stacks of coins

Can I pay monthly for a new boiler if I have a bad credit history?

Updating your boiler is something you should consider, as it can help you save on fuel bills and is much better for the planet, but what happens if you have a bad credit history? Are you doomed to having to live with a boiler on the blink, or at the very least, not running efficiently?

The good news is a bad credit rating doesn’t necessarily mean you have to preclude buying a new combi boiler. Some suppliers will now allow you to pay in monthly instalments, as long as you have some form of employment and for the past five years you’ve not had any CCJs or IVAs.

You’ll pay on average £2,000 for new boiler installation and while that’s a huge outlay for anyone on the minimum wage, or with sizeable overheads, the truth is nobody should  have to live with a faulty or broken boiler- particularly when it gets colder during winter.

Another major reason to update is safety. This isn’t something that should be compromised on, but of course, like so many things, this usually comes with a price tag. Fortunately, it’s now quite normal to take out new boiler installations on pay monthly finance plans.

By investing in a brand-new unit and paying for it in monthly installments that suit your budget you can rest easy knowing you have an energy efficient and most importantly, safe heating system.

Who can apply for a boiler finance package?

If you are aged 18 or over, a permanent full-time resident in the UK and are regularly employed (A minimum of 16 hours a week), self-employed, you have long term disability benefits or are retired you will be eligible for finance packages. You need an initial deposit, but your payments could start from as little as £39.19 a month. Not only that but a new and energy efficient boiler could mean you are saving from £300-£350 a year on your utility bills!

Reasons to pay monthly for a new boiler

Paying on time for the duration of your contract brings with it quite a lot of benefits. You won’t have to pay anything else, other than the cost of the boiler, an engineer will service the boiler every year and will fix any problems for free. If the boiler is beyond repair you will get a replacement for free and at the end of the contract it’s all yours.

Nothing to pay upfront

You don’t need to get a loan, or scrape together the money for your new boiler


Monthly payments can be fairly low. Basically, you’ll be able to calculate what you can afford to find a finance plan which suits you


You can sign up for a contract to suit you. Obviously, the sooner you want to pay for the boiler the higher the monthly payments

Speedy installation

You can get your new boiler installed as soon as possible, rather than waiting to make the money to pay for it.

Energy bills will be cheaper

By replacing an inefficient G rated boiler with a modern, A grade boiler you could save up to £315 a year in annual energy bills. If you consider this as a monthly saving of £26, it might even cancel out the cost of your boiler payment

No surprise costs

Your monthly payment also includes the servicing and ongoing repairs, so you know you won’t have to find the money to pay for anything that goes wrong. Your new boiler will probably  have manufacturer’s warranty included however, this may only be honoured if the boiler is serviced every year which of course adds up to more expense. A pay monthly scheme usually includes the servicing in your payment, so you’ll have further peace of mind.

Can I get a boiler for free?

You may be entitled to a free or heavily subsidised new boiler via the Government ECO boiler scheme which was set up to help low-income households access home efficiency improvements to reduce the cost of heating their homes and to reduce their carbon footprints. If you meet the benefits related criteria. For example, the government’s ECO scheme intends to help pensioners upgrade their homes with energy efficient boilers. If you are aged over 60 and receive Pension Credit you may be entitled to a free replacement boiler.

For further information about finance packages please get in touch with us.

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