Boiler Finance Deals
Where do I start?
You may be shopping for a new boiler and be bombarded with all sorts of boiler deals and offers. With many different financial packages on the market for new boiler installations and replacement it can be a bit of a mine field.With that in mind a quick read of this article will give you the tools and knowledge to make your new boiler installation purchase on finance. If you have any questions please contact us.
Boiler Replacements On 0% APR
Most companies who offer 0% interest free credit usually only run it over 12 months. The reason being is the finance companies charge the boiler companies a subsidy for using interest free credit. Anything more than 12 months 0%apr would mean inflated prices. Yes you would be paying no interest on the loan, but the prices would be much inflated so the boiler company can cover their cost to the finance company. So for example if you took interest free credit over 5 years the boiler company may be getting charged 40% of the job loan amount by the fiancee company, so of course the boiler company raises its prices.
My recommendation is to only use 0% interest free credit over a period of no longer than 12 months, as the cost to the boiler company will be quite low, therefore they will not raise their prices.
Buy Now Pay Later
My personal favourite and recommended method of boiler finance if certain conditions are met.
Zero deposit. Look for firms with zero deposit or its not really a payment holiday is it!
The rate of the loan after the payment holiday. Can be good can be bad, some companies will charge rate of 17.9%apr after the initial payment holiday watch out for this and avoid. My company offers a rate of 4.9% after the payment holiday a far better rate.
No early repayment fees. Some companies charge for early repayment if you decide to settle the loan early to avoid interest.
Pay no interest if you settle before the end of the payment holiday. With a boiler installation company such as Boilers 4 Essex you will pay no interest if you decide to settle the boiler loan before the end of the payment holiday, a nice option to have!
Only pay interest on the time you have the loan. Say you have been making payments for 2 years and come into a bit of money. You may want to settle early. Make sure the boiler installation finance company you go with allow this. Also that when you do you only pay the interest in the time you had the boiler.
