What Is A Boiler Finance Scheme?

Boiler Finance has only recently become available since 2014. There are now many deals on new boilers from a variety of suppliers and boiler manufacturers, and it can appear quite confusing as to which offer to go for.

As for most of us, the upfront costs and installation of a new, energy efficient boiler can seem quite expensive. Boiler finance schemes are essentially credit agreements that allow you to spread these costs over a set number of months or even years. They have also become known as flexible finance schemes or finance plans.

In the UK, the average cost of a boiler replacement is around £2,400; that certainly isn’t a cheap way to buy a new energy efficient boiler in one lump sum. Because frankly, given the cost involved, it isn’t an option for everyone. For the rest of us, taking out finance and paying in instalments on a monthly pay plan is the way to go for a new energy efficient boiler.

Using a boilers on finance scheme could be the right option for you if you;

  • Want to replace your old, inefficient boiler with a new, highly efficient boiler
  • Buy and install a new gas boiler
  • Can’t afford the upfront costs of buying a new boiler and would prefer to spread the cost over a monthly payment plan
  • Want to save on energy costs by installing a new, A-rated gas combi boiler
  • Don’t qualify for the government’s free boiler scheme
  • Are looking for a way to spread the cost of your boiler
  • Can afford to keep up the monthly minimum repayments

As an example, if the boiler you wanted were to cost the UK average of £2,400 With a typical APR of 11.9%, over 3 years the total amount repayable would be £2,840.77, at £78.91 each month gives it even more appeal to the majority of us.

 

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