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Finding someone who you love and loves you back in one of the most beautiful feeling in the world. And when you’ve met that special person, you definitely want to make it official by proposing to her. At this point, an engagement ring comes in handy. Of course, this comes with financial responsibilities as the both of you plan towards the future, including planning a wedding, moving to a better house, purchasing a more comfortable car, preparing to have a family, and many more.

If you are considering an engagement ring at the moment, I would suggest that you get one with your personal cash. This option saves you from debts, especially the fact that you have more serious projects ahead. That way, you will enjoy a stress-free wedding and marriage. But if you have to finance your engagement ring, this guide will show you how to do it.

Getting the Best Deal with Engagement Ring Financing

If you shop right, you will be able to save as much as 50% on your engagement ring, especially when dealing with online jewellery retailers. But be sure to get a reputable jewellery dealer to avoid purchasing a low value or knock-off piece of jewellery. Reputable online stores sell high-quality gemstones and ring bands that last a lifetime These businesses are particular about their reputations and avoid anything that would mar them. They are always ready to put you through several aspects of their products.

“Where do I begin?” you may be asking this question currently. When purchasing an engagement ring or a wedding ring, you have to factor in the gemstone cut, colour, clarity, carat weight, and the ring band to use. Your budget also counts. Can you afford a particular engagement ring? Or do you have to lower your budget? By paying cash, you don’t have to deal with late payment charges and penalties.

It Gets Better

Most jewellery stores provide personal loans, credit card facilities, and many more. Some of them offer promotions with a low or 0% intro purchase APRs with a specific timeframe, which can be six months or 12 months, depending on the retailer. But what this mean? When you finance an engagement ring with a 0% interest loan, which has a loan term of 12 months, you can cover the actual cost of the engagement ring without paying any loan. However, if this expires, then the accrued interest will reflect on your loan balance.

But I do not recommend credit cards as they come with high-interest rates, which can affect other plans. The last thing you want is to channel all your money into covering the cost of the engagement ring you purchased some months ago, when you should be planning towards your wedding. Also, you wouldn’t want to create a rift between you and your lender, which may affect your relationship. However, if you would get a line of credit, go for one with low or 0% intro purchase APR.

What You Should Know About Personal Loans

There are two types of personal loans – secured and unsecured. The former requires that you have form of collateral, probably a boat or a car, which takes the place of your loan when you are unable to cover the cost of your engagement ring under the agreed plan. For unsecured loans, you don’t need to provide collateral. However, the lender will evaluate your financial records and credit to determine your creditworthiness.