New Boiler on Finance

NEW BOILER ON FINANCE: An Incredibly Easy Way That Works For All

Your problematic boiler is on its last legs, and the weather is getting gradually colder. You have decided to get a new boiler instead of spending small amounts on boiler fixes and parts. But you don’t want to spend a considerable amount on purchasing a new boiler outright. Boilers can be expensive, especially if purchased outright. Thankfully, some companies started selling new boilers on finance long ago. But nowadays, it’s commonly offered at low monthly payments even without paying a deposit amount.

This post will help you decide whether you want to spend a lump sum amount from your savings on a boiler or choose to pay in easy monthly instalments. 

Why Should I Change My Old Boiler?

Most new boilers are energy efficient, which may also be one of the reasons for replacing the old ones. It will save you money in terms of energy bills. All the new boilers are condensing boilers and are more efficient in heating and energy saving.

Boilers have an energy rating and an efficiency percentage. The highest energy efficiency rating is an A, and most new gas combi boilers have up to 98% ratings. Choose an A-rated boiler for more energy efficiency.

Why Choose Boiler Finance?

An energy-saving boiler, its upfront costs and installation expenses are pretty high. Especially if you don’t want to spend a massive amount of your savings on it, you can use the new boiler on finance option if you’re going to enjoy your savings.

Take a look at the following reasons to be convinced!

Low Energy Bills. You may save up to 20-30% on energy costs by replacing an outdated boiler with an energy-efficient new one. This may offset the cost of your boiler payment if you think of it as monthly savings.

Ending up with unexpected repair costs. You can rest easy knowing that your monthly payment already covers any unexpected boiler breakdowns. Which also covers annual servicing and ongoing repairs.

No up-front payments. No need to borrow money or scramble to find funds you cannot afford if you’re truly strapped for cash; some plans give you the option to “Buy Now, Pay Later.” It gives you more flexibility.

0% interest plans. Some companies offer selected models of boilers with 0% interest for selected tenures. However, these packages have shorter financing tenures, like 2 or 3 years, than other plans, in which the financing goes up to 10 years. With short-term plans, you will have a short-time commitment with the lending company, but the monthly payments will be higher.

Suitable contract period. Some of the new boilers on finance plans give more flexibility allowing you to choose a shorter term of 3 or 5 years, even though many offer contracts of up to 10 years. Because of this, your monthly payments will be higher, but your financing plan will be shorter.

A boiler cover is offered with the plans. Keep in mind that one of the benefits of a boiler on finance plans is that your boiler is covered if there’s any breakdown in the future. Although, you can get a standard warranty of 5 or 10 years if you buy outright. But here is the attraction of paying in small monthly amounts.

Easy monthly payments. Depending on the length of the contract and whether you can afford to pay a deposit, monthly payments may be as low as £20, which you can easily afford.

Mindfulness. Even though boilers typically come with a manufacturer’s guarantee when purchased outright, many are only valid if the boiler is serviced annually, which is an additional expense. In a Monthly Pay plan, the service is typically included in your payment, so it has already been handled.

Are You Eligible For A New Boiler On Finance?

If you have been a permanent UK resident for the last three years, have a business or a job, receive a long-term disability allowance, or are retired. You are eligible to get boiler finance. You must have a valid passport, UK driving license, or one of the last three months’ electricity bills and residence proof.

Note that you should be between 18-85 years of age. Still, suppose you will be turning 85 before the end of the financing period. In that case, it will increase the rejection chances of your application.

Does A Boiler Finance Depend Upon Credit Rating?

Eligibility criteria for boiler finance depend upon credit rating but not that much. If you have a “fair” credit history, you will be eligible to get a boiler on finance. Credit rating does not affect interest rate but affects your application approval or rejection chances. But some companies offer additional packages in case of a decline due to credit rating.

Financing Vs Cash

The cheapest solution is to buy a new boiler outright if you can afford it.

Because financing companies charge interest on credit, everyone may not be able to afford 0% interest plans as these plans have short-term financing options with high monthly instalments.

If you choose a financing option for your residential boiler, you will always pay extra because of interest.

It’s also necessary to remember that not all boiler loan options include installation costs. Therefore, you should confirm whether your loan covers installation charges.

Whatever you decide, you have the choice of paying for the boiler in cash or over time.


A boiler is like the heart of a home for heating and providing hot water in winter. Furthermore, new boilers are efficient and energy-saving, resulting in low energy bills and peace of mind. It might be hectic to pay for a new boiler in full. So, you can get a new boiler on finance to avoid paying the total amount. But this is your choice if you want to go to the cheaper option, you should buy it in cash!

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