Buying a new boiler or repairing an old one can be a prohibitively expensive purchase, but it is an expenditure that has to be made when the old system just can’t take any more.
A costly purchase
With new boilers costing thousands of pounds, the only way most of us can afford to pay for improvements to our central heating system is through spreading the costs via finance options, and there are many of these on the market. The key is to identify which finance deal best suits you and your needs. Fortunately, finance deals on boilers and central heating are relatively easy to come by. Even if you have a poor credit history or a County Court Judgement in the past, you should still be able to get a deal, but it is important to get advice on your options so that you choose a package that you can afford.
Sourcing the finance
The first stop for many people is the bank. A personal loan can be arranged over a time scale that best suits you, and if you go with a bank with which you hold accounts, then you may already have a relationship with a personal banker who will advise you on your options. It is also worth checking to see if the government are backing any home improvement schemes. A new boiler or repairing an old boiler may well help reduce your impact on the environment and there are often government schemes to promote greener living.
Then there are private companies offering finance options. While some finance companies have taken a bad rap recently for misleading customers with promises of quick-fix loans, there are still thousands of financial operators who genuinely care for and serve their customers well. The key to taking out a payment deal on a new boiler is to search around and know what you would like your financial commitments to look like.
You may want a deal that allows you to defer payment for a number of months; you might want a long-term loan that offers low monthly payments over a set period of time; you might favour a loan that is paid off within two years, with a lower or 0% interest rate. And what your loan covers can also vary. It might be that you need a large loan to buy a new system, but you might discover that a smaller loan will allow you to make the necessary repairs to keep your existing boiler chugging along nicely for another decade.
Check and double check
Whether you are buying new or repairing old equipment, check out the warranties and ask for details of any deals that might be on offer. Having full knowledge of costs and cover when you approach a bank or finance company will help you secure the necessary loan with far greater ease. Finally, make sure that you have explored all your options with a reputable engineer/plumber before you make any purchases. They can advise you on your best option and the sort of price you should be paying. A boiler is one of your biggest home-based expenses, so make sure you know what your options are.