# Kitchen finance in Tenerife > Kitchen finance in Tenerife: how paying in instalments works, what documents the lender usually asks for and what to check in the terms before you sign. You can finance your kitchen and pay for it in instalments with a lender, which assesses the application and sets the terms. Before signing, you receive the APR, the monthly payment and the total amount you will pay in writing, as required by the Ley 16/2011 de contratos de crédito al consumo (Consumer Credit Contracts Act 16/2011). - **Terms in writing before you sign.** The lender gives you the standard credit information free of charge, with the APR, the monthly payment, the term and the total amount you will pay. - **Fourteen days to withdraw.** After signing, you can cancel the credit agreement within 14 calendar days, without giving reasons or paying a penalty. - **No obligation when you ask.** Asking for the terms does not commit you to financing or to ordering the kitchen. Kitchen finance in Tenerife lets you spread the cost of your kitchen over monthly payments instead of paying for it all at once. The finance is granted by a lender, not by us: the lender assesses your application, decides whether to approve it and sets the interest rate, the term and the monthly payment. We help you with the application and, before you sign, the lender gives you those terms in writing, so you can calmly compare paying in cash with paying for the kitchen in instalments. ## How paying for a kitchen in instalments works The process starts once the kitchen quote is agreed, because the amount financed comes from it. First we measure, design and set the price of the kitchen; then you apply for finance for that amount or for the part you want to defer. The lender assesses the application and, if it approves it, gives you the pre-contract information and then the agreement, with the term, the monthly payment and the interest rate. You sign the agreement with the lender, not with us, and you pay the instalments to the lender, usually by direct debit. We build and fit the kitchen just as we would if you paid in cash. If you do not have a quote yet, you can get an idea of the amount with the calculator on [kitchen prices in Tenerife](https://cocinaentenerife.com/en/kitchen-prices-tenerife/). ## What documents a lender usually asks for Lenders ask for the details they need to check your identity and your ability to pay, because the law requires them to assess your creditworthiness before granting the credit (Ley 16/2011, article 14). The exact list depends on each lender and on the amount, but it usually includes: - A valid DNI or NIE (Spanish identity card or foreigner's identity number). - Your latest payslips or, if you are self-employed, your last income tax return and your quarterly tax payments. - Proof of the bank account the instalments will be charged to, usually a direct debit receipt or a certificate of account ownership. - In some cases, your Social Security employment record (vida laboral) or proof of pension. Having these documents ready speeds up the response. If the lender needs anything else, it will ask you for it before approving the transaction. ## What to check in the terms The figure that matters most is the total cost of the credit, more than the monthly payment. A low monthly payment can hide a very long term in which you pay considerably more in interest. Before signing, the lender must give you, free of charge and in writing, the Standard European Consumer Credit Information, with the borrowing rate, the APR illustrated with a representative example, the total amount you will pay and the amount, number and frequency of the instalments (Ley 16/2011, article 10). The APR (TAE in Spain) sums up the interest and charges of the credit as an annual rate (article 32), which is why it is useful for comparing offers with the same amount and term. Once signed, you have fourteen calendar days to withdraw from the credit agreement without giving reasons or paying a penalty; you only repay the capital and the interest for the time you have had it (article 28). Read the terms in good time and ask about anything you do not understand. ## When financing is worthwhile Financing makes sense when you want to do the whole kitchen now and would rather not tie up your savings, or when the kitchen is part of a larger renovation. If the amount is tight, it is sometimes better to scale back the project: choosing one of our [affordable kitchens](https://cocinaentenerife.com/en/affordable-kitchens/) or keeping the existing worktop can bring the figure down enough to pay in cash. If the kitchen is made to measure, the design and manufacture are the same with or without finance; we explain it on the page about [made-to-measure kitchens](https://cocinaentenerife.com/en/custom-kitchens/). ## Frequently asked questions ### Can I finance just part of the kitchen? Yes. It is common to pay part in cash and finance the rest, which reduces the amount requested and, with it, the monthly payment and the total interest. Tell us how much you would prefer to defer and the lender calculates the terms on that figure. ### Can I pay it off early? Yes. Ley 16/2011 allows you to repay the credit early, in full or in part and at any time, with a reduction in the interest and costs for the remaining period (article 30). If the rate is fixed, the lender may charge compensation of up to 1 % of the amount you repay early when more than a year of the agreement remains, or 0.5 % if a year or less remains, unless it proves greater losses, an exceptional case that the law also regulates. The figure that applies is stated in the terms. ### If my finance is turned down, do I lose the quote? No. The quote does not depend on the finance: you can pay another way or scale back the project to adjust the amount. Sometimes it is enough to provide more documents or to ask for a smaller amount. ### What happens to the loan if the kitchen is not delivered or is not as agreed? If the credit is used solely to pay for the kitchen and forms a commercial unit with its purchase, it is a linked credit agreement. In that case, if the kitchen is not delivered or does not match what was agreed and you have already claimed against the seller without a solution, you can exercise those same rights against the lender that lent you the money (Ley 16/2011, article 29). --- Web version: https://cocinaentenerife.com/en/kitchen-finance/ Cocina en Tenerife: design, manufacture and installation of made-to-measure kitchens in Tenerife. Quote: https://cocinaentenerife.com/en/contact/