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Presumably, you’ve someone you love and would want to spend the rest of your life with sooner. The next step I recommend is for you to propose to your would-be spouse. However, empty words don’t count. You need something tangible, preferably an engagement ring. If you have the money to get one, then you are all set to go; or else, you may have to wait a little and save up to get her a beautiful engagement ring. But what happens when you don’t have the money and time to do that? You can opt for engagement ring financing. However, before we jump into that, I will like to reiterate that you don’t have to be indebted to anyone to propose to your lover.

Is It Worth Financing Your Engagement Ring?

There are some merits and demerits to financing an engagement ring. For some people, this is a bad move that can affect your future plans. Imagine that you have to pay for a ring you financed three years and having less money to take care of other needs. It doesn’t sound okay, right? Outrageous interest rates leave some married men settling past debts when they should be planning for the future.

However, there are flexible options that can help you finance an engagement ring without paying high-interest rates. Yes, you heard that clearly. It is called 0% financing. Some retail jewellers provide customers with this financial option where they take a loan with a low or 0% intro purchase APR. Additionally, the loan term can be anywhere between six months to 12 months, depending on the retailer.

How is a 0% intro purchase APR loan beneficial? If you are able to cover the cost of the engagement ring within the loan term, then you don’t have to pay any interest. But if you don’t, then the accrued interest will be displayed on your loan balance, and you will have to pay it. If you have a loan with a 0% intro purchase APR lasting 12 months, it is a deal worth considering. However, be sure that you can repay the loan.

Your Budget Counts

When shopping for an engagement ring, you have to factor in your budget. How much can you afford for the gemstone and the ring band? Do you have to save more? Or do you want to lower your budget to accommodate your purchase? Remember, the engagement ring is not the end point. You also have to get wedding bands and also plan for the wedding itself. These and many more cost money. So, get an engagement ring you can afford or better still, speak with your jeweller.

An engagement ring is an ideal investment you can make that will serve you a lifetime. However, this can be cost-intensive, especially if you consider quality and luxury.

What will it Be?

Financing an engagement ring can be considered a smart move especially if it comes with a low or 0% intro purchase APR and a longer loan term. This option makes it possible to buying an engagement ring of choice, put extra cash in your pocket, and cover the cost of the jewellery piece without dealing with accrued interests.

But if you have much time ahead, I recommend that you save up for a couple of months or more, depending on the allocated budget for the ring and then make payments when it is time. Some men start saving six months or more before popping the question.