Finance if you rent

Representative Example for Personal Contract Purchase (PCP): Cash price £68,949.00, Annual Interest Rate (fixed) 4.36% p.a., with a representative 8.9% APR, total amount of credit £58,607.00, deposit of £10,342.00, an initial payment of £887.30, followed by 47 monthly payments of £887.30 with a final payment of £32,063.50, total amount payable is £84,995.90, the annual mileage is 12,000 and the excess mileage fee per mile is £0.10. Pay monthly then buy, swap or return

If you are renting a home and looking for car finance, here is everything you need to know. Read on to find out more and if you have any questions, you know where we are. 

Renting a home is a popular choice for many people living in the UK, but will it affect your chances of being approved for car finance?

Not necessarily. Renting shouldn’t help or hinder when it comes to car finance. Here’s why… 

Car finance is totally dependent on your current situation. Lenders will take into consideration many different things when building your profile and your outgoings will be one of them. So long as you can show you have more than sufficient funds each month to cover the cost of your car, there should not be an issue. 

You may have to provide proof of your address, which may be trickier if you rent. Not to worry though, as most lenders will work with you on this and if you have been in your current place for less than six months, you might need details of your previous residence. 

Car finance need not be a minefield and there are plenty of different lenders out there who will work with you to find a solution. At Kendrick Cars, we work with a range of lenders to maximise your chances of approval, as well as sourcing a range of options for you, so you can find something that truly works for you. If you would like to find out more, please get in touch with a member of the team who will be more than happy to help.