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A good heating system in your house is essential to leading a comfortable life in colder regions. With the variety of different boilers in the market, you can choose the one that suits your requirements the most.
However, the problem is that these boilers are not so cheap. These heavy-duty systems bear a hefty price tag ranging from £1,000 to £3,000. Paying such a huge sum of money upfront can be difficult for some.
Therefore, many companies offer easy financing options for these boilers. Since a boiler is a basic household requirement in areas with a colder climate, this option allows easy access to boilers without breaking your bank.
So, if you are looking for the best boiler on finance and how to get financing easily, keep reading!
What is Boiler Financing
Boilers are quite expensive due to their large size, intricate system, and tricky transporting. However, some boilers are more expensive than others because of the prime quality material used in their manufacturing, high efficiency, and extended warranty.
Boiler financing is a scheme for people who want to buy a boiler for their house but do not have the means to pay the huge amount up front. When buying a boiler on finance, the cost is divided equally over a few years. It allows you to keep paying for the system while you and your family use it.
Paying in small chunks makes it easier for the masses to afford this life necessity. Whether you pay off the debt within one year, two years, or five depends on the plan you choose. Additionally, most financing companies do not have any interest rate, but some may add interest up to 9%.
How Much Does a New Boiler Cost
With the variety of options available in the market, buying a boiler on finance has become a lot easier. You can choose the system that suits your budget and proceed with the financing process. To decide which boiler you can get, you need to know the average price for each type of boiler.
System Boilers
System boilers are one of the most trusted types in the market. However, they come with a higher price tag due to their reliability and efficiency. On average, a system boiler may cost £1000 to £1,500.
Combi Boilers
Combi boilers are available at a variety of price points. These boilers are fast and easy to use, which makes them a top choice among new homeowners. The average Combi boiler price is £500 to £3,000.
Conventional Boilers
Conventional boilers are the most common boilers installed in old houses. These are efficient for houses with relatively lower water pressure. The average price of a conventional is £400 to £1,500.
How To Get a Boiler on Finance
To get a pay monthly boilers scheme, you must choose a product that fulfills your requirement. Then, you need to find a financing company that finances that boiler. Unfortunately, not all boilers are eligible for financing, so look for something that does not become an obstacle in your process.
Most companies will ask for a deposit amount, while others will provide a deposit-free loan. Once you give all the details and the company inspects the boiler, you can receive the payment for your system.
Where to Find the Boiler Finance Deals
Many UK companies offer competitive offers to buy boilers on finance. You can Google the most trusted financing company in your area to get in touch with them and schedule your financing.
Local boiler providers and installers provide some of the best deals, like Edinburgh Boiler Install. They offer a flexible monthly payment plan for different boilers to allow easy access to a boiler.
Whether you choose an interest-free 2-year or 10-year plan with up to a 9.9% interest rate, small chunks of payments will allow you to afford a boiler without using your savings.
Some local companies also offer discounts on boilers if you buy them through their financing option. Not only that, but you can also sign up for free boiler replacements with the help of schemes by the government. So, examine all the options thoroughly to select the best one.
Eligibility Criteria
Not everyone can get a boiler financing option easily. If you want to buy a finance your boiler, there are a few deciding factors that let you know if you are eligible for the loan. They include:
- Your age should be 18 years or older or till 85 years.
- You possess a valid passport or a UK driving’s license.
- You are either employed, retired, or receive an allowance for a certain disability.
- You are not just a student, homemaker, or unemployed.
- You have a valid electricity bill issued within the last three months.
- You have your own residential or commercial property.
- You need to have an average credit score.
If you pass the criteria list mentioned above, you will most likely be eligible for boiler fencing. Make sure you have no criminal record that can hinder your case. Furthermore, you can try different financing companies to check which has the best plan for you.
Conclusion
Buying a boiler in cash is a great idea, but it can be difficult considering the hefty price of the system. Therefore, boiler financing options are ideal for people who do not want to pay a huge amount upfront.
Dividing your payments into monthly options makes it easier for a wide group of people to have access to this basic life necessity. UK government also provides a free replacement scheme in most cities to ensure proper heating and hot water in every home.
When you pay monthly, boilers will not seem as unattainable as they usually do. With the right financing company, you can get your hands on your desired boiler and enjoy a cozy home.
