Boilers can be costly, especially if you pay in one lump sum. With Boiler financing now you can pay your boiler monthly (0% interest, no deposit) instead.
You are looking for a boiler but can’t afford it? You might prefer to spread out the cost. You might also find that you have other priorities that you want to spend your hard earned money on something else. A boiler can be quite expensive, usually around £1,500 to £3,000. If you don’t have the funds right now, it shouldn’t surprise you, not many people do.
You’re likely to wait a while if you want to make that kind of money from the couch. AKA, forever.
Consider a boiler new monthly plan that allows you to spread out the cost over a period that suits you best. You can choose to pay monthly small payments for a whole decade, or 2 years, 5 year, or 10 years. You have the option to choose, that’s what’s great about boiler finance.
Do you need to find out the cost of boiler financing quickly?
Compare new boiler financing options
You can compare finance options, including Buy Now and Pay Later.
Finance: New Boilers
The Pay Monthly Boiler Plans Explained
Monthly boiler plans allow you to reduce the cost of a boiler installation into manageable monthly blocks.
It is not surprising that consumers are increasingly paying for boiler installations by using boiler finance as a monthly payment plan.
This is a very positive development for customers as it means there are more competitive options in the boiler financing market. There are many boilers available to finance from large banks, prime lenders, and even subprime lenders for people with bad credit.
Find out all you need to know about combi boilers and finance to get the best deals. It’s never been easier to pay monthly for a new boiler and in this guide, we will give you a range of options available for boiler finance.
How does it work: Monthly payment for your boiler
Listed below are the necessary things and steps you need to know and understand on how monthly payment works.
#1 Pay monthly boilers, no credit check necessary
Many people want to know if they are able to finance their boilers or set up a repayment plan.
All boiler finance lenders and monthly pay-month lenders require a credit check.
#2: Getting a boiler for finance with poor credit
If you have poor credit, is boiler financing still possible?
A bad credit history does not automatically mean that you will not be approved for a finance plan.
Generally speaking, pass rates for financing boilers are high as long as there have not been any IVAs or CCJs in the past 5 years.
A boiler company works with many boiler finance lenders. This greatly increases your chances of getting approved.
Although subprime lenders can often help people with bad credit, they will typically charge a higher APR % rate because of the risk.
Are you looking to replace a back boiler with a modern combi-boiler? The ideal option? Get a fixed-price.
#3 New boiler finance deposits: Are they necessary?
Is there a deposit required for boiler financing?
You can pay nothing or as much as 50% of the loan amount. (Do not forget that a minimum of £1,000 loan is required).
A large deposit, such as a 50% contribution, can significantly reduce your monthly payments, pushing the cost down at a low £10 per month (or so).
If you are looking to pay monthly for your boiler, it is likely that you won’t be able to access a lump sum.
In all honesty, large deposits in the boiler finance industry are rare.
Want to find out which boiler brand is the worst? Check out our report on the worst boilers.
#4 New boiler for finance repayment terms
The repayment terms for financing new boilers are flexible as Slinkies, as mentioned previously.
Your monthly payments for your new boiler are likely to be lower if you have a contract that lasts more than 10 years.
Your monthly payments for your new boiler are likely to be higher if you pay more than 3 years.
However, there is a real BUT: the longer the term, you will pay more interest.
The average monthly payment for boiler finance payments to finance a new boiler installation plan is £17-£20 per calendar month.
Summary of monthly boiler finance payments:
- No deposit (optional up to 50%)
- Overpayments are allowed without penalty
- Spread the cost across 3, 5, 7, or 10 years
- Rates starting at 9.9% APR
Are you interested in finding out which boilers are available on finance? If you’re ready to get a free, personalized quote, check out the latest boiler finance companies in the UK.
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