The cost of a new boiler and its installation is a big financial commitment. Particularly when the need for a new boiler arises suddenly, because your old one has broken down beyond repair, finding the money needed to replace it can be difficult. This is where boiler finance can help, and we’ve written the following post to answer the most commonly asked questions about it.
What is boiler finance?
Boiler finance allows you to spread the cost of your boiler across a period of months or years, so you aren’t paying out the whole amount at the point of installation. Rather, you’ll pay an initial amount at the beginning, then an agreed set amount each month. You’ll sign a finance agreement which will be legally binding, agreeing to meet your payment schedule.
Do I pay more overall if I choose a boiler finance option?
Yes. Finance companies make their profit by providing the money you need for your boiler now, and arranging your monthly payments that include interest paid to them for the loan. Interest rates can vary with representative fees often sitting around 9.9% APR. While the total cost is spread for your convenience, you’ll be paying more overall than if you paid for your boiler upfront in one payment.
How do I apply for boiler finance?
You can apply for boiler finance through your heating engineer, if they offer this service. It’s important to carefully read through your finance agreement and fully understand payment terms and amounts before committing.
Will I definitely be accepted for boiler finance?
Unfortunately, it’s impossible to say without making the application. When you apply for boiler finance, the finance company will take details of your circumstances and carry out some simple checks, including credit history. Based on all of this, they will make a decision about whether or not they can offer you boiler finance.
Offering boiler finance in homes across Essex
At BoilerOne, we provide our trusted boiler installation service to homes across Leigh on Sea, Eastwood, Rayleigh, Hockley, Rochford, Ashingdon, Hawkwell, Hullbridge, Southend on Sea, Westcliff on Sea, Thorpe Bay, Shoeburyness, North Shoebury, Great Wakering, Chalkwell, Benfleet, Hadleigh, Thundersley and Daws Heath. As part of our service, we can offer boiler finance options to customers, so please get in touch to discuss this with us in more detail.
You can call us on 07522 617047, email us at info@boilerone.co.uk or fill out our contact form.
