At Halton Stairlifts, we’re often asked whether you can get finance on a stairlift. Like most items you buy for your home, financing is usually available for a stairlift. The option is often given to provide financial assistance to individuals requiring a stairlift for either themselves or a loved one.
Learn more about what finance is, the options available, and whether it affects your credit score.
What is Finance?
Finance is a type of credit arrangement that allows consumers to spread the cost of one or more items across several weeks or months through scheduled instalments.
Using finance is a common payment option, allowing people to buy higher-cost items without too much financial pressure. The process of financing an item typically includes paying a deposit up front, then numerous monthly repayments via Direct Debit.
Can You Get Financial Help With a Stairlift?
Financial help is often available in the UK for buying a stairlift. Homeowners with poor mobility or disabilities typically seek help through government or charity grants to help cover the cost of a stairlift. However, grants are subject to strict eligibility requirements, and aren’t always given. When this happens, people usually rely on finance options to pay for their stairlift.
Finance and Assistance Options
If you require a stairlift, there are plenty of options available to cover the costs, including finance.
Finance
Most UK stairlift companies offer finance and repayment plans to help customers cover the cost, often partnering with lenders such as Snap Finance to provide flexible financing options. If you’re unable to access government grants or can’t wait through lengthy referral times, finance offers a practical way to pay for your stairlift.
Grants
Stairlift grants provide financial aid to help cover some or all of your stairlift costs. Support generally comes from government schemes, mainly including the Disabled Facilities Grant (DFG).
However, charity grants, such as Independence at Home, are also available. Applying for grants can take a while, with some referral times taking a few weeks to several months. Scenarios like this often result in people using personal funds to purchase a stairlift themselves and spreading the cost using finance.
VAT Exemption
VAT exemption may be available for your stairlift purchase.
Current VAT rates are:
- 0% for chronically sick or disabled individuals
- 5% for individuals over 60 requiring installation in a private residence
To qualify, you must meet specific health criteria. If you don’t meet the full eligibility requirements, finance is a common alternative that spreads the cost of a stairlift into more manageable payments.
Rental Stairlifts
If you’re unable to pay for a stairlift up front, stairlift rental may be a more suitable short-term option. While renting is most appropriate for those with temporary mobility issues, it can help you avoid the cost of buying and financing a stairlift that you might not need in the long run.
Reconditioned Stairlifts
Similarly, reconditioned stairlifts offer lower stairlift costs. If you’re using finance to pay for a stairlift, we recommend considering used models, which are much cheaper to buy. This means that your monthly instalments will be significantly cheaper than if you were to buy a brand new stairlift.
How to Finance a Stairlift
Financing a stairlift typically involves a straightforward process of adding your product to your basket, selecting the relevant finance option at checkout want, ensuring eligibility, and waiting for the product to be delivered, although this varies depending on the lender.
Example
To make the process easier to understand, let’s take a look at an example of how to buy a stairlift at Halton Stairlifts using our lender, Snap Finance:
- Choose your stairlift and add it to your basket
- Select ‘Snap Finance’ at checkout
- Complete our easy finance application form
- Once approved, choose your delivery
- Wait for your stairlift to be delivered and installed
While this is our typical finance process, please be aware that applications vary depending on the lender. If you’re refused finance, check your credit report for errors, or work towards improving it for future approval. You will likely have to pay for your stairlift outright if you aren’t eligible for finance.
Does Financing a Stairlift Damage Your Credit?
The lender will review your application and perform a credit search to assess your eligibility, which may slightly affect your credit score. However, this is usually temporary, and your score is more significantly affected by your repayment management.
In summary, applying for finance could have a temporary impact on your credit file, while missed repayments could have a longer-term, more negative effect.
Flexible Finance at Halton Stairlifts
At Halton Stairlifts, we offer flexible finance options to help you spread the cost of your stairlift over a set period. Opting for finance removes the financial burden of having to pay a large sum in one go and allows for quicker stairlift installation.
You can use our convenient finance option to tailor monthly repayments to fit your budget, which can help the expense feel more manageable.
If you’d like to find out more about buying a stairlift using finance, please don’t hesitate to contact us.
FAQs
Is it better to finance a stairlift?
Financing a stairlift depends on your personal financial situation. If you need to spread the cost of a stairlift, finance is a great option. However, if you can pay upfront or don’t want to make monthly instalments, finance may not be the best option.
Where can I check my eligibility for financing one of your stairlifts?
If you want to buy a stairlift from us at Halton Stairlifts, you must meet the eligibility criteria with our lender, Snap Finance. Check your eligibility here before making a purchase.
Is Snap Finance reliable?
Yes, Snap Finance is incredibly reliable. Founded in 2012, Snap Finance is authorised and regulated by the Financial Conduct Authority (FCA) in the UK, and has an excellent 4.4 rating on Trustpilot.
What if I can’t make repayments for my stairlift?
If you’re unable to make repayments for your stairlift, contact Snap Finance’s customer service team directly on 03300 109 381 for guidance.
