While high-quality boilers from leading manufacturers offer a substantial return on investment through years of service, they remain expensive items to pay for upfront. The good news is that finance options offer homeowners a chance to get a brand-new boiler installed when they need one and pay for it later.
There are many ways to get a new boiler using finance, and homeowners must select the best option to suit their personal circumstances. In this in-depth guide, we’ll cover key considerations about buying a new boiler on finance and explore some of the different options open to homeowners.
Overview of a getting a boiler on finance
Purchasing a boiler using finance is often an excellent solution for homeowners as the costs involved often prevent them from replacing their outdated and inefficient equipment. With price less of a problem, buying boilers with finance also provides access to higher quality apparatus than option affordable for a single sum paid on receipt.
Not all boiler finance deals are created equally. As a result, buyers must review finance options and watch out for hidden fees and different interest rates offered. It is worth noting that not all homeowners will be eligible to receive boilers on finance. To succeed, certain criteria must be met to satisfy finance companies.
Legal requirements of buying a boiler on finance
To finance a boiler in Britain, certain legal requirements must be met. Buyers must be 18 or older to apply for finance, must have UK resident status for a minimum of three years and show proof they can afford to pay instalments. Typical proof of finances includes evidence of a pension, large savings or financial benefits and company payslips, while proof of residency and identity include recent utility bill in the applicant’s name and a valid driving licence or passport.
Credit checks
To get a boiler via finance, applicants must successfully pass a credit check to assess if they have a credit history and whether it is good or poor. While it’s not impossible to access boiler finance with a bad score it does make the process harder. As a result, applicants are advised to improve their credit rating before seeking finance by taking the following steps.
Applicants should make sure they are on the electoral register at their current address to ensure they are traceable. It’s important to make sure no connections exist to another person’s credit score and that bills are always paid in full on time. Applicants without a credit score are advised to build one by paying for products using a credit card and settling payments promptly. However, they are advised to never borrow more money than they can afford to pay for.
When ready to apply, it’s important to never make multiple applications for boiler finance simultaneously, as this can negatively impact credit scores.
What is interest free credit boiler finance?
Boiler finance deals are available with a fixed zero per cent interest rate. They allow homeowners to access a brand-new boiler immediately and spread the total cost over two years. After an initial minimum deposit has been paid, applicants pay the remainder owed in monthly instalments.
What is low-interest credit boiler finance?
For applicants unsuitable for 0% interest finance, low-interest credit is an alternative. This boiler finance option also allows instant access to a new home boiler but come with a low fixed interest rate. Payments are spread out over 10 years rather than two and made in easy-to-manage monthly instalments. Different options are available regarding deposits.
Buy now pay later boiler finance
With absolutely no payments to be made for the first 12 months, buy now pay later boiler finance means that if applicants pay for their boiler within the term, no interest is payable, but a small early repayment fee applies. Again, different deposit options are typically offered.
Benefits of a new boiler on finance
Like all mechanical equipment, boilers have an expected active service life. As they age, their effectiveness can suffer and parts can fail, requiring more frequent maintenance at cost to homeowners. Additionally, out-of-date boilers can’t compete with the efficient performance of the latest high-quality solutions manufactured today which help homeowners shave money off their annual bills while enjoying a seamless service. Finance allows users to access a brand-new boiler and all the advantages they offer, while making the cost more manageable.
If you’re ready to benefit from a new boiler on finance, contact our team today at Xgas for full details on the options we offer.