Need a new boiler but have bad credit and still want to pay for your new boiler monthly on finance? Fear not, there may still be options available to you.
- Boiler Finance with Bad Credit Key Points:
- What Can Impact Your Credit Score?
- Can I still get a Boiler on Finance with Poor Credit?
- What are these red flags?
- Pay monthly boiler finance plan examples (with our most popular boilers):
- Interest-free boiler finance examples (with our most popular boilers):
- Boiler Finance Bad Credit FAQ
- Who can apply for boiler finance with bad credit?
- Boilers on Finance - Final Words
Do you want to pay for your new boiler (and installation) monthly using financing? But do you have a poor credit history and are worried you won't be approved?
Quick Tip: Our team at Heatable can provide options - catch us on the live chat to your bottom right, or give our lovely team a call free on 0330 113 1333.
Thankfully, even if you do have poor credit and blemishes in your history, there may still be options available to you.
Therefore, it's certainly worth getting your new boiler quote from us, as we have lots of experience approving people's new pay-monthly boilers with our affordability credit check.
Important note: this is a soft credit check, so will not impact your credit score.
Boiler Finance with Bad Credit Key Points:
Boiler finance allows you to spread the cost of a new boiler into affordable monthly payments.
If you have bad credit, your options will be more limited, but finance may still be available.
Lenders may offer a higher APR % due to the associated risks.
A deposit is not required for boiler finance, but up to 50% is optional.
You can make overpayments at any point.
You can spread the costs of a new boiler over 3 to 10 years on an interest-bearing basis.
To begin your boiler finance application and explore the options, start here.
Watch Our YouTube video on how Boiler Finance works below:
What Can Impact Your Credit Score?
A poor credit history i.e. a poor credit score can be impacted by any type of negative credit event.
For example, if you’ve kept to the repayment schedule and paid off your debts on time each month, chances are your credit score is good. However, if you’ve missed the odd payment, or paid late, your credit rating may be lower than average.
Financings such as credit cards, direct debits, loans and mortgage repayments are just some of the types of repayments that are recorded in your credit file.
Can I still get a Boiler on Finance with Poor Credit?
Is boiler financing still possible if you have bad credit?
If you have a bad credit history, that does not necessarily mean you will be declined finance. Your application will be fairly assessed like all others.
Items like CCJs or IVAs are likely to make it more difficult for lenders to offer you credit.
Some of the other major red flags that are common among those who fail a credit check include the following:
The critical red flags that can cause someone to be declined finance include:
Active (unsatisfied) CCJs
Current insolvency or IVA
Mortgage repayments are currently in arrears
Other accounts that are currently in default
At Heatable, we work with a large panel of lenders, some of whom are used to dealing with customers with poor credit.
In some cases, lenders will offer higher interest rates to customers with a poor credit history. Customers will have to carefully consider if any such offer is affordable.
What are these red flags?
Here's a little more detail on the types of credit events that can have a major impact on your approval:
IVA (Individual Voluntary Arrangement)
An individual voluntary agreement or IVA is a process to avoid bankruptcy where a person signs a contract to make certain repayments of debt to the lenders. People often opt for an IVA when they are facing financial troubles and cannot pay off all debts in full.
When entering into an IVA, the interest is frozen on outstanding debts and possibly the repayments are lowered to a more manageable amount.
County Court Judgements (CCJ)
A CCJ, otherwise known as a County Court Judgement, is issued if you fail to pay a debt that you owe. It will stay on the Register of Judgements, Orders and Fines for 6 years.
If the CCJ has been settled already that will likely help your application, however, if no attempt has been made to settle the CCJ, it's unlikely that you will be approved for a boiler on finance.
Bankruptcy
Bankruptcy is a legal status that usually lasts for 12 months. However, it will stay on your credit report for seven years.
Mortgage in arrears
If your current mortgage repayments are in arrears, it's likely that your application will be refused.
Get your boiler quote with financing today
Regardless of your concerns, it's still worth getting a boiler quote. Our soft credit checks won’t impact your credit score, you could still be approved for a new boiler or you may be surprised at how much a new boiler & Gas Safe Installation may cost.
Related reading:
Is a deposit required for a Boiler on Finance?
Does boiler financing require a deposit?
Simply put, you can pay nothing, or up to 50% of the loan amount (do note, a minimum loan of £1,000 is required).
A large deposit, for example, a 50% contribution can greatly reduce your monthly repayments.
However, if you're looking at paying monthly for your new boiler, the chances are, you don't have access to a lump sum - that's the whole point.
So, in all honesty, large deposits are somewhat of a rarity in the boiler finance world.
Curious to know which boiler brand performed worst? Find out in our report of the worst boilers.
What are the repayment terms?
As mentioned above, the repayment terms for new boilers on finance are very flexible, just like Slinkies.
If you pay over 10 years (that's a decade), your monthly payments for your new boiler will be lower.
If you pay over, let's say, 3 years, your monthly payments for your new boiler will be higher.
But, and there's a real but, the longer the term, the more interest you'll pay.
Want to learn about the future of heating in the UK? Check out the latest innovation of hydrogen boilers.
Pay monthly boiler finance summary:
No deposit required (up to 50% optional)
Make overpayments any time
Spread the cost over 3 to 10 years
Interest rates from 11.9% Representative APR
Pay monthly boiler finance plan examples (with our most popular boilers):
Worcester Bosch Greenstar i Boiler Payment Plans:
Fixed prices from £1,780 (get your quote online)
APR | Deposit | Loan Amount | Term | Monthly Payment | Interest | Total Payable | |
9.9% | £0 (0%) | £1,780 | 10 Years | £22.98 | £977.36 | £2,757.36 | |
9.9% | £780 (Max) | £1,000 | 10 Years | £12.91 | £549.09 | £2,329.08 | |
9.9% | £0 (0%) | £1,780 | 3 Years | £56.98 | £271.25 | £2,051.25 | |
9.9% | £780 (Max) | £1,000 | 3 Years | £32.01 | £152.39 | £1,932.39 |
Alpha E-Tec Boiler Payment Plans:
Fixed prices from £1,895 (get your quote online)
APR | Deposit | Loan Amount | Term | Monthly Payment | Interest | Total Payable | |
9.9% | £0 (0%) | £1,995 | 10 Years | £20.59 | £875.78 | £2,470.78 | |
9.9% | £595 (Max) | £1,000 | 10 Years | £12.91 | £549.09 | £2,144.08 | |
9.9% | £0 (0%) | £1,595 | 3 Years | £51.06 | £243.06 | £1,838.06 | |
9.9% | £595 (Max) | £1,000 | 3 Years | £32.01 | £152.39 | £1,747.39 |
Interest-free boiler finance examples (with our most popular boilers):
Worcester Bosch Greenstar CDi Compact (0% Finance):
Fixed prices from £2,295 (get your quote online)
APR | Deposit | Loan Amount | Term | Monthly Payment | Interest | Total Payable | |
0% | £0 (0%) | £2,295 | 2 Years | £87.29 | £0 | £2,295 | |
0% | £1,047.50 (50%) | £1,047.50 | 2 Years | £43.65 | £0 | £2,295 |
Viessmann Vitodens 100 (0% Finance) Boiler Payment Plans:
Fixed prices from £2,130 (get your quote online)
APR | Deposit | Loan Amount | Term | Monthly Payment | Interest | Total Payable | |
0% | £0 (0%) | £2,130 | 2 Years | £88.75 | £0 | £2,130 | |
0% | £1,065 (50%) | £1,065 | 2 Years | £44.38 | £0 | £2,130 |
Boiler Finance Bad Credit FAQ
Who can apply for boiler finance with bad credit?
As long as you are over the age of 18, you can submit an application for boiler finance via one of our lending partners.
In addition, you will also need to meet the following requirements:
Been a resident in the UK for at least 3 years.
Provide a valid UK passport or a valid driving licence.
Utility bill dated the last 3 months of the boiler finance application date.
Have an appropriate form of income including a salary or certain types of benefits.
Boilers on Finance - Final Words
Apply for boiler finance today, and we could be fitting your new boiler tomorrow.
If so, choose Heatable for your boiler replacement, here’s why:
Gas Safe installation within 24 hours
Thousands of happy customers – an average score of 4.6 on Trustpilot (that’s better than the market leader)
Price match guarantee – if you find a cheaper quote, we will match (must be like for like)
Multiple payment options - interest-free available
10-year guarantee
Fixed price guarantee – no hidden costs
Save your quote until later
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