What's in this article?
A broken boiler will swiftly turn your home into a madhouse. But don’t worry. Here’s how you can get your boiler replaced with no upfront cost:
Hundreds of boiler installers up and down the country are now able to fit your new boiler without the need for an upfront cash payment.
Step 1 - Choose a boiler
First off, you’re going to need to find a new boiler from an installation company that are able to offer finance plans to their customers.
As easy as it is to have countless cash quotes from dozens of tradesmen in your area, finding a top quality Gas Safe installer that also offers finance is a touch more difficult if you're scouring the internet manually.
We could never discourage some good old Googling and if you have the time, you’re likely to come across some suitable candidates. Just make sure they’re Gas Safe and check out their reviews too.
Tip: If you’re going down the Google search route, be vigilant of paid for advertisements. There’s nothing to stop cowboy installers (not complete without cowboy finance packages) from paying to promote themselves on Google Ads - and they certainly do.
Personally, and with a sprinkling of honest bias - we’d recommend comparing boilers on finance from pre-vetted companies available to fit boilers in your area, on Heatable. You can check that out here. It’s totally free!
But seriously, if you’re time rich and fiercely driven, Google will service you just as well in the end.
Tip: The vast majority of modern boilers are now superbly engineered but if you have no clue which way to sway - consider your budget, affordability of monthly payments and then choose the longest warranty available within that budget. Warranties are the windows to a boilers inner most secrets.
In the dark about boiler manufacturers? Here's an article to help out.
Step 2 - The finance application
Never as scary as it sounds:
After you’ve chosen a boiler and most likely had a home survey to confirm suitability, price etc, your installer will pass you over to the company facilitating their pay monthly deals (larger installation companies will be able to take you through this process without referring you to a third party).
You’ll need to go through some basic questions over the phone - or sometimes online if preferred - in order to confirm the lender is confident you’re going to be comfortable in paying back the total loan amount of the boiler.
This does involve a standard credit check *remember to breathe* but financing a boiler is a much less stringent procedure than say, financing a car. Which, fortunately means pass rates are much higher.
However, generally speaking, if you have had a particularly recent CCJ, IVA, or you’ve declared your occupation as ‘street pharmacist’ then it is much less likely that you will be approved for the credit.
If you have been declined for boiler credit or anticipate that you will be, you should research adverse credit loans or look into companies that are able to offer financed boilers for those with poorer credit histories. Just be aware of some potentially astronomical APR figures.
Tip: Most boiler finance packages have typical APR rates, for example, 9.9%. Many boiler companies are able to offer 0% - these packages of course have higher repayment amounts over a shorter loan period, but if affordable you should strongly consider a 0% option as you’ll be paying less in the long run and have the payments out of your way, much quicker.
What about deposits?
In the vast majority of cases, deposits are entirely optional - meaning you won’t have to part with any cash upfront for your new boiler.
If you do wish to put down a deposit, you can usually put down anything between 0 - 50% of the overall cost.
Tip: When paying monthly, particularly with APR included, you should carefully consider if the cash deposit you’re going to part with is worth the reduction in the monthly repayment figure. If the reduction is truly marginal then perhaps it’s not worth the stress of using the amount in cash too?
Step 3 - Installation
Once you have been approved for credit, the installation company will be able to go ahead immediately with the installation of your new boiler.
The installation, the warranty provided and the service you’ll receive from the installer will be absolutely no different to if you would have had paid the installer in cash.
This entire process is also surprisingly quick:
If you’re approved for credit, you could have a new boiler in your house as soon as the following day.
Tip: Compare the warranty of your new boiler with the length of time you will be making monthly payments for the boiler. If the warranty expired before the loan repayments are made, you would have no additional cover and be required to pay cash for any necessary repairs, should they arise.
By now, you will already be aware of the first monthly repayment date for your boiler finance plan but typically, this will be between 2-4 weeks from the date of installation.
One final tip: Make sure to register the warranty for your boiler with the manufacturer, if the installer hasn’t already done so. You’ll also need have it serviced once a year to maintain its validity.
And that’s how you’ve got yourself a new boiler, with absolutely no upfront cash payment required.
Embrace the hot showers.