Sometimes you need a new boiler but you don’t have the cash to pay for it upfront. Fortunately, you’re not left out in the cold (no pun intended!). That’s because you can access a range of finance options to spread the cost over the following months and years. Boiler finance can help you get a more efficient and reliable boiler without breaking the bank, so it’s a win-win.
This post lists the main types of boiler finance and what they mean.
Interest-Free Credit
Interest-free credit is where you pay no interest on your boiler finance, as long as you pay off the full amount within a certain period of time. Most lenders require repayment within one to two years, depending on your contract. If you go over this time limit, you may need to pay interest.
Low-Interest Credit
Low-interest credit is another option. Boiler finance isn’t free, but it is cheap, usually between 4% and 10% APR. This can be a good option if you want to spread the cost over a longer period of time, such as 3 or 5 years.
Buy Now, Pay Later
Lastly, you might come across buy now, pay later schemes. These provide you with more time to pay for your boiler. However, you might need a decent credit score to qualify.
In summary, boiler installation can require a significant investment. If you’d like to arrange boiler finance to spread the cost, get in touch with our team today.
