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Is Financing A Ring The Right Choice?

I’m the type of person who likes to save up for something expensive and pay for it in cash. I don’t think it’s appropriate to begin a new chapter in both mine and my spouse’s life in debt. I would much rather be debt-free or at least as low in debt as humanly possible.

Unfortunately, there are some people who just don’t have the means to save up and buy in cash. They would prefer to finance their rings. Luckily, larger jewelry chains have begun to offer engagement ring financing, usually with a 0% interest rate if you pay it off within 12-months.

Pick a Budget

A budget is something that is going to determine what you have in terms of finances. This will determine how much you can spend on an engagement ring. If you are going to keep the proposal a secret, then the budget is up to you. However, if you both discussed an engagement ring, then you should both be in collaboration on a budget. A budget keeps you within your ideal spending range. It will also ensure that you don’t get yourself deep in debt.

Love Not Cost

A wedding or engagement ring holds sentimental value, they’re symbolic of love, and they are a huge deal. It’s most likely going to be one of the most expensive things you’ll ever purchase, other than a house or a car. But don’t lose sight of the love and value behind the ring when you choose to finance the ring. Cost doesn’t matter, love does.

There are some who still believe that ring financing does not belong in the engagement ring universe. There are also those who don’t really care about financing and would much rather do it that way to get a more expensive ring.

Credit is Key

If you have a good credit score with no derogatory marks, then you will be in a much better position to borrow money. If you can get yourself approved for a card that has a 0% interest rate for 12-months, then it would make sense to take it, wouldn’t it? This is a great idea if you know for a fact you can pay it off within 12-months. If you don't, you will find yourself drowning in interest and you will just end up more in debt than you intended.

Are You Thinking About A Loan?

If you were able to find yourself a fantastic financing offer, you can use the money you saved to pay the repayments for lower interest. Savings are still a good idea. If you can manage to put down some of your savings for a ting, it can make a great difference when it comes to paying it all back. It’s said that you should be saving 3-6 months worth of salary, but you should also consider your budget and tastes as a guide. If you save for a longer period of time, you will have more money to put down or spend and less interest on a loan.