Many homes rely on a boiler for heating and hot water. Quite often you don’t think about the hard work your boiler puts in day in, day out until something goes wrong with it.
However you don’t have to wait until your boiler breaks down to replace it. In some instances it might be better to replace it earlier for something better. One way you can do this is by purchasing a boiler with the aid of finance.
What are the advantages of buying a boiler on finance?
There’s no getting around it – boilers are expensive (see our boiler cost guide). When you add in the cost of installation you are getting into the low four-figures. This is one of the key advantages of buying a boiler with finance – you don’t pay for it upfront. Instead you will come across three distinct options:
- Buy now with nothing to pay until the end of the agreed term (buy now pay later)
- Buy now and pay for your boiler in manageable monthly instalments, with no upfront fee to pay
- Buy now and pay in smaller monthly instalments once you have paid an upfront fee
It is much easier to pay, say, £19.99 per month for your new boiler than to find perhaps £2,000 upfront to pay for it. It is advisable to shop around for a good deal and to consider how much you could afford each month before you buy.
Incidentally, you may also be able to invest in a better boiler by using finance instead of buying outright, which is going to be very pricey. Offsetting the cost involved with the greater efficiency rating of a new boiler can be very promising.
Make sure you are aware of any interest applied to finance offers before you accept. Some include it, some don’t. Upfront fees to help pay towards the cost of the boiler and installation can vary. Finding a deal with no upfront fee that has higher monthly payments may be more appealing, but do crunch the numbers first.
Consider the benefits of getting a new boiler
You should also consider how you may benefit from having a new boiler installed. Boiler technology is improving all the time, so if your existing boiler has been installed for several years it is likely it won’t be as efficient as a newer model.
A greater degree of efficiency will also reduce your monthly bills. This in turn will offset the amount you are paying towards your new boiler each month. Let’s say for example you can have a new boiler on finance at £29.99 per month. If that boiler is more efficient it may save you £10 a month. This means you will only actually be paying £19.99 per month for your boiler – and you are getting a much better model as well.
The actual savings will depend on your current bill, the boiler you have and which boiler you change to, not to mention the size of your home and family. According to the Energy Saving Trust, approximately 55% of your energy bills each year are accounted for by your boiler. If your current model is old and lower down on the rating scale, you might be surprised at the annual savings a new boiler could bring. In some cases they could be as high as £300 per year.
New boilers are usually much smaller than their older counterparts too. If the existing boiler is taking up a lot of space this might be an additional benefit. As you can see, there are numerous benefits to considering a boiler upgrade on finance.
It is a good idea to work out which boiler would work best in your home and to find out how much it would be including installation. Get some quotes from a few plumbers in your area so you know where you stand. Lots of companies offer finance on new boilers now so stick to those that offer this.
Make sure you work out the likely savings of having a new boiler too, and see how those savings could offset the cost of investing in a better boiler. By doing your homework first you can identify the best boiler for the most reasonable price. This also makes it easier to ensure you are investing in the best deal. Finance is a smart way to upgrade your boiler if you know you can do better. As long as you research the options first, it could be a worthwhile route to take.