We’re all comfortable with the idea of buying gadgets, cars and homes on finance, however, when it comes to boilers and other home appliances, arranging for a finance deal is not the first thing that comes to mind. Partly because a large portion of boiler replacement outlay is made up by installation cost and paying tradesmen on deferred basis doesn’t sound like a viable option. Yet it is, and boiler finance has grown by leaps and bounds in the last few years with as much as 70% of new boilers installed on finance arrangements.
This is based on stats acquired internally. During the first half of 2019, 70% of new boilers installed by Glow Green were acquired on finance. Breaking this down even further, 81% of finance deals were 0% APR finance* and the remaining 19% accounted for 12 or 60 month 9.9% APR deals*. This, however, is just a generalised assumption based on stats accumulated by Glow Green and may not be a true representation of the whole UK new boiler market.
All customers are advised that boiler credit is subject to status, affordability and a credit check. Please make sure you familiarise yourself with finance representative example, which is displayed in the footer of all product pages on our website.
Since replacing a boiler is a relatively risk-free home improvement, most lenders are happy to provide the funds making this option available to a relatively wider range of people. Risk free in this context means that a new boiler is backed by the manufacturer warranty and is highly likely to lead to energy savings, unlike, for example solar panels where efficiency and buy-back time depends entirely on the hours of sunshine during the year. That’s why Boilers from just £9.99 per month is a possibility if your credit rating is good. If you need a new boiler, pay monthly. Please note that a substantial deposit is required to achieve a monthly price of £9.99 or similar. The deposit amount will depend on the boiler model and installation circumstances. Please have a look at the representative examples giving you a rough idea as to the actual cost of boiler credit. Also note that Glow Green Ltd act as a credit broker.
(9.9% APR Offer) Representative Example: Cash Price £2,100. Deposit Payable £1,327. Total Amount of Credit £773. Total Interest £425.80. Total Amount Repayable £2,525.80 Repayable by 120 monthly instalments of £9.99. Representative 9.9% APR (fixed). Rate of Interest 9.9% a year (fixed). Duration of Agreement 120 months. Credit is subject to status, affordability assessment and credit checks.
(0% APR Offer) Representative Example: Cash Price £2,100. Deposit Payable £0. Total Amount of Credit £2,100. Total Interest £0. Total Amount Repayable £2,100 Repayable by 24 monthly instalments of £87.50 Representative 0.00% APR (fixed). Rate of Interest 0.00% a year (fixed). Duration of Agreement 24 months. Credit is subject to status, affordability assessment and credit checks.