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Boilers on Finance: Pay Monthly in the UK in 2024

Anna Brui
By: Anna Brui
Updated: 7th January 2024

boiler on 0 finance

So, your problematic boiler is on its last legs. After forking out a small fortune on repair bills, you’ve decided to get a brand new energy-efficient boiler instead of an old energy-sapping one. Using the boilers on 0% finance option is a way to go.

If you don’t have the budget to replace your boiler outright it can be tempting to turn to cheap boilers on the market to cut costs in the short term. However, this can mean you may end up spending more on repairs and, if the boiler isn’t operating at high efficiency, you could incur higher heating bills in the long run.

In this article, we're going to take you through the most common boiler on finance payment methods.

But before that - another way that we can help you save money and avoid overpaying is by comparing boiler quotes. Yet finding even a single quote is a daunting and stressful task when done alone. Quote browsing may take up hours of your valuable free time.

Thankfully, our team at Boiler Guide can help you avoid stress. Fill in our short form and we'll take it from there. We'll provide you with up to 3 free boiler quotes from qualified heating engineers available near you. You can then easily compare the quotes and choose the best deal.

It's free and non-binding. Click the button below to get started.

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What is a boiler on finance?

Boilers on finance, or boilers on 0 finance, is an opportunity to cover the expenses of a new boiler or boiler repairs by breaking down the payment into convenient monthly instalments.

Opting for these 'pay monthly' boiler schemes involves securing a loan equivalent to the boiler’s cost, which is subsequently paid off over a predetermined time frame. This approach enables the distribution of the boiler’s expense across manageable and budget-friendly payments, frequently featuring zero interest and eliminating the need for an initial deposit.

How does a monthly pay boiler scheme work?

How does a monthly pay boiler scheme work
In order to apply for a new boiler 0% finance scheme, you’ll need to apply as you would for any credit agreement. Your personal details will be checked including your credit rating to ensure you can afford to keep up with the monthly repayments.

If your application is successful, the lender will pay for the upfront costs of the installation of your new boiler. You will then pay the lender back over a pre-agreed period of time. Some boiler finance schemes will ask for a deposit towards the boiler while others may not. The interest you will pay back will also vary from provider to provider.

Before signing any contract make sure you’ve done your research and compared all the options open to you. It will more than likely be a long-term agreement and that is not something to be entered into without due consideration.

How long are pay monthly boiler contracts?

Typically, pay monthly boiler schemes can be settled over a span of 120 monthly payments (equivalent to 10 years). Homeowners, however, favour shorter contracts, spanning 3 to 5 years.

how long are pay monthly contracts

It’s important to note that while opting for a shorter contract results in higher monthly payments, it accelerates the boiler’s repayment, allowing you to clear the debt sooner.

A heating engineer could have a stronger say in that. But how do you find a trusted professional on your own? Spending hours (or maybe days) browsing, reading the reviews, reaching out to boiler experts one by one and vetting them sounds like a lot of hassle for a busy homeowner like you, doesn't it?

Fortunately, Boiler Guide can save you from stressful searches. Simply fill in our 30-second form and we'll connect you with up to 3 free heating engineers near you. You can then compare their offers without having to commit to any of the quotes you receive. Simply click below to begin.

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How much does boiler finance cost?

The monthly payments you make will vary depending on the amount of money you need to borrow for your new boiler, what period of time you want to make the payments over, and the finance provider you choose.

One of the most popular queries people search for is 'can I get a boiler replacement at £17 per month?' Whilst the answer is yes, you really need to dig into the figures to see if the cheapest option is the best one for you. You can simply end up paying a lot more for your boiler the longer you are paying it back!

To give you an overview of the kind of figures you could be looking at we’ve put together a few representative examples.

The table below shows the monthly payments* you would make over both a 3-year and a 10-year plan based on a total boiler installation price of £2,246 (interest rate per annum = 12.2%, representative APR = 12.9%).

Pay Monthly Boilers No Deposit Pay Monthly Boilers With Deposit
Repayment Period 3 years / 36 months 10 years / 120 months 3 years / 36 months 10 years / 120 months
Deposit £0 £0 £1,045.25 £1,070.50
Total Loan Amount £2,246 £2,246 £1,200.75 £1,175.50
Total Charge for Credit £447.16 £1,651.60 £239.25 £864.50
Total Amount Repayable £2,693.16 £3,897.60 £2,485.25 £3,110.50
Monthly Cost £74.81 £32.48 £40.00 £17.00
*Please note these figures are representative examples only and are not intended as quotes. All finance options are subject to status and credit checks.

Buy now, pay later boilers

buy now pay later

Some companies will even have new boiler offers such as "Buy Now, Pay Later." This means that after making an initial deposit (usually around 10%) your new boiler will be installed but you won’t have to pay anything else for another 12 months.

After the 12 months (or whatever time period has been agreed upon) you can either pay the remaining balance in full or pay monthly for a 3, 5 or 10-year period.

Interest-free boiler replacement

interest free boiler loan

There are interest-free boiler replacement deals available in some cases, mainly from local heating engineers but you can find that some energy suppliers offer them too. This means that you can spread the cost of a new boiler over a few years with 0% interest.

Can you apply for boiler finance with a bad credit rating?

If you have a bad credit rating, don't let that put you off looking into the possibility of getting a new boiler on 0 finance. There are companies that make boiler finance available to anyone with poor credit.

Yet keep in mind that you might need to pay a deposit upfront or have a higher interest rate on the monthly payments. Should you not be able to get boiler finance due to your credit rating, then you might need to pay cash upfront for your new boiler if possible.

If you're looking to buy a boiler on finance through a local heating engineer, we can help. At Boiler Guide, we have an extensive network of qualified, trustworthy heating engineers across the UK.

We can provide you with up to 3 free quotes from heating engineers near you. You don't need to spend hours of your priceless free time scouring the internet for the best deal. Just fill out our 30-second form below. Our services are free and non-binding.

Click the button below to start comparing quotes and get the most for your money.

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Is a pay monthly boiler right for you?

Getting a boiler on finance is a great option for many householders for several reasons:

benefits of boiler finance
Make sure you can comfortably afford to keep up with the monthly repayments as missing payments will adversely affect your credit rating.

The finance agreement you are offered will be based on your credit rating; those with a lower credit rating may receive higher interest rates.

There are a huge number of different finance deals on the market so make sure you’ve done your research and have found the best deal for your circumstances.

However, buying a boiler on finance may not be the best choice if you:

1. Can afford to pay for the cost of a new boiler installation upfront. You will own the boiler outright and won’t be tied into a long-term financial contract that will continue even if you move home. Plus, boiler finance arrangements will mean you pay a higher price for the boiler overall.

2. Are eligible for the government’s free boiler grants scheme. This scheme provides funding to enable low-income households to improve the energy efficiency of their home and lower their heating bills. If you qualify you could have a brand new boiler installed completely free of charge or at a significantly lower cost.

How do you buy a boiler on finance?

boiler finance loans

Boiler finance deals

If you don’t have the financial means to purchase a boiler replacement upfront, there’s always the option to buy a boiler on finance. This is also known as paying for a boiler in instalments so you can spread the boiler cost over a period of time to suit your budget.
After all, when it comes to expensive purchases, for many people buying something on finance isn’t just an option; it’s the only option, particularly when money is very tight.

Boilers are no exception. And the good news is that there are new boiler offers available. In some cases, it may be possible to find interest-free boiler finance, but some may involve high-interest rates so make sure you always read the small print!

By paying for a boiler through monthly instalments you can add it to the budget for all your other commitments like utility bills, food or mortgage payments.

Home improvement loan

A home improvement loan is an ideal solution for individuals looking to make their home a more comfortable place to live while also potentially increasing the value of their property.

It's possible to take out a loan of up to £15,000 that you can return with fixed payments over 1, 3, or 5 years. The shorter the timescale, the less interest you'll have to pay on the original loan.

Pay with cash

If you can afford to pay for a new boiler outright, then you can pay in full with one lump sum. Taking out finance, paying in instalments or a 'pay monthly' plan means you’ll pay more overall for it in the end.

However, the average cost of boiler replacement is around £2,500 so it’s certainly not cheap. Moreover, the prospect of paying for a new boiler in one lump sum isn’t an option for everyone.

You may choose to raid your savings or offload the cost onto a personal credit card but, as we’re sure you’re aware, charges will apply if you don’t pay it off!

If you want to explore your finance options further, it's highly recommended to consult several heating engineers for the best deal. However, finding at least one on your own can cost you hours of tiring browsing and eventually leave you stressed and anxious.

Fortunately, Boiler Guide has got you covered! Completing our form takes less than a minute and brings up to 3 free quotes from local engineers. You can directly compare these quotes alongside each other, considering the payment options, and then pick the quote that best suits you. Our service is free and doesn't bind you to place any orders.

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Who offers boiler finance?

Many companies offer some kind of pay monthly boiler schemes:boiler on finance providers

There are multiple arrangements when looking into payments from 0% boiler finance and boiler replacement loans to boiler rental schemes.

The only way to find the most suitable boiler finance option is by comparing many offers from various boiler suppliers. This way, you're sure you've found the best deal for your money.

Easier said than done! Searching for a professional boiler engineer can drag on for days or weeks on end and bring no actionable quotes. Who would like their precious weekend time wasted for nothing?

Boiler Guide does all the heavy lifting for you. Answer a few questions in our 30-second form and get 3 free quotes from local heating engineers.

Our service comes with no pressure to accept any offers or pay any hidden fees. Click the button below to start comparing quotes and get the most for your money.

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Quickly compare 3 FREE quotes

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Get Quotes Now It only takes 30 seconds
  • Quotes from local engineers
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4.6/5 out of 23,524 reviews

1,8 million quotes provided in 10 years

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FAQ

Is boiler finance in Scotland available?
Yes, you can buy a boiler on finance in Scotland just like elsewhere across the UK. Multiple companies there provide pay monthly boiler schemes as well as 0% interest for a specific timeframe, and fixed interest rates for up to 10 years.

Can I get a combi boiler on finance?
Yes, you can get a combi boiler on finance. In fact, any sort of boiler can be bought on finance. Consider consulting a local heating engineer to find a suitable option for you.

How can I get the best boiler finance deals?
To buy a boiler on finance, you can look for 0% interest boiler deals, flexible finance options or compare different boiler options. Alternatively, you can compare quotes from heating engineers.

Anna Brui

About the author

Anna Brui

Anna is an SEO content writer with a background in blogging, content management, and editing. Anna has traveled to copywriting from teaching due to her growing interest in content creation. She was captivated by the potential of renewable energy sources to mitigate climate change and create a more sustainable world. This passion led her to dig deeper into the field and inspire readers to embrace sustainable practices. Outside work, you can find Anna watching films, strolling, or cooking.

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