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The Many Methods of Engagement Ring Financing

It’s a well-known fact that an engagement ring is one of the most meaningful purchases you will ever make, but it’s also one of the most costly, not including a house or car. It’s important to remember the meaning behind the ring and not stress about paying for it. If you don’t have the means to pay for the whole thing up front, which isn’t uncommon, then just know that there are several other options.

Using cash and saving ahead of time for large purchases is the best route to go. This can help you avoid purchasing a ring that you can’t pay for and wasting cash on interest payments.

Don’t let media marketing get in your head and tell you that you need to buy a ring you simply cannot afford. An engagement ring is a symbol of your love for a person and it shouldn’t put you into debt. An old rule says a ring should cost two months’ salary, but it doesn’t make sense, does it? Sure, the median age of marriage is getting higher, but there are a lot of people still paying off student loans when they get around to proposing to their significant other.

Are you aware that you can save as much as 50% by purchasing an engagement ring online? If you can find a respected and reputable jewelry store online, it can save you a lot of money. It’s easy to think that there’s no credibility when you buy online. However, when you choose to buy a ring online, you should know that they are quality products as these businesses care deeply for their reputation.

You surely know that people don't have a timeline for falling in love and getting married. It happens at all stages of life. I understand that you may be thinking about financing an engagement ring so you can pop the question as soon as possible. However, you need to be smart about your financing.

In-Store Purchases

There are plenty of perks when it comes to purchasing a ring in a jewelry store. If your soon-to-be fiance knows about the proposal, you can take them to try on rings and pick the one that fits perfectly. You may find that your timing falls on a sale and they may offer you a financing option you simply cannot refuse. Ensure you understand all the terms clearly before you commit to this deal. Most of the time you will be required to pay off the ring before the promotional period ends or you will accrue interest payments that may be too large to handle.

Credit Cards

Additionally, you could use a credit card to finance an engagement ring. This method takes a little bit of planning. You will want to use a card that has a very low APR like 0%. You will also want to make sure the APR matches the timeframe in which you plan to pay off the ring. With some good planning, you can ensure you won’t have a high APR once the promotional period has ended. Here’s what to look for:

  • Promotional deals that offer low-interest rates. This type of deal can save you a lot of money. However, you need to make sure you can pay off the ring within that timeframe.
  • Check the regular interest rates after the end of the promotional period. Again, make sure you can afford the payments with the regular APR in the event that you can’t pay the ring off during the promotional period.
  • Lastly, check to make sure there are no hidden fees or charges. Read the fine print and look for anything that may be hidden or charges included with the financing option.