Boilers On Finance (What You Need To Know)

If you’ve been investigating boiler finance and are overwhelmed with the different options available, how to apply and even struggling to choose the right boiler, this guide is all you need to read. 

Below we’ll cover boilers on finance in detail including: 

• A quick summary of this boiler finance page, before explaining everything in detail
• The most important things you need to know, which include: how to apply, the impact of credit scores, no deposit and interest free options, potential energy savings and where to buy your new boiler
• The brand and model of boiler you should choose
• What your new installation will include.

Prefer to jump straight to a boiler finance quote and see how much you’ll pay monthly? Use our clickable boiler tool here, and get a fixed price on screen within a few minutes. 

In Summary: Getting New Boilers On Finance

Strapped for time? Bookmark this detailed guide for later, and read this summary instead…

Expect your new boiler on finance to cost in the region of £3,000 (£125 per month over 2-years) for the average property. 

It’s worth accounting for the difference between the energy efficiency of your old boiler compared to your new one. As an example, a detached property using a G-rated boiler could see savings of £475 per year by upgrading to an A-rated boiler. That goes a long way towards the monthly repayments for your new appliance.

It’s not typical in the boiler finance industry to find 0% finance deals on terms above 2-years; terms of 3-10 years are available but are typically subject to a 10% interest rate or higher. This adds a reasonable chunk onto the overall cost.

That said, each property and boiler installation is different and therefore, so are the costs; you can get your fixed price boiler finance quote on screen using our boiler installation tool here.

It is possible to get a pay monthly boiler with bad credit, but installers offering this are few and far between. You’d be much better spending time improving your credit rating, leading to a finance package that’s 0% interest and £0 deposit (spread over 2-years). 

The most important thing when choosing a boiler is to pick one from a leading brand such as Alpha, Ideal, Viessmann or Worcester Bosch. 

Not only are they competitively priced (even compared to lesser brands), they come with a 10-year warranty and 12-month workmanship warranty. All the boilers integrated into our boiler quotation tool here have these lengthy warranties.

What You Need To Know About Getting a Boiler on Finance

Getting a boiler on finance is a cost effective way of replacing your existing boiler without the huge upfront cost. 

Before committing to a boiler on finance which could see you with monthly repayments of 2-10 years, it’s worth reading our overview below of what to expect.

Typical costs of getting a new boiler on finance are in the £3,000 range for the average property. Spread over a 24 month period assuming no deposit and 0% interest (APR), you can expect repayments to be in the region of £125 per month.

Finance Applications / Credit Checks

Getting a boiler on finance is similar to any other form of loan. This means you’ll be required to make an application. 

For the most part, boiler installers will not offer the finance / loan directly. Instead, they’ll use a third-party loan provider. This loan provider will want to see details such as: 

• If you’re a homeowner
• Credit score via a credit check
• Current income
• Term of the loan
• And more!

Like a credit card or mortgage, this gives them an overview of if you can actually afford the loan for your new boiler. 

If you have a low credit score, it’s unlikely you’ll get a new boiler on finance. Very few boiler installers use third-party loan providers that offer a loan with no credit check, as this type of loan is incredibly high risk. 

Improving Your Credit Rating

If you’re planning to get a new boiler on finance, your credit score is going to be incredibly important. 

Banks such as Halifax offer an “in-account” feature that gives an indication of where your current credit score is. However, a more accurate representation of your credit score can be found using a free tool such as Experian’s Credit Score Report which can be found here. 

If you’re credit is below average you’ll need to boost it before applying for a pay monthly boiler by: 

• Paying your bills on time
• Using credit cards, but paying them off monthly
• Register on the Electoral Roll

The list is literally never ending. If you feel you could benefit from improving your score as you know you have bad credit or low credit, there’s a useful guide on Money Saving Expert here. 

No Deposit Options

Whilst no deposit boiler finance is available, first it’s worth spending the time to determine the monthly repayments you can afford. 

The higher the deposit you put down on your pay monthly boiler, the lower the monthly repayment. For example, assuming a £3000 boiler on finance with 0% interest, a £1000 deposit could knock your monthly repayments from £125 per month to £83.33 per month over a 2-year term.

A higher deposit is also likely to enable you to reduce the term of your boiler finance, which typically leads to a better interest rate on your loan (where 0% doesn’t apply).

Interest Free (0%) New Boiler Deals

Very few boiler installation companies offer 0% interest boiler finance for long term deals. Typically, the interest free option is only available on 12 month boiler finance deals. 

We offer interest free boiler finance on terms of 12-24 months. Extending this term to 36-120 months (3 to 10 years) would mean an interest rate of 10% or higher. 

Use our boiler installation tool here to see what the best new boiler deals today are. 

Energy Savings & Pay Monthly Boilers

Whilst we all try to go eco to save the planet, there’s another positive to replacing your boiler; cash savings. 

According to the Energy Saving Trust, you could save up to £475 per year on an average detached property, simply by upgrading your G-rated boiler to an energy efficient A-rated boiler with TRVs and a new thermostat. Put simply, that’s £39.58 per month that can contribute towards what you pay monthly on your new boiler. 

The majority of new boilers will be A-rated from leading brands such as Ideal, Worcester Bosch and Viessmann. If you have a G-rated boiler installed currently and switch to an A-rated boiler, you could see your energy efficiency go from sub-70% to around 90%; big cash savings when it comes to monthly utility bills!

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Where To Apply For New Boiler Finance

Everything from the term of a loan, your credit score, type of boiler and the complexity of an installation is going to affect the overall cost of your new boiler finance package. 

If you’re looking to get an idea of what you should expect to pay for boiler finance, you can jump over to our boiler calculator here, which takes less than 2-minutes. 

Click a couple of options and our tool will offer a finance package on a boiler that’s most suited to your property.

Choosing Your Pay Monthly Boiler

If you’ve read this guide and decided to go ahead with a boiler finance application, now you need to know which boiler to choose, which we cover in detail below. 

Combi, System or Conventional Boiler?

If you’re not looking to change your current heating system setup (very costly), you’ll need to choose the correct boiler type. Here’s an overview of boiler types if you don’t know which one your system currently uses:

• Combi boiler: Heats hot water on demand, so you won’t have any cold or hot water storage tanks / cylinders
• Conventional, regular and heat only boilers: If you have a hot water cylinder as well as a cold water tank located in a loft space, this is the boiler you have
• System boilers: Has a hot water cylinder, but not a cold water storage tank. 

Now you know the type of unit you need, you can use our boiler finance calculator here to get a fixed price on screen. 

Best Boiler Brands To Get On Finance

We only offer boilers from leading brands that come inclusive of a long warranty. 

Whether you choose to buy a boiler on finance or upfront payment, these are the best brands to choose from: 

• Alpha
• Ideal
• Vaillant
• Viessmann
• Worcester Bosch.

There is very little to distinguish these brands in terms of price, quality, warranty and features. 

Choosing the brand and exact model is determined by your property specifications and simply picking the one most suited for your home.

You can use our clickable boiler quotation tool here, which will offer you the most suitable boiler for your property on screen.

Long Warranty 

As we mentioned above, we only fit boilers with a long warranty; 10-years or more. 

Generally, boiler manufacturers offering long warranties have confidence in their products, and that leads to less breakdowns, a longer life span and ultimately, being the most cost effective route to take when it comes to a new boiler installation. 

Getting a boiler on finance is a huge commitment. Choosing a model with a short warranty (2-5 years) could mean you’re still paying monthly for a boiler that is broken, or has become reliable. 

You can see the boilers we offer and get a fixed price on screen using our boiler pricing tool here, all inclusive of a long warranty.

What Your New Boiler Installation Includes

Naturally, it makes sense to shop around. When doing so, it’s important to compare like-for-like boiler finance quotes; some boiler installers offer a less complete service than others. 

All of our installations via the pay monthly boiler finance calculator here include: 

• Pipework and electrics: We’ll ensure all pipework from the gas meter all the way up to your boiler is up to Gas Safe standards, as well as upgrading any electrics where applicable
• System flush: Whilst we may not fit new radiators and pipework, a chemical flush can remove debris from these components, making your system more efficient, leading to cash savings on utility bills
• Boiler removal: We’ll remove your old, unreliable boiler and dispose of it
• Flue: A new flue and any necessary modifications to brickwork will be inclusive of your finance package
• Warranty registration: Upon completion, we’ll submit warranty information to the boiler manufacturer, covering you for 10+ years (where applicable)
• Workmanship warranty: Alongside a long boiler warranty, we’ll also offer a 12-month workmanship warranty, free of charge!

Get your fixed price on a boiler finance deal using our clickable tool here; it takes less than 2-minutes.