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
About Guest Author
I know most people want to stick with traditions when it comes to weddings, but rings are not absolutely necessary. I hated wearing rings and other jewelry and my husband wouldn’t be able to wear his for the work he does, so we decided to save money and skip the rings altogether! We also opted for a very affordable courthouse wedding.
debtperception recently posted..Desperate Measures
Yes, rings are not necessary and are not for everyone, but the majority of people get them, especially engagement rings. Thanks for your comment.
Loans are not always horrible. W financed my ring, but it was only because they offered 0% financing, and we would rather keep the money in our account for free (and no they did not offer a cash discount).
I agree. Many offer 0% financing and that is a great option.
Bf and I have been talking about rings a lot lately. He’s been saving and will pay in cash, but I’m a little torn about dropping so much money for something that doesn’t have real value. Emotional value yes, actual value, not really.
KK @ Student Debt Survivor recently posted..My Dog Has More Coats Than I Do
Understood. It is a lot of money and if you feel that there is not a value, then you might need to pass.
Grayson recently posted..Three Methods of Engagement Ring Financing
I remember back in the day buying my wife’s engagement ring and I was actually able to work a deal out with the jeweler to makes payments every week in cash. This made it so I didn’t have to buy the ring all at once and I got free financing. Then I was able to pick it up once it was paid in full.
Chris @ Stumble Forward recently posted..Weekly Mentions – Looking For Guest Post and Elvis Is Still Alive
Great post, Grayson. Thought I might share this story with you. When Rick and I first talked marriage, I really wanted a nice ring (read: BIG rock). We’ve been married almost 17 years now, and oh, how I wish we would’ve gotten something smaller and more unassuming, for a couple of reasons: 1. the money we spent. OUCH! Didn’t faze us back then, but now, what a waste! 2. People often comment on my ring, which makes me feel a bit gluttonish. I often toy with setting aside the big rock and wearing just a plain, simple gold band. Lesson learned, at least for me, remember the ring is about the commitment, and that the size of the rock doesn’t equal the love between the couple. Thanks for the great info, Grayson!
Laurie @ The Frugal Farmer recently posted..How to Have a Frugal Superbowl Party
Great story Laurie. I think your story rings true for many. It shouldn’t matter about the size, but for some, the size of the rock does matter.
Gosh, financing an engagement ring is a really tough one. While I strictly believe that you should only buy what you can afford to purchase all in cash (with the exception of a home), I think this could be the one other exception to the rule. Sometimes the girl of your dreams is ready and moving forward with your life together is the best happiness (and financial) decision you can make!
Andrew @ Listen Money Matters recently posted..How I Save a Ton on Travel Expenses
I completely agree Andrew. I financed mine because my now wife was ready and I was not financially. I needed to make a decision and I did what I thought was best in my situation.
It’s been a while, but I think I charged mine to a credit card and then used a 0% transfer deal to pay it off interest-free over a year. Looking back, it wasn’t the most responsible thing to do, but if I would have waited to have enough money at that point in my life, I think I would still be unmarried.
Wojo recently posted..9 Effective Ways to Completely Waste Your Money Energy
Haha, I agree. This type of purchase might need to happen quicker than others and you can’t just wait around. I know my wife would have just said “goodbye!”.
I think I have to forward the link to my significant other, he might get the idea and pop the question on Valentine’s Day. lol.
Even though most engagement ring companies claim to have the lowest priced settings you will ever find, engagement ring financing may be necessary. Some choose to finance their entire purchase, while others choose to only finance a portion of their engagement ring or diamond.