Boiler onthe blink again and fed up of having to pay a handsome sum to get it repaired?It sounds as though it’s time to replace your old boiler with a new energy-efficientmodel. But before you do, it’s important to determine which payment option isbest suited to you and your circumstances. Thankfully, there are many differentways to pay for a boiler and the installation, including purchasing withfinance.

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Pay with interest-free finance. Spread the cost of your gas boiler installation – you can make monthly payments over four years, at no extra cost, with 0% APR so you don’t have to pay for your boiler all at once 1. We're a credit broker and not a lender. More on our payment options.
Are you looking for a new boiler Installation in Culcheth and the surrounding areas? The thoroughly trained and highly competent boiler engineers we work with are accredited installers with some of the leading boiler manufacturers including Viessmann, Vaillant, Glow-worm, Baxi, Worcester-Bosch, Ideal and more, meaning they can therefore provide a large variety of efficient boiler replacement.

We’ve puttogether a guide on boiler finance and other payment options to help you decidehow you should pay for your replacement boiler.

Why Get a Loan for a Boiler?

If you need areplacement boiler but can’t find the money to purchase one upfront, buying aboiler on finance could be the best option for you. By taking out a boilerfinance agreement, you can pay for your new boiler in monthly instalments,which means you can spread the cost over a set number of years and make payingfor the boiler more manageable. Many heating companies offer ways to purchase aboiler replacement on finance and some even offer interest free boiler financeagreements.

You’ll needto apply for boiler finance through a lender who will pay for the upfront cost,and you’ll then pay the money back (plus any interest) to the lender over theagreed number of years. Some agreements will require you to pay a deposit aswell. As you would expect with any loan, your credit rating will be checked sothat the lender can be sure that you’ll be able to pay back the money eachmonth.

Can Your Credit Score Affect YourApplication

Yes, it can.If you have a good credit score, it’s highly unlikely that your applicationwill be refused. However, if you have a poor credit history, you may struggleto get a loan for a new boiler. Some companies perform a soft credit check forcustomers who have a bad credit history and want to pay monthly for a boilerreplacement, so don’t be put off trying if taking out boiler finance is thebest option for you. Just be aware that you may have to make higher repaymentseach month if you don’t have a perfect credit score.

Typical Finance Packages

Paying for a boiler on finance means you can spread the cost into manageable monthly payments, instead of paying for it all at once. 0% APR means you can buy a boiler, interest-free, with no additional charges – you’ll only pay for the boiler and its installation in your home.

If you wantto spread the cost of a new boiler and the installation with finance, then youshould explore all of the finance options available. There are three financeoptions to consider, including interest free credit, interest bearing financeand buy now, pay later agreements. We’re now going to take a look at how eachfinance package differs and weigh up their advantages and disadvantages.

Interest Free

The bestthing about interest free boiler finance is that you can not only spread outthe cost but at no additional cost as there is no interest to pay. You musthave a good credit rating to take out interest free finance, so it won’t be anoption for you if your credit history is bad. In addition to zero interest costs,the upfront costs are lower. The only downsides of choosing interest free arethat repayment periods tend to be capped at 2 years and your installer optionswill be limited because you’ll need to use a company that’s registered by theFCA.

Interest Bearing

When youtake on an interest bearing boiler finance plan, you’ll need to pay an interestrate in addition to the original loan balance. So, not only will you repay whatyou borrow but you also have to pay the interest to compensate the lender forlending the money to you. Interest bearing finance deals tend to be anywherefrom 3 to 10 years, and some require no upfront cost. The monthly repaymentsshould be lower because you can spread the cost for longer, but you’ll need tohave a good credit rating and use an FCA registered installer.

Buy Now, Pay Later

This type ofboiler finance allows you to delay repayments, usually for up to 12 months.Most deals are interest baring, however, some are interest free provided youpay off the whole loan within the first year. Advantages include interest freeif paid back in the first 12 months and your monthly repayment amounts shouldbe lower too. Again, you’ll need a good credit score and you must use aninstaller who is FCA registered if you’re thinking about applying for a buynow, pay later finance deal. Another disadvantage is that you’ll pay moreinterest than the other boiler finance options if you fail to pay off the loanby the end of year one.

Repayment Example for £2,500 BoilerInstallation

Interest Free	Interest Bearing	Buy Now, Pay Later
Loan Amount	£2,500	£2,500	£2,500
Repayment Period	2 years / 24 months	3 years / 36 months	5 years / 60 months
Upfront Payment	£500 deposit	£0 deposit	£250 deposit
Monthly Cost	£83.33	£80.55	£53.41
Interest Rate	Interest free	9.9% APR	14.9% APR
Repaid Interest	£0	£399.82	£954.56

Which Companies Offer Boiler Finance?

Manycompanies offer boiler finance deals, including energy providers, heatinginstallation businesses and some boiler manufacturers, so there should beplenty of different packages on the market. Smaller companies are often a bitcheaper than the national brands, and you may even find that one of your localinstallers can provide you with a great boiler finance deal.

Here wecompare deals from just some of the companies who might be able to offer you aboiler finance package.

Company	Boiler Finance Option	Deposit	APR	Repayment Period
British Gas	Interest Free	£0	0% interest	2 years
British Gas	Interest Bearing	£0	9.9%	3, 5 8 or 10 years
BOXT	Interest Bearing	£0 – 50%	9.9%	5 or 10 years
Glow Green	Interest Free	£0	0% interest	2 years
Help-Link	Interest Bearing	£0	9.9%	3 to 10 years
E.ON	Interest Bearing	£0	7.9%	5 or 7 years
Swale Heating	Buy Now, Pay Later	10%	0% if paid in full after 12 months 14.9%	10 years
Swale Heating	Interest Bearing	10%	9.9%	3 or 5 years

Before you agreeto anything, be sure to compare a range of boiler finance quotes and check theconditions of each finance deal.

Other Ways to Pay

If youdecide that boiler finance isn’t the best option for you, there are a few otherways to pay for your new boiler and the installation, such as:

Cash: Themajority of companies don’t accept cash or cheques nowadays, but there will bea few who will be happy for you to pay this way. Most will ask that you pay bydirect debit or transfer the money directly into their bank account via BACS.By doing so, you can use any installer you wish, never pay any interest andyou’ll own the boiler from the word go.

Credit Card: Payingfor your new boiler using a credit card can be one of the best ways, providedyou have a 0% purchase

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