Gas boilers are an essential part of many households, providing heat and hot water throughout the year.
However, if you find yourself in a situation where you have bad credit but need to pay monthly for a new boiler installation, you might be wondering if it’s still possible to get one.
In this article, we will explore the options available with Boiler Central online for obtaining a pay monthly new boiler with poor credit and provide insights into alternative financing solutions.
Let us help you get accepted with some basic info to get a new boiler now
Our poor credit boiler finance options are great for people who are looking for a new boiler but:
- Have been declined boiler finance elsewhere
- You have a low credit score
- You want a complete all inclusive package
New Boiler Finance Bad Credit Introduction
When faced with poor credit, obtaining financing for essential items like new boilers with installation can be challenging. Traditional lenders often rely heavily on credit scores to assess the risk associated with lending money and being able to make monthly repayments.
However, having poor credit doesn’t necessarily mean you cannot get a boiler on finance.
By understanding your options and exploring alternative financing avenues, you can still find a solution that suits your needs.
Pay Monthly Boilers with Poor Credit History
What is a boiler on finance?
Before delving into the topic of obtaining a boiler with poor credit, it’s important to understand what a boiler is and how to pay monthly for one. If you can’t afford a new boiler outright, boilers on finance enable you access to hot water and heating quickly if you don’t have the cash for a new boiler upfront.
You choose a boiler finance plan that will outline what you need to pay and when. This monthly payment plan is payable then to the lender and not the boiler companies.
Can I get poor credit boiler finance with no deposit?
Yes, it is possible to pay no deposit depending on the pay monthly boiler option you choose such as a boiler subscription or renting a boiler. If your credit isn’t too bad though, there are many options such as buy now pay in 12 months, interest free boiler finance and interest bearing.
If you have a bad credit rating however you will be limited to which you can choose and will likely be declined for options such as interest free credit, but you can pay a higher rate with no deposit.
What types of boilers can I get with a poor credit history?
Boilers come in different types, including combi boilers, system boilers, and regular boilers. No matter what type of boiler installation you need you can apply using our dedicated poor credit boiler finance company.
Combi boilers are the most popular choice for residential properties as they combine a water heater and a central heating boiler into a single unit. System boilers require a separate hot water storage cylinder, while regular boilers work with both a cylinder and a separate water tank.
These are all available on a pay monthly boiler schemes.
Options for getting a poor credit pay monthly new boiler
Despite the challenges, there are options available for obtaining a boiler with poor credit. One option is to seek out lenders or finance companies that specialise in providing loans to individuals with poor credit.
These lenders often consider other factors, such as income and employment stability, in addition to credit scores when evaluating loan applications.
Another option is to explore financing programs offered directly by boiler manufacturers or suppliers. Some companies offer their own financing options or partner with finance companies to provide flexible payment plans or lease-to-own arrangements.
These programs may have more lenient credit requirements, making it easier for individuals with poor credit to qualify.
Declined Boiler Finance with British Gas
if you have applied for a pay monthly boiler with British Gas then you should strongly consider contacting Boiler Central as we may be able to offer you a way to get a new boiler with poor credit and pay monthly.
British Gas only deals with customers who would get accepted for interest free or low rate finance, which leaves many customers unable to get accepted. Why not try us now for our soft credit check if you have a CCJ under £500, or consider our monthly boiler subscription, our Infinity package?
Declined Boiler Finance with Boxt
If you have been declined finance with Boxt then we can also help again. We know all about customers getting refused finance more and more due to the rise in interest rates and stricter lending terms but our poor credit boiler finance options are here to help.
We offer an excellent service for people who have been declined with Boxt but need to pay monthly. If you think you would pass a soft credit check you can use our specialist lenders, or if you need to pay monthly then our all inclusive Infinity package may be perfect for your.
Have you been declined finance but need a new boiler?
If you have been declined credit with other boiler installation companies such as British Gas there are still other pay monthly options.
If you know you have poor credit then you are in the perfect place, here at Boiler Central we have 2 options to help our customers get boiler finance with bad credit such as IVAs, CCJs and have been declared bankrupt.
These poor credit boiler finance options are:
- Specialist lenders – Propensio – (No IVA or CCJ over £500)
- Specialist lenders Snap Finance
- A Boiler Subscription (our Infinity Plan)
Simply get a quote online now, and we will take you step by step through the rest to spread the cost of a new gas boiler today.
Poor Credit Boiler Financing Options
Many people look for no credit check boiler finance but this is not currently an option for people who have been declined before but are trying to improve their credit rating or know they won’t pass. A boiler subscription is a good way of getting a boiler installed if you don’t think you would get accepted for regular finance.
With a boiler subscription, you don’t own the boiler but you pay for everything in small affordable monthly payments over a set period of time.
Everything is fully included however such as:
- Monthly payments
- A rated energy efficient gas boiler
- Gas Safe boiler installation
- Annual boiler servicing
- Boiler warranty
- Repairs and breakdown cover
Renting a boiler
If obtaining financing for a new boiler replacement proves to be challenging, renting a boiler could be a viable alternative. Renting allows you to have a functioning boiler without the need for a significant upfront payment or a loan.
With this option, you may still need to be subject to a credit check.
Many rental companies offer replacement boilers on flexible terms, including maintenance and repair services, making it a convenient option for those with poor credit.
Peer-to-peer lending platforms have gained popularity in recent years as an alternative financing option. These platforms connect borrowers directly with individual lenders, cutting out traditional financial institutions.
People with poor credit can still find boiler finance lenders willing to provide loans, as individual investors on these platforms may have more flexibility in assessing loan applications. Peer-to-peer lending can offer competitive interest rates and repayment terms tailored to your needs.
Are you aware of the Boiler Upgrade Scheme which offers grants towards alternatives to gas boilers such as air source heat pumps.
Poor credit and its impact on getting a new boiler
Poor credit refers to a low credit score resulting from late payments, high levels of debt, or other financial issues. When buying a new boiler, lenders use credit scores to assess an individual’s creditworthiness and determine the likelihood of repaying a loan.
Having poor credit can make it challenging to secure traditional loans or financing options, as lenders may consider you a higher risk borrower.
Luckily here at Boiler Central, we can offer you a way out, and there are two great options for you using our poor credit boiler lenders or our infinity subscription service.
Getting a New Boiler with Poor Credit
Challenges of obtaining a new boiler with poor credit
When you have poor credit, getting approved for a boiler can be a daunting task. Traditional lenders may be hesitant to provide financing due to the perceived risk associated with lending to individuals with a history of poor credit. This can make it difficult to access the funds needed to purchase a new boiler.
Improving Credit to Secure Better Financing
Steps to improve credit score
While exploring alternative financing options is valuable, it’s essential to consider improving your credit score in the long run.
Taking steps to repair and rebuild your credit can open up more opportunities for better financing terms in the future. Some strategies to improve your credit score include:
- Paying bills and debts on time
- Reducing credit card balances and overall debt
- Monitoring credit reports for errors and disputing inaccuracies
- Limiting new credit applications
Benefits of improving credit
Improving your credit score goes beyond the immediate goal of obtaining a boiler. A higher credit score can positively impact your overall financial well-being. It can lead to better interest rates on future loans, increased chances of loan approval, and
Consulting with a financial advisor
If you’re unsure about the best course of action for obtaining a boiler with poor credit, consulting with a financial advisor can provide valuable insights.
A financial advisor can assess your financial situation, help you understand your options, and provide guidance on the most suitable financing strategies based on your specific needs and goals. They can also offer advice on improving your credit and managing your finances effectively.
Working with boiler financing specialists
Boiler financing specialists are professionals who specialise in helping individuals with poor credit secure financing for boilers. These specialists have expertise in navigating the financing landscape and can provide personalised solutions based on your unique circumstances.
They are familiar with lenders who offer loans specifically for individuals with poor credit and can guide you through the application process, increasing your chances of approval.
Obtaining a boiler with poor credit may present challenges, but it is not impossible. By exploring alternative financing options, improving your credit score, and seeking professional advice, you can increase your chances of finding a suitable solution.
Remember to consider your specific needs, budget, and long-term financial goals when making decisions about boiler financing. With the right approach and determination, you can find a way to get a boiler even with poor credit.
Can I get a free boiler?
Unfortunately, the free boiler scheme is very limited, so it is unlikely that you will be able to get a free boiler in the current climate. You could always apply, or you may get some money off using the ECO scheme, but it is unlikely you will get a free boiler.
Can I get a new boiler with bad credit?
Yes, it is possible to get a new boiler with bad credit. While traditional lenders may be less likely to provide financing, there are specialised lenders and alternative financing options available for individuals with poor credit.
What are the requirements for obtaining a new boiler with poor credit?
The requirements may vary depending on the lender or financing option you choose. While credit scores play a role, other factors such as income, employment stability, and the specific terms of the loan or financing program may also be considered.
Will my interest rates be higher if I have poor credit?
In most cases, individuals with poor credit may be subject to higher interest rates compared to those with good credit. However, the actual interest rates will depend on the lender, the financing program, and other factors such as the loan term and amount.
How long does it take to improve credit?
The time it takes to improve your credit score can vary depending on various factors, including the extent of the negative information on your credit report and your efforts to improve it. It is a gradual process that requires consistent positive financial habits and responsible credit management.
Is it possible to finance a boiler without a credit check?
Yes. While it may be challenging to finance a boiler without a credit check, some alternative financing options, such as a boiler subscription, renting a boiler or peer-to-peer lending, may have more lenient credit requirements and may not require a traditional credit check.