Can I Get a New Boiler on Finance? Your Options Explained
A new boiler is a significant purchase, but it does not have to mean finding thousands of pounds upfront. Finance lets you spread the cost into manageable monthly payments, and there are several options available depending on your circumstances.
What finance options are available?
0% interest finance
This is the best deal if you can get it. You pay exactly the same total price as a cash purchase, just spread over 12 to 24 months. No interest, no fees. Not all installers offer this because they have to absorb the finance costs themselves, but we do offer 0% on selected terms.
Low rate finance
For longer repayment terms (3 to 10 years), you will pay a small amount of interest but the monthly payments become very affordable. A new boiler from £12 per month is realistic on a longer term. The total cost is slightly more than a cash purchase, but for many households the certainty of a fixed monthly payment is worth it.
Buy now pay later
Some finance plans let you defer your first payment by 6 or 12 months. This can be helpful if you need a boiler urgently (broken down in winter, for example) but your finances are tight right now.
Who qualifies?
Finance is subject to a credit check. You will need to be over 18, a UK resident, and have a reasonable credit history. The application takes a few minutes online and you get an instant decision in most cases.
What about boiler grants?
If you receive certain benefits, you may qualify for a free or subsidised boiler replacement through the ECO4 scheme or the Warm Homes Plan. These government backed schemes are designed to help lower income households improve their home's energy efficiency. We can check your eligibility for free.
Is finance worth it?
Consider this: if your old boiler is costing you £200 to £400 more per year in gas than a new one would, and the finance payment is £20 per month, the new boiler could be close to paying for itself from day one through energy savings. Add in the peace of mind of a 10 year warranty versus the constant worry of your old boiler breaking down, and for most people it is a straightforward decision.
Need help with your boiler? Our Gas Safe registered engineers cover the North East. Get in touch today or call 07579 760536.