Paying for large purchases on a monthly basis, such as your car or your mortgage has always been a sensible financial option. However, the latest trend is to treat the cost of your boiler in the same way. A lot of boiler installation companies have decided this is a great way to get a new boiler, as it spreads out what could be a formidable payment over a long term, essentially making it more affordable. It also means that once you are tied into a pay monthly contract, you have access to service plans, guarantees and emergency callouts, all covered by the same monthly payment. But what exactly are you paying for, and is it worth it?

When you sign up for a boilers on finance scheme you can spread the cost of a brand new boiler and installation over a set term. Normally the maximum term is ten years, but depending on supplier can be shorted or longer than this. You pay an initial cost on installation, then pay the rest off every month in an agreed monthly sum. You can cover callouts and repairs with this same payment, meaning you don’t have to worry about shelling out more cash over the payment term.

It can be more expensive than saving up and buying a boiler outright. This is because you need to pay interest on the amount of money you have essentially ‘borrowed’, and then you are tied in with the company’s insurance and service plans whether you want it or not. However, in some cases you may not be able to afford buying a boiler and this could be the best option for you despite paying more in the long term.

Boiler installers like British Gas have their own schemes, and smaller firms have also started these albeit on shorter payment terms. We have heard bad things about the bigger companies who overcharge for installation costs, and would recommend you go with a smaller independent firm, preferably local so future callouts won’t be an issue.

If you are looking into getting boilers on finance, have a look at APG. They are a local Preston firm who have affordable schemes available.