Engagement rings are unique in the sense that they hold great significance, reminding us of our love and commitment to that special person in our lives. However, purchasing this piece of jewellery is no walk in the park as several factors come into play. To own this jewel, you would have to part away with a significant amount of money, especially if you intend purchasing a diamond ring.
However, not everyone has the financial capacity to buy a ring of their choice; this is where engagement ring financing comes into play. It allows you to purchase a piece of jewellery that is above your budget, especially when you intend to pop up the well-known question sooner.
How Can I Finance an Engagement Ring?
An engagement ring is an investment of a lifetime – one you can’t forget in a hurry, just as you wouldn’t with your homes and cars. Hence, it is essential to plan towards purchasing this valuable item. If you don’t have the expected amount to afford your ring of choice, you can save up under a specified timeframe. By doing so, you will get the best deal.
There is the option of financing your engagement ring through a loan. Some jewel retailers offer credit card facilities with 0% intro purchase APRs. Other traditional lenders provide both secured and unsecured loans. It is worth noting that the former requires collateral, like your car or boat. On the other hand, the latter requires your financial history and credit records.
Accessing Engagement Ring Financing from a Jeweller
You get to enjoy some benefits when you purchase an engagement ring for a jewellery store. By doing so, your would-be spouse can try out several gemstones, settings, cuts, clarities, colours, and carat weights within various price ranges. Luckily, you may be there at a time when the jeweller offers a promotional sale. However, read the fine prints before committing to any agreement.
It is essential to know the type of promotion offered, its duration, and conditions. You also have to find out if you can cover the engagement ring cost during the promotion period. Credit cards are also ideal in financing your jewellery. The best deals are those with 0% intro purchase APR. However, this means that you may have to open a new credit card. Online jewellers also offer fantastic deals, some as much as 50%, saving you money in the long run. But ensure that you purchase from a credible online retailer.
What Else Should I Know?
Advisably, you should not take a personal loan to finance an engagement ring, except every other option is no longer available, including borrowing from family and friends. In that case, look out for credit cards that come with a low (ideally under 10%) or 0% APR, which will help you to cover the ring cost before the promotion expires. But bear in mind that some essential factors count, including financial history and credit score. The loan term can range from 12 to 60 months. I will suggest that you shorten the loan term to reduce the payment interest.