At some points, you will meet the love of your life. Perchance, you’ve met her already and intend to make your relationship official. What next step should you take? Of course, you will have to purchase an engagement ring. However, for some reason, the piece of jewellery may be way above your budget. As a result, the only option left is to finance it, especially when dealing with the factor of time.
Engagement ring financing allows you to buy an engagement or wedding ring that is above your finance. At this point, the lender maps out a payment plan for you to cover the cost within a specified timeframe. Also worth noting is that the loan agreement covers interest rates, promotional periods, and other aspects.
Tips to Getting the Best Deal on Your Purchase
You have to be realistic when financing an engagement ring. Get one that is within your reach. There is enough room for you to upgrade with time. The last thing you want is to get in your lender’s bad book, in turn, affecting your relationship. If possible, purchase an ideal engagement ring with your personal money, regardless of your budget size, to save yourself from debt.
But suppose you don’t have the money to get an engagement ring. Some jewel retailers offer a zero percent APR promotion. Better still, you could open a line of credit that provides you with a cash sign-up bonus, apart from the APR promotion. With this platform, you can purchase an engagement ring of your choice and cover the cost affordably.
More About Interest-Free Engagement Ring Financing
Your jewel retailer may offer an interest-free promotion for a period of six or 12 months, depending on the retail store. This promotional offer implies that you have to cover the engagement ring cost without interest before the duration is over, and the APR promotion expires. However, there are terms and conditions which you should follow to enjoy this benefit.
Furthermore, you can take advantage of store credit cards. But I will like to point out that these options come with high-interest rates, especially when the promotional offer ends. But if you choose not to go through a retail jeweller, a personal loan (secured and unsecured) will be an ideal choice. With that option, you get funds upfront to purchase your ring. You will need collateral for secured personal loans, which can be your boat, house, or other valuable items. In contrast, unsecured loans require that the lender evaluate your financial records and credit score.
Are There Other Options?
You may still not find the above options ideal for your needs. At this point, you can consider traditional means, which include the following:
- Taking up a side job to make extra money to purchase your engagement ring
- Borrow money from a family member, friend, or colleague
- Selling off items you don’t need
- Withdrawing your entire savings
- Reduce your monthly expenses to save more money for your engagement ring
These options will not put you at a significant disadvantage. You can also lower your budget to purchase an engagement ring within your means. If not, then work out a savings plan and purchase your jewellery piece after a specified period.
