Boilers On Finance: Best Pay Monthly Boiler Schemes (2022)
Buying boilers on finance is a handy way to get your new or replacement boiler quickly without paying the entire amount as a lump sum upfront. But understanding how boiler finance works can be tricky; so, to save you time, we’ve written the guide below.
Here, you’ll find out about the different deposit and APR options (including those that require no downpayment or charge you 0% interest) and see which ones would best suit your financial situation.
To get a quick quote for a new boiler on finance, you can fill out Heatable’s 90-second form and see which monthly payment schemes you qualify for.
Table of Contents
- The Short Version: Heatable’s Boilers on Finance Represent the Market’s Best Value
- Get Your Boiler Now, Pay Monthly — Boilers on Finance Schemes Explained
- Boilers on Finance If You Have Bad Credit
- Where to Find Boiler Finance Deals
- How to Apply for Boiler Financing Online
- Don’t Pay More than You Should! Comparing Quotes for Boilers on Finance
- A Word on Boiler Warranties
- How Financing a Boiler Can Actually SAVE You Money
- Choosing the Right Boiler Brand for Your Home
- FAQs About Financing Boilers
- How to Pay Monthly for Boilers on Finance: Next Steps
The Short Version: Heatable’s Boilers on Finance Represent the Market’s Best Value
If you’re looking to get a new or replacement boiler on finance, Heatable is a boiler installation firm worth checking out. The company has a fantastic partnership with Worcester Bosch, so you can get one of these boilers through Heatable at incredible rates AND spread the costs with their stellar financing deals.
Worcester Bosch installations range between £2,050-£2,900 at 9.9% APR over 3, 5, or 10 year repayments. Or, get 0% interest for 2 years on select boilers.
However, it’s worth noting that the amount of deposit you put down will affect the monthly repayments, and the overall repayments including interest.
The higher your initial deposit, the less you’ll have to pay monthly.
So, although you can get a Worcester Bosch boiler on finance with a £0 deposit from Heatable, it’s worth trying to get as much deposit together as possible if you want to avoid paying larger monthly sums.
Get Your Boiler Now, Pay Monthly — Boilers on Finance Schemes Explained
Now, let’s jump into the different new boiler finance packages on the market.
Most boiler finance companies build-in all or some of the features below, to suit your financial position.
APR Rates: Interest-Free and Upwards
Jump on a few top boiler websites, and you’ll see that typical rates are around 12.9% APR.
Now, I’m not going to screenshot and upload those rates – I don’t want to get sued.
There are better and worse options out there. Obviously, 0% is ideal (since it amounts to interest-free credit), but something around 10% is highly competitive. The highest representative APR rate I found was 21.9% — which is a tonne, by the way.
0% APR — Interest Free Boilers
So what does 0% APR mean, exactly?
It simply means that you don’t pay any interest on the boiler loan amount you receive. And while it’s an attractive deal, there are multiple caveats.
Firstly, you’d have far less time to pay off the cost of your new boiler. With an APR of 0, interest-free boiler finance agreements typically give you 2 years instead of the more leisurely 10 years over which you could spread the payments if you were paying interest.
You’ll also need to have good credit to qualify for interest free boilers. It’s not personal; lenders offset the risk of subprime borrowers’ delinquency by charging them higher rates.
Whether you’re required to make a downpayment on a 0% APR deal may depend on your finances, borrowing history, and the supplier’s policies. That said, companies like Heatable do offer £0 down, interest-free arrangements for eligible customers. Check with Heatable to see if you qualify for a £0 down, 0% APR deal.
9-21% APR — Take up to a Decade to Pay Off, From £12.94 Per Month
If you don’t mind forking over interest, you can spread out your payments over a far longer time period, on a loan term of 3 to 10 years.
Once you’ve found a reasonable provider that offers finance options for boilers, you’ll need to determine the monthly payment plan.
If the APR is anything above 0% interest, you want to pay it off as soon as possible (unless you have higher-interest debts, such as credit cards, in which case, pay those off first).
Time is another factor. Obviously, the lower the monthly repayment amount for your boiler finance agreement, the longer the payment schedule. So, £10 per month or less might sound good, but you’ll be stuck with the debt for a decade.
Finance Your Boiler Now With £0 Down
Most reputable boiler companies will offer you a chance to get your boiler right away without paying a penny upfront. But like anything else that lets you off the hook without paying, this arrangement comes with a catch — you should have a sufficiently blemish-free borrowing history to qualify.
If your credit rating is sufficient, and you’re lucky enough to qualify for a zero-downpayment boiler on finance, you may also have several APR and repayment term options to choose from.
Remember, financing is a balance between time, principal, and interest.
So, if you want to pay nothing upfront, and don’t feel like paying interest, you can still qualify for financing — just as long as you repay the entire amount within 24 months. If you’d rather pay some interest but spread your term over several years, you’re probably looking at about 10% APR with a repayment term of 3-10 years.
To find out what boiler financing options are available to you now, fill out Heatable’s 90-second survey and you’ll get a quote on your screen right away.
Repayment Term (From 3-10 Years)
So, with the repayment period in mind, try and set a monthly amount that’s affordable, but pays off the boiler as soon as possible.
Typically, you’ll find that almost all companies offering boiler finance will have options from 36-120 months — sometimes less, sometimes more.
For most people, this is an important one. If you’re looking for boiler finance and you don’t have the cash to pay for a new boiler purchase upfront, that’s understandable. It’s a big investment and usually one that needs to be made unexpectedly.
That’s why most boiler finance deals can have a deferred initial payment option built-in. Basically, you won’t have to pay anything for the first 1-3 months.
That gives you the opportunity to sort out your finances in time for the first payment. But, you’ll be able to get your boiler replacement straight away.
What If the Rate Is Too High?
If you don’t have the cash and can’t find a deal in the 0% APR – 12.9% APR range, I’d seriously consider a loan from a high street bank. You should be able to get one below 10%.
Also, bear in mind that the difference between say 10% and 20% APR, could add on around 1 year of repayments on a 10-year boiler finance deal.
You can get a price on the screen including APR rates here.
Boilers on Finance If You Have Bad Credit
With decent credit, you could be looking at low payments and deals as cheap as 0% APR (i.e. interest-free).
But if your credit check returns poor results, you should expect is a higher interest rate in comparison to someone with a good credit rating. But, there are some companies offering great deals. You can use the boilers on finance calculator on Heatable’s site to determine the overall cost and APR for your new boiler.
Basically, it’s unlikely that you’ll be getting interest free boilers on finance with credit checks that reveal poor credit history.
Where to Find Boiler Finance Deals
Even local installers have started offering boilers on finance. As many use similar finance providers as the large boiler installers, they can offer competitive finance deals (interest free, under £15ish per month etc) too.
It used to be that a local installer would be able to offer a lower installation price than a large national company, like British Gas. That was until Heatable teamed up with Worcester Bosch. Essentially, they fit Worcester boilers on finance at stupidly low prices.
You can get a finance quote and determine the APR you’ll be paying by using their clickable form.
How to Apply for Boiler Financing Online
Applying for new boiler pay-monthly schemes online saves you the trouble of ringing up your local installers and waiting for a quote.
With a company like Heatable, your quote will be accurate, simple to understand, and best of all, you’ll get it right away. All you need to do is fill in Heatable’s quick survey, and you’ll see what boiler models are best suited for your home AND what financing terms you qualify for.
Don’t Pay More than You Should! Comparing Quotes for Boilers on Finance
Don’t get completely bogged down by the APR rate.
If the installation cost is high, the interest-free rate really makes no difference.
Basically, you could get a 0% boiler finance deal, and pay monthly over the whole repayment period higher than another consumer who’s paying 9.9%–just because the installation was so expensive.
That’s why, ideally, you’ll want an itemised quote that shows your boiler installation costs.
That way, you’ll be able to see which quote is best (based on price alone), but also compare things such as:
- The boiler being installed. Is it a cheap boiler, or high-quality one like Worcester Bosch?
- Is the installer also fitting a magnetic boiler filter and scale reducer to protect your investment (and your radiators)?
- Does the cost include an initial hot flush, to ensure any heating sludge is out of your heating system before the new boiler is installed?
To get an itemised quote with financing options, fill out Heatable’s survey and get the numbers on your screen in minutes.
A Word on Boiler Warranties
Now, this is an important one.
Hopefully, you’ve taken my advice and are choosing a replacement boiler that comes from the list of brands above.
But, within those brands’ model line-up, there are boilers with low warranties — those, covering 2 years or less.
A low warranty is 2-years. We always advise people to get a replacement that has at least a 5-year warranty, with 7+ years being preferable.
There are even warranties on offer up to 10-years. For example, Heatable offer a 10-year warranty as part of its boiler finance deals.
However, to get these longer warranties, you’ll usually need your installer to be an accredited installer for that brand (for instance, a Worcester Accredited Installer can offer warranties of up to 10 years).
So, make sure you research the terms and conditions of the manufacturer’s warranty. If it needs an accredited installer for that specific brand – make sure your installer has the correct accreditation.
How Financing a Boiler Can Actually SAVE You Money
There’s a certain group of people that can benefit from boiler finance deals a lot more than others; those that have an appliance that’s out of warranty.
If you have a new (ish) boiler that’s still under warranty, you’ve got two things on your side:
- A manufacturer that should replace any parts when they malfunction
- An efficient boiler that’s low on energy bills
However, if your boiler is old, you have neither of those things, and that means you’re losing money daily.
Here’s how much…
New boilers are nearly all, A-rated. And that means they’re efficient.
If you’ve got an extremely inefficient boiler (an old G-rated one for instance) and a large property, you’re losing a tonne on energy bills.
According to the Energy Saving Trust, this could be setting you back up to £320 per year.
That’s up to £26.67 per month that you’re losing out on.
Boiler Repair Costs
So, you’ve got a boiler that’s out of warranty? That’s bad news.
Boilers tend to malfunction more and more, the older they get. That’s the #1 reason manufacturers set their warranty the way they do – they don’t want to pay to fix your boiler, they want you to buy a new one.
Unfortunately for us, that means any repairs need to be paid for out of our own pockets.
I’ve created a quick-fire guide to boiler repair costs here.
As you can see, you’ll be lucky if your repairs cost less than £300 on average.
Choosing the Right Boiler Brand for Your Home
Now that you understand a few of the basics of boiler financing, you’ll need to start thinking about the boiler brand you want.
Maybe you’ve already chosen?
Stop right there.
You need to get a Gas Safe engineer to come and spec your property. The boiler installed isn’t necessarily the most suitable for your property (technology changes over time).
What kind of fuel does your boiler use?
Fixed price online with next day installation
Boiler brands offer a range of options including:
- Multiple fuel types (LPG, Gas, Oil, Electric)
- Different KW outputs for different sized properties
- Compact boilers that are suitable for smaller installations (a typical example would be a kitchen cupboard)
- The list goes on…
When a boiler engineer visits to offer a quote for boiler finance, they need to consider:
- Property size
- Number of bathrooms
- Number and size of radiators
- Overall hot water and heating demand
They’ll then offer you a few suggestions on the best brand to install, and the model.
My suggestion is, take their advice if they plan to fit one of the following brands:
- Grant (Oil)
- Ideal Boilers
- Worcester Bosch
There’s not much debating to be done here.
Most top-quality boiler engineers will agree that those are the brands to be installing. If you want a Worcester boiler on finance, you can get prices on screen here.
FAQs About Financing Boilers
Financing boilers is a confusing topic, so below, we’ll answer some of the questions we often get from our readers.
Can you pay monthly for a new boiler?
Yes, many installers out there will offer you a chance to spread the cost and pay for your new boiler monthly instead of handing over the entire amount upfront. The financing terms vary depending on the installer, downpayment amount, and the buyer’s credit history.
Note that boiler installers who do offer a boiler finance plan with their boiler deals will typically act as a credit broker rather than finance provider. The finance application will still have to be reviewed and underwritten by a financial institution.
How much does a new boiler cost for a house?
There are too many variables involved, but a modern combi boiler from a brand like Worcester Bosch should cost around £2,200, including installation by a Gas Safe engineer. Again, the boiler price we mention here is only an estimate, and will depend on:
- Size and type of the central heating system (regular, system, and combi boilers have a different price point)
- The boiler company you select
- Your preferred boiler fuel type
- The installer you pick
- the list goes on…
If you’re considering getting a new boiler, you should start by checking quotes from your local installers, and comparing them against an online installation company like Heatable. You can get a fixed price quote from Heatable by completing this quick, anonymous survey.
How long do boilers last?
Modern boilers may last close to twenty years, whilst others may start malfunctioning soon after you purchase them. It really depends on what boiler brand and model you choose, and whether you take care of the boiler properly after it’s been fitted.
Typically, opting for a household name brand like Worcester Bosch, Viessmann, Ideal, Vaillant, or Baxi is a good step to ensuring that you’ve got a boiler that will last long. However, even these brands have their budget boiler options, which may not be as reliable.
That’s why, you should always assess the boiler’s warranty before you commit to the purchase. Think of it this way — a 2-year warranty means that the manufacturer doesn’t expect their appliance to work well after 2 years of service.
Conversely, a boiler that’s backed by a 10-year warranty term has its manufacturer’s confidence, and is bound to stay in service longer.
How to Pay Monthly for Boilers on Finance: Next Steps
Thanks for reading our 5-minute guide to getting a new boiler on finance.
Ready to get your boiler finance quote? Click here and get it on the screen within 30 seconds.
Hopefully, this guide has given you enough information to decide on whether to explore boiler finance deals further or to simply save up the cash and pay for your boiler upfront.
Still confused about your boiler finance options?Or, not sure a recent boiler quote you’ve had is a rip-off?
No problem. Put together as many details as you can and leave a comment below — we’ll get back to you as soon as possible.