Can you get finance while renting?

Looking for car finance but rent your home?

It is a question we get asked about a lot and we have the answers right here…

Renting your home has a whole range of benefits and we know where are many reasons why people choose to rent as opposed to buying. However, we come across a lot of customers who rent their home and wonder whether or not they can get car finance.

The short answer is yes, you can get finance while renting, but if you would like a longer answer, read on to find out more.

Finance while renting is common, and there is no specific reason linked to renting why you would be refused for car finance. In fact, it can sometimes stand you in better stead…

Renting your home will only cause problems if you move around a lot, as lenders want to see that you have a permanent place of residence for your agreement. If you have been in one place a while and you have your finances in order, there is no reason why renting should hinder or harm your finance application.

The main thing that lenders look for is that you can afford the monthly repayments and the agreement. They may ask to see proof of earnings and outgoings in order to recognise this, but as long as you have everything in order, it should not be an issue.

If you rent and want to apply for car finance, the process is simple.

You will apply online or in person, entering your details into a form so that we can speak to the range of lenders we work with.

Once we have spoken to them and we have the options that are available to you, we will present them back and make sure you understand all the details. If you want to go ahead, we will complete a hard search and get the finance agreement approved.

This is where you may have to share proof of address or earnings.

Once it is all approved, we will sort the paperwork and you can drive away in your new car, it is as simple as that!

If you rent your home and want to discuss finance, get in touch with a member of the team who will be more than happy to help.