiving long term disability allowance
- NOT unemployed or a student
- Own the property where the boiler is being installed
You must also be able to show either a valid passport, a UK driving licence or other form of ID.
What is a pay monthly boiler scheme?
With pay monthly boiler finance, you avoid the heavy upfront cost of installing a new boiler, which will typically be in excess of £2000.
Instead of paying the full price upfront, you will agree to make affordable single payments every month over the course of a few years.
Lacey Plumbing and Heating are trusted professionals who will take care of the boiler installation when you purchase a finance plan with us.
You need to arrange for a Gas Safe engineer to visit your home once a year to carry out a boiler service and ensure everything is running as it should and to validate your boiler warranty with the boiler manufacturer.
If anything goes wrong, the boiler will be fixed by the manufacturer as long as it has been serviced every year.
What are interest free boiler plans?
Interest free boiler plans, with 0% APR, is a finance option which allows you to pay for a new boiler on finance with no additional interest costs to your plan.
This means that the amount you are required to repay is the full cost of the boiler and installation, with no additional fees.
Pay monthly boiler finance plans
Worcester Bosch
Our current interest free credit finance deals cover Worcester Bosch boiler installations using the finance company Novuna (formerly Hitachi).
We can offer certain Worcester Bosch boilers on 0% finance between 12 months to 2 years.
This means you can pay for your boiler monthly with no interest to pay. The price we quote you is the price you pay, but over lower monthly payments. There is no need to pay a deposit, but any deposit will lower your monthly payments.
Check out our complete 2022 new boiler guide to find the right one for you.
Benefits of paying for your boiler on finance
One of the main benefits of paying for your boiler on finance is avoiding the large upfront cost and keeping any savings you have in the bank, however, there are other benefits too:
- No upfront costs: There is no need to take out loans or pull together a lot of money that you simply can’t afford.
- Contract payments can suit you: Many schemes last around 10 years; however, there are some which allow for flexibility and will let you choose a shorter contract of 3-5 years. This does mean your monthly instalments will be higher, but you’ll be paying for less time overall. You will of course pay more interest the longer the term of the finance.
- Affordable payments: Monthly payments can be as low as £20 a month, but this will depend on the length of the agreement.
- Cheaper energy bills: By replacing an old inefficient G rated boiler with a modern A grade boiler, you could potentially save upwards of £300 a year on energy bills.
- No surprise costs. Your monthly payment includes servicing and repairs, so if any problems arise, you know they are already paid for.
FAQs about boilers on finance
Having a boiler on finance can save you money as you will be upgraded to an energy efficient A graded boiler, which costs less money to run compared to the likes of a G rated boiler.
On average, you could save around £30 a month on your energy bills with an A rated boiler, which could cover the costs of your boiler finance instalments.
Purchasing a boiler on finance is also one way to make the final costs of the installation more affordable as the costs are spread over a period of time, instead of one large lump sum.
As boilers are an essential part of many heating systems in a household – some companies don’t require a credit check on pay monthly schemes and they may still offer a 0% APR plan.
The finance company that we use, Novuna, will require a credit check for boiler finance when you’re looking to install a new Worcester Bosch boiler.
Yes, it is still possible to purchase a boiler on finance with bad credit. If you do have bad credit, some companies will still offer you the opportunity to get a boiler on finance.
You may not be accepted by a high street bank, but boiler companies may perform a “soft credit check”, which will increase your chances of being accepted.
There won’t be a large difference between the type or kind of boiler you’ll be offered, instead, you will likely have a longer payment plan with higher interest rates.
Flexible pay monthly boiler finance instalments typically span over the course of 10 years, but the length may vary depending on who you purchase your boiler from.
Many finance deals are much shorter, ranging from 3-7 years, which is a popular choice amongst many homeowners.
It’s worth remembering that the shorter your finance, the higher your monthly instalments will be. However, you will have paid off the boiler much sooner and will pay less interest.
There are a few potential risks which you should weigh up before you decide on getting a boiler on finance:
- Potential of higher interest rates depending on your credit score
- Falling behind on payments could be incredibly costly
- You should always read the fine print of the terms and conditions so you aren’t hit with any unexpected costs
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