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text 2018-10-30 05:41
A complete guide on boiler finance

Buying and installing a brand new boiler is expensive and that is why most people do not upgrade their boiler until it stops working. Experts always recommend that one should consider upgrading their boiler once it is more than 15 years old. Your boiler might shut down suddenly on one fine day and your family will be left unprotected. If the boiler breaks down during a cold winter day, then you should replace it with immediate effect to safeguard your family. Not everyone can afford a new boiler immediately and that’s where boiler finance comes to your rescue.

 

100% finance

 

Most of the boiler finance companies in the UK offer 100% finance for buying a new boiler. Whenever your boiler breaks down, you can instantly buy a new boiler without any upfront payment. You can ask for boiler finance from the same person who is selling the boiler. You just need to fill a simple form and submit the required documents for eligibility check and approval. Once approved, your loan will be processed within a day or two and a new boiler will be installed free of cost. Your first monthly repayment starts only after one-month usage.

 

Flexible repayment scheme

 

 

Unlike a traditional mortgage loan, there are no fixed monthly payments. Boiler finance companies give you the flexibility to decide the monthly installment that you can pay. You can analyze your income and liabilities and come up with an affordable monthly installment amount. The minimum permitted monthly amount is £10 per month and there is no cap on the upper limit. We would recommend choosing a higher EMI as it would reduce the number of installments and also reduce the interest percentage. If you choose a lower EMI, then the number of installments will be higher and your interest outgo will be a bigger amount.

 

Lower interest rate

 

Boiler finance companies offer the most competitive interest rates in the industry. The rate offered is relatively lower than your credit card or mortgage interest rates and this is what makes boiler finance the most preferred choice for homeowners. The interest rate varies between 9-15% per annum. On some special occasions, the boiler suppliers in Doncaster offer a zero percent finance option with some terms and conditions. Do compare the interest rates offered by various boiler finance agencies before finalizing.

 

Boiler insurance

 

When you buy the boiler with boiler finance, then the finance company will also insure your boiler. This insurance is not the boiler cover which will pay for the repair charges. This is a different type of insurance which will pay back the loan amount to the finance company if the boiler breaks down suddenly. This is done to hedge their liability and it is beneficial for you. When there is boiler insurance and your boiler breaks down, you don’t need to repay the loan. This offers you total peace of mind. This is just one more reason why we recommend boiler finance.

 

Pre-closure

 

You can repay the loan amount in part or full as and when you prefer to do so. There is no pre-closure penalty levied.

 

Reference: https://www.boilerguide.co.uk/3-ways-to-finance-your-new-boiler

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