This is a guest article by Raza Ali. If you are interested in contributing to Debt RoundUp, please follow our guidelines.
Have you chosen your engagement ring? Don’t know how to pay for it? You have certainly reached at the right place since I’m going to provide you the details of three methods of engagement ring financing. You can try one that matches with your current condition and requirement.
- Try Credit Cards
First of all, you can give a try to your credit card. However, you must have complete idea of interest rate that will be charged on this purchase. In case you don’t have a credit card then you should get one that comes with low interest charges. You can also request your current card provider to decrease your card interest rate. A low interest rate card allows you to pay more than minimum monthly installment and thus, you would be able to repay the debt as early as possible.
- Apply for Personal Loans
Another engagement ring financing options comes in the form of personal loan. You can apply for a short time loan from a bank. Before you submit an application, I suggest you to first do research. Pick a few banks, gather interest rates information and compare every bank interest. Don’t forget to check the terms and conditions of every bank. You can get the interest and some other details right from the internet, there is no need to personally contact the bank personnel. You need to compare the interest rates and try to go for a bank that comes with more relaxing terms and lower rate.
- Get Loan from Jeweler
Good thing is that many jewelers are offering engagement ring financing facility to their customers. However, if you don’t have any credit record then you are unable to enjoy this facility. A person with bad credit can still find some jewelers who are rendering financing for low cost ring. No doubt, interest rate comes with jeweler financing is higher as compared to personal loan option. Generally, there are two ways through which a jeweler provide you loan for the engagement ring; jeweler card and via financial institute. Many famous and reputed online jeweler stores issue a credit card to their customers. The customers can use this card for buying an engagement ring from the jeweler. The interest rate is fixed and somewhat higher than normal financial institution loan’s. In second case, a jeweler provides you a loan through a financial institution. Some jewelers come with special promotion offer; no interest is charged if a customer pays whole amount of loan within a year. Generally, these promotional offers come during special days like Christmas, Valentine’s Day, etc.
So, what are you waiting for? Go and give a try to any of these engagement ring financing options. There is no need to wait, get your ring and pop the question in front of your sweetheart.
Author Bio: Raza Ali is an expert jewelry designer who works for online jewelry store that offers engagement ring financing option to its customers.
Editor’s Note: When I bought my wife’s engagement ring, I had to finance it, but I was able to get a loan from my parents. They made me pay monthly along with interest. The rate was better than these methods, but since my credit wasn’t great in college, I couldn’t use these. I would recommend that you try to purchase a ring with money you saved up, but if you are in a bind, then financing could be an option, just make sure the terms are friendly.
Image courtesy of Maggie Smith / FreeDigitalPhotos.net