Should I Get a Boiler on Finance or Pay Outright?

Understandably, paying out for a new boiler is not something you’re likely to celebrate. It’s a worthwhile investment for sure as you use your boiler every day, but it’s still a big financial commitment.

 

As well as the choice to pay outright for your boiler from your savings pot, sometimes there is the option of taking out a boiler finance agreement. While this undoubtedly saves you from paying out a large sum initially, it isn’t for everyone.

We’re written the below guide to help you understand the advantages and disadvantages of paying outright for or financing your boiler. 

Paying for your boiler outright

This can be an eye-watering amount, but once it’s paid it’s done and you won’t have any long-term payment commitments from it. Buying your boiler outright also means it will be less of an expense overall, as you won’t be charged the interest you will from boiler finance. 

Paying for your boiler on finance

Understandably, not everyone has enough spare money lying around to buy a boiler outright. Boiler finance is a great option if your boiler packs up permanently and you need to get it replaced, but haven’t had time to save for a new one. Boiler finance payments are spread across a set amount of time so you can pay for your boiler gradually rather than in one lump sum. The downside to this is that interest is applied to boiler finance agreements, so overall you’ll be paying more than if you bought it outright. 

Other monetary considerations

In some areas, subject to receiving certain benefits and the age and condition of your boiler, there may be a grant available to help towards the cost of a new boiler. You can read more here.

There is also a Warm Home Discount Scheme in operation for elderly people to apply to. This doesn’t help with the cost of your boiler but provides a one-off winter fuel payment to help manage bills. 

Finally, however you pay for your boiler, you will make savings every month from reduced energy bills. Newer boilers are much more efficient than older models and can mean a reduction of hundreds of pounds over the year in your energy bill.

Providing complete boiler care across West Yorkshire

If you’d like to talk about getting a new boiler installed or wish to discuss our finance options, our friendly team would be happy to help. We serve customers across Heckmondwike, Batley, Cleckheaton, Dewsbury and Mirfield, and welcome all enquiries. To contact us you can call on 07900417080, email info@smartgasheating.com or send a message via this contact form.