How Does Buying Kitchens On Finance Work?

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Buying a kitchen on finance allows you to pay in instalments over a longer period of time rather than pay for everything up front. Depending on the finance agreement, you can spread the cost over 12, 24, 36, 48 or in some cases up to as much as 60 to 96 months. Through these plans, you can pay for the cost of your kitchen in monthly instalments with a fixed APR (interest rate).

Typically, the longer the repayment plan, the higher the interest rate tends to be.

You will start to make repayments once your kitchen is fully installed. Usually, your financier will confirm the exact payment details with you before the agreement is confirmed.



Can you get kitchens on finance?

Finance (also known as credit) options are typically available on kitchens, bathrooms and bedrooms as well as other home improvement work such as flooring, fires, garden furniture and tiling.


Things to consider

For some providers, the option to pay for a kitchen on finance will require a minimum spend. Sometimes there will also be the need to pay an initial minimum deposit (approximately 10%). Finance agreements will differ on a project-by-project basis.



Financing options

There are various ways to finance your kitchen depending on how much you are able to pay, how long you are willing to pay for and interest rate.

Pay upfront

For those lucky enough to be able to afford the project up front, they need only choose their dream kitchen design and pay in full. With this option, there is also sometimes the possibility of paying a low deposit upon putting your order in and paying the remaining balance closer to the delivery time or fitting date.

Buy now, pay later

Many companies now give the option to Buy Now Pay Later. This allows you a full year without payment. Typically, you start by paying a deposit and then nothing for the following 12 months. After this time period, you can settle the balance in full (usually at no interest) or choose to spread the cost over a period of time with a fixed APR.

Pay monthly

Paying monthly means that you can spread the cost over multiple months with a fixed APR representative. This is the most flexible option for those wanting to renovate their kitchen without having to put any money up front. However, it may also result in being a more expensive option depending on the interest rate and the length of the repayment plan.


Am I eligible for kitchen finance?

Eligibility criteria for financing a kitchen typically include the following:

  • Aged 18 or over.
  • Permanent UK resident, for a minimum of 3 years.
  • Employment criteria: regular, permanent employment working a minimum of 16 hours weekly (including students) OR retired from regular employment OR be self employed OR be unable to work due to disability.
  • Have a bank/ building society account with a Direct Debit facility.
  • Have access to a valid email address and a mobile phone number.


Can you still get kitchen finance with bad credit?

If you have bad credit, you may still be eligible for kitchen finance, since all lenders are different and will take all kinds of backgrounds into consideration.

In many cases, the approval of the application will depend on your specific financial circumstances and your personal borrowing history. Working with a broker will help to find you a lender that is suited to your specific needs and help you spread the cost of your new kitchen.

You may find that your financial offering is adjusted for bad credit, so the amount you can borrow is a little lower, the interest rate is a little higher or perhaps you have to make a deposit – and the loan is part deposit and part finance. There may also be the option to secure your loan against your property – but this is likely to be for much larger purchase.


What Other Options Are There To Fund a New Kitchen

Using your personal savings is always the first port of call or using a credit card so that you can spread repayment over until next month. Since it is a large purchase, you should try to use a credit card that gives you points such as nectar points or air miles. There are specific credit cards for large purchases, that come with added benefits and a higher credit limit for this purpose.

If you are renovating your kitchen and other parts of the house, you could look at a loan for home improvements. This could be accessed from your bank branch or a private lender and you will have the option to secure this against your property or apply for an unsecured loan if you have a good credit score and stable income.