What are your finance options for a new boiler?
Why is it that bad things happen at the worst time? Your boiler, for example. Of course, it wouldn’t break down during the heatwaves we had earlier this year. No, it’ll wait until winter is just around the corner before it decides to take its final breaths, leaving you out in the cold. For some people, this might not be an issue. Perhaps they have fantastic boiler cover to protect them from any unexpected breakdowns, or maybe they’ve had money set aside to finance problems like this.
But, for some of us, fixing a broken boiler can be expensive and put a strain on our families as we try to find the funds. But, don’t panic! There are ways to help you with your problem that won’t break the bank. Let’s take a look.
Personal Loans
A personal loan can be a good way of getting the necessary funds to buy and install your boiler quickly. But, in the long run, they might not be the best option for you. With an absence of collateral, interest rates can be high, and you might end up paying extra on top of what you already owe.
For most personal loans, you are subject to a credit check. But, there are some you can get without one, although finding them may be difficult. There are other options to finance your boiler that might be more straightforward and beneficial in the long run.
Boiler grants
In 2018, qualifying homeowners and private tenants could have their old boilers replaced completely free of charge, or heavily subsided. You can get a local, government-approved company to contact you and complete the installation, all for free. But you must meet specific criteria to be eligible for this grant.
Firstly, your property must be on a mains gas, oil, or LPG supply. The boiler you need to be replaced must be at least five years old, and you must not live in a council-owned property. The following two automatically qualify without any further factors:
- Pension Credit
- Child tax credits with a household income below £16,010 per year
If you receive income-related benefits, working tax credits, or universal credit, you will need multiple qualifying factors to get a free or subsidised boiler. If you don’t qualify, there are other options for you.
Finance options
Another option to fund your new boiler is to look at what payment plans your installation company offers. Many companies offer monthly plans to help you pay for it. Instead of having to part ways with a bulk sum or settling for a high-interest loan, your repayment is split up into small amounts each month over a five or ten-year period. How much you spend each month depends on how much you need to borrow and how long you need to pay it back.
With this option, you can choose from top range boilers, like Worcester, that are reliable and won’t break down in a few years. You won’t have to choose a lower quality boiler to keep costs down. This makes your investment much better for you and your family in the long run if you use this financing option.
GOS Heating provides five and ten-year payment plans, subject to credit checks, so that if your boiler breaks down at an inconvenient time, you know you’ll have what you need to get through. You can buy now and pay later, or use our calculator tool to find out how much it will cost you each month. And, on top of this, our pay-monthly service cover will make sure you never have an unexpected breakdown again. Get in touch with us today on 01772 734 966.
