January 23, 2021

Buying a Boiler on Finance

When purchasing a new boiler through finance, you take all the same initial steps as you would if you were paying directly.

Buying a Boiler on Finance

The way in which consumers carry out purchases has changed a lot over the past few decades, with people buying clothes, cars, technology and houses on finance plans.

‘Buy Now, Pay Later’ schemes are becoming increasingly popular as people are given the chance to buy things when they want but pay more flexibly at a time that suits them.

What’s in this article?

At iHeat we know and understand that a boiler not working can come at the most inconvenient of times and not everyone can simply fork out the money to purchase a new boiler right away.

In fact, according to a recent survey by Which?, 33% of UK households can’t afford to cover the cost of a new boiler.

We believe that no matter your financial circumstances, you shouldn’t shouldn’t have to come home to a cold house, particularly in the winter months, which is why we offer a range of finance options to suit you.

Benefits of Buying a New Boiler on Finance

According to The Energy Saving Trust, the average boiler replacement costs £2,300, but can cost anywhere between £1,500 and £3,500+, depending on the boiler and complexity of the job.

Unfortunately, the average amount of money that households have set aside for household repairs and replacements is just £765.

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By paying for a boiler on finance, the cost is spread out, making it more affordable on a monthly basis as opposed to paying for it all at once.

By purchasing through finance, it also allows you to have your pick from a range of boilers, as opposed to settling for the cheapest option due to limited savings.

How Does Finance Work with iHeat?

When purchasing a new boiler through finance, you take all the same initial steps as you would if you were paying directly.

  • Answer a few questions in our interactive from about your home, including your current boiler type, number of bathrooms etc… to allow us to work out which boilers are more suited to your home.
  • Choose from our range of recommended boilers
  • Use the finance calculator to select your preferred deposit, loan term and APR and get a fixed quote.
  • You can either go straight to checkout with your quote or save it for later. Once you’re ready to go ahead with your install, select an install date and enter your details.
  • Apply for finance through acting credit broker LeadsUK Ltd t/a iHeat (offering credit products through a panel of lenders)
Boiler Finance Payment Methods iHeat

Boiler Finance Package Examples

0% APR, No Deposit for 2 Years

You can get a new boiler and installation with iHeat from just £93.54 a month for two years with no deposit and 0% APR.

9.9% APR, 50% Deposit for 10 years

You can get a new boiler and installation with iHeat from just £10.64 a month for ten years with a 50% deposit and 9.9% APR.

Buy Now, Pay Later

You can get a new boiler and installation with iHeat from just £11.61 a month for ten years with a 50% deposit and 11.9% APR with a 12 month deferral period.

These are just a few examples of the numerous ways in which you can pay through finance. Get a quote for a new boiler and installation today and use our calculator to work out which finance package is most suitable for you.

How much will my deposit and monthly repayments be?

Throughout our website we have finance calculators which give you accurately monthly payment based on your finance package, terms and deposit amount.

Monthly payment calculator

Deposit amounts are between 0-50%, though the amount you repay depends on which boiler model you have chosen.

Your monthly payments will depend on your boiler finance plan including the length of term finance you select, your choice of boiler and the deposit you decide on.

To plan your finance, click here.

Bad credit history?

If your credit rating isn’t great there’s no need to worry as our finance providers have a high acceptance rate.

All finance applications are subject to approval and a credit check. If you think your credit score may be less than fair, we recommend checking your credit on a free site like Experian.

Steps you can take to improve your credit rating:

  • Register to vote
  • Pay your bills on time
  • Pay off existing debts
  • Don’t borrow more than you can afford to pay back
  • Avoid high-interest loans
  • See if you are linked to someone else
  • Check your file for any mistakes
  • Check your file for fraudulent activity
  • Utilise less of your credit
  • Don’t apply for credit through multiple lenders at once

Having a poor credit rating won’t affect the APR on your iHeat finance package but it may affect whether you are approved for finance or not.

Our finance lenders may offer additional packages if you don't get approved initially at a different APR. Alternatively, speak to your bank to weigh up taking a loan out in order to purchase your boiler.

For more information on how to improve your credit score, read our helpful blog Can You Buy a Boiler on Finance With a Bad Credit Score?

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