September 17, 2021

Boilers on Finance: How Does It Work?

In the long run, boilers may be quite costly, particularly if purchased all at once. Many years ago, some smart folks developed finance, and you may now pay for new boilers on finance on a monthly basis instead of everything at once (0 percent interest and no deposit available, too).

Are you in need of a new boiler but are unable to afford to pay for it in full? Or are you okay with paying in installments? It’s possible that your hard-earned cash is better spent on other items like a trip, lawnmower ride-on, or an unnecessary vintage vehicle, like the majority of people do.

Boilers may be expensive, ranging from about £1,500 to £3,000, so it’s understandable if you don’t have the cash on hand.

Then think about spreading the expense out over a period of time that works best for you. 2 years, 5 years, or why not go the whole ten years and make small monthly payments? It’s all up to you, and that’s the beauty of getting a new boiler on credit.

 

Pay-Per-Month Boiler Plans Described…

Pay monthly boiler plans, as the name implies, let you spread the expense of a new boiler and installation over a reasonable number of months.

Consumers are increasingly opting to pay for boiler installation with a monthly payment plan instead of cash. This is not unexpected, given recent market statistics.

Increasing competition in the financial industry means that there are now some extremely competitive financing alternatives for boilers available from large banks, prime lenders, and even sub-prime lenders for individuals with bad credit. This is a very good development for consumers! (more on that later).

In this guide on what is a combi boiler, you’ll learn all there is to know about them.

 

How does paying for a new boiler monthly work?

As an aid to comprehension, the following is a short summary of some of the most commonly asked questions, broken down into digestible bitesize chunks:

 

#1 No credit check pay monthly boilers?

Many individuals want to know whether they can get a loan for a boiler or a repayment plan for a new boiler installation without having to go through a credit check.

There is a normal credit check needed by all boiler financing and pay monthly lenders, and this is unfortunate.

 

#2 Getting a boiler loan with poor credit is difficult.

Even if your credit history is less than stellar, you may still be approved for a financing plan despite your poor credit standing.

Pass rates for boilers on credit are surprisingly high if you don’t have any recent CCJs or IVAs.

Although sub-prime lenders may assist those with bad credit, they usually demand a significantly higher annual percentage rate (APR) because of the risks.

Do you have a back boiler and wish to replace it with a contemporary combi boiler? Is ideal looking like a perfect option? Read more on whether or not you should swap to a combi-boiler.

 

# 3 Is it necessary to make new boiler financing deposits?

To put it another way, you may pay nothing or up to 50% of the loan amount.

A substantial down payment, such as a 50% investment, may significantly decrease your monthly repayments, bringing the cost down to only £10 per month (ish).

If, on the other hand, you plan to pay for your new boiler on a monthly basis, chances are you don’t have a lump amount handy.

As a result, big deposits in boiler financing are a bit of a novelty.

Are you curious about the brand of boiler that had the lowest performance? Check out our list of the worst boilers to see for yourself.

 

#4 Repayment terms for a new boiler

As previously stated, payback arrangements for new boilers purchased with financing are very flexible, much like Slinkies.

Your new boiler’s monthly payments will be cheaper if you pay for it over a period of 10 years (yes, a decade).

Over a longer period of time, your monthly payments will increase for a new boiler.

A major drawback of borrowing for an extended period is the higher interest rate you’ll have to pay.

Pay monthly boilers on finance payments for a new installation typically range between £17 and £20 per month.

 

Boilers on finance with monthly payments

  • There is no demand for a down payment (up to 50 percent optional)
  • Avoid paying a penalty for making overpayments.
  • Spend it over a period of three to ten years.
  • Rates start at 9.9% annual percentage rate

 

How does interest-free boiler financing work?

The majority of boiler and financing businesses may provide 0% interest-free boilers with payment periods of over a year.

Elite Group can provide 0% financing for 24 months on our boilers. Yes, we’ve increased the duration of our new boiler’s pay-per-month option by half. That implies our monthly payment would be halved.

Get a quotation online for a new boiler at a set price, with no interest.

You’ll receive precisely what you want if you use boilers with 0% interest. Boilers on finance in the form of a loan from a bank or lender, where you will not pay any interest over a certain period. Because they earn their money by providing subsidies to the bank, the boiler business (i.e. Elite Group) will not pay interest.

 

Boilers on finance with no interest

  • The new boiler pay monthly plan does not need a deposit.
  • Make overpayments and not be penalised for doing so.
  • Pay off your debt without incurring any fees.
  • Pay monthly for a period of 24 months (with Elite Group). Most people will give you a year.

 

Who is eligible to apply for boiler loan funding?

Anyone above the age of 18 is eligible for boiler financing.

Because if you’re under that age and attempting to purchase a boiler, you’ve grown much too quickly.

Boiler financing applications have a minimum and maximum age limit. It’s reasonable that most lenders won’t let you borrow money if you’re older than 85 at the conclusion of the arrangement.

To be eligible, you must also have lived in the UK for three years and have a source of income (either via work or certain kinds of benefits/allowances).

With Elite Group, you may apply for a loan by providing a valid UK passport or driving licence, as well as an energy bill from the previous three months prior to the date of application.

 

What’s included in the price when purchasing boilers on finance?

All of our new boilers are fitted by a Gas Safe engineer as standard, and you’ll also get the following extras as part of your boiler package, whether you pay for it with financing or not:

A wireless thermostat gives you complete control over the temperature in your home. Smart thermostats may be upgraded in many ways.

Boiler filter – for maximum protection against sludge and corrosion.

Water quality is a major source of corrosion, therefore using chemicals to clean it is a good idea.

Flue kit Is a must for every new boiler installation.

Do you want to lower your heating costs and save money and energy? If this is the case, you may want to think about getting one of the finest smart thermostats for your home.

 

Will the quality of boilers on finance be better or worse?

We don’t skimp on the quality of our boilers, whether they’re purchased with financing or in full with cash.

The payment method you choose has no impact on the quality of the boiler or the service you get.

If you choose a Worcester Bosch, an Alpha boiler, or a Viessmann boiler, you’ll have the same warranty protection and boiler quality throughout the same time period.

 

Can purchasing boilers on finance save you money?

Old boilers are notoriously inefficient when compared to modern ones, so purchasing a new boiler on credit may save you money in the long run.

Why? Here’s why it’s a good idea to get boiler financing…

A brand-new, long-term warranty is available.

When you buy a new, contemporary boiler, you’re also buying a guarantee, which means that if anything goes wrong with the components, the manufacturer will pay for the repair or, in certain cases, a full replacement.

Because it’s no longer protected by the guarantee, an old boiler is more likely to break down, and the repair bill may be substantial if you don’t replace it..

With the expense of an engineer’s travel time and parts for boiler repair, you might be looking at several hundred pounds.

 

More efficient use of energy

In comparison to old boilers, new boilers are much more efficient, which means they can make greater use of the heat they provide and create less waste. In real terms, this means you consume less energy as a consequence, which helps you save money by lowering your energy use. More details can be found in our boiler efficiency guide.

For instance, replacing an old G-rated gas boiler with a new A-rated gas boiler may save you up to £315 a year in fuel costs.

As you can see, replacing an outdated boiler has the potential to save you money, making boiler financing an attractive option in many instances.

 

We can install your new boiler as soon as tomorrow if you apply for boiler finance now

Are you interested in the new monthly payment option for your boiler?

Elite Group can install new boilers on finance for as low as £1,545.

Get a firm pricing on the screen right away by filling out this form that may be clicked on.

In addition, as previously mentioned, our boilers are protected by guarantees lasting up to 10 years.

We can also provide cheap monthly payments with boiler finance and even interest-free boiler financing solutions, which is an added bonus.

 

Get A Quote

Contact Elite Group today and get a quote for a brand new boiler installation, with no upfront cost and interest free finance. Save up to 40% on your energy bills!