Don’t you just hate unexpected expenses? I like to stick to a strict budget and plan out my family’s spending ahead of time, however occasionally things happen that are completely out of my control. But what can you do?
Whether it’s paying for new car tyres or suddenly having to fork out for a brand new working boiler, sometimes these things just have to be done so you can carry on with the important things in life. Finding the cash for it? Sometimes easier said than done.
If your boiler suddenly breaks down or is condemned, leaving you without heating and hot water, it can be an incredibly stressful time. However, don’t panic, as there is help out there to help you cover the cost of your replacement combi boiler.
Below, I’m going discuss all of the finance options available to help you out with your new boiler, along with the available government incentives.
The most obvious way to get help with your new boiler is to pick a company/installer who takes part in a scrappage scheme. Due to the high price of scrap metal, you should be able to get £400 cashback for your old boiler, which will help towards the cost of your new one. Always check to see if a company will offer cashback for scrapping your old boiler.
2. Consumer credit
If you seek out an installer with a consumer credit licence, they will most likely be happy to offer you a credit deal when you get your new boiler fitted. For example, you might be able to get a boiler that comes with 12 months interest-free credit, or credit covering a period of up to 10 years, at an average rate of around 9.9% APR.
3. Deferred credit
Deferred credit is another option that some installers will offer, which means you could buy now, pay in six months. If you shop around enough, you may be able to find a deferred credit deal on some types of boilers.
4. Government grants and incentives
There are plenty of government grants and incentives available that may be able to provide help with a new boiler, although these are constantly updated. Your best bet would be to check out the Energy Savings Trust website for more information about schemes available in your area.
Two such initiatives are the Green Deal and ECO (Energy Company Obligation). The latter is particularly helpful for more vulnerable, low-income households who may be eligible for a free boiler installation. To find out if you’re eligible, you can contact Energy Saving Advice by calling 0300 123 1234.
5. Pay by credit card
This last option is one that I only really recommend in an emergency situation – for instance, if your old boiler is condemned or breaks down, and you have no other option. It’s a last resort for many people due to the generally higher interest rates credit cards charge. If possible, try to make a partial payment rather than relying solely on a credit card.
6. Boilers on Finance scheme
Firms such as APG Domestics offers new boiler finance which means instead of paying out a lump sum you can pay for your new boiler in installments instead.
Everyone’s entitled to a warm home and hot water. If you ever find yourself stuck for cash and in need of a new boiler, there are plenty of ways to get financial help if you need it. From low-interest loans or deferred credit, to government schemes that could even qualify you for a free boiler, there’s plenty of help out there if you know where to look. And don’t forget, always check whether your installer will give you cashback on your old boiler.