To Finance or Not To Finance-That Is The Question

If you’re ready to propose, this probably means that you’re ready to do more life-changing events that require some financial hits. These could include buying a house, a wedding, and preparing for a family. Fortunately, there are ways to obtain these dreams without breaking the bank.

If you are considering the financing road for an engagement ring, here are some of my recommendations on where to do it. Remember that not all of these options are going to be created equally. Begin marriage with as little debt as humanly possible.

Were you aware that you could save upwards of 50 percent by buying an engagement ring from an online jewelry company? You can find many different online jewelry stores that are reputable and it will save you a significant amount of money.

You may assume that there’s no credibility when it comes to buying jewelry online. However, when you choose a reputable online jewelry store, know that you are working with products of nothing but the highest quality. These businesses care deeply about the reputation of their business and always ensure their products and services are extraordinary.

I’m guessing that you’ve never bought an engagement ring before, so you don’t have much knowledge about the process like how to pick a diamond and what setting to put it in. What about the carat size?

Any great online retailer can give you the proper education you need for the product. Since there is so much money at stake, you won’t regret learning all you can about rings before purchasing one.

For starters, you should always pay cash for major purchases such as an engagement ring. Paying with cash will save you money when it comes to interest. It also helps avoid any late fees that come from a late payment and it keeps you from going out of your budget.

Personal Loans

A personal loan can come in two ways: secured and unsecured. An unsecured loan requires collateral such as a car or a boat. If you fail to repay the loan, the lender will keep the item you put up for collateral. An unsecured loan doesn’t require collateral, but they will pull your credit score and history.

There are a lot of personal loan companies that make their offers seem like they’re the creme de la creme of offers, but they will usually have high-interest fees. I don't suggest a personal loan for the purchase of an engagement ring.

If you don’t have the means to pay for a ring with cash, you may be interested in financing it instead. I can fill you in on the best ways to finance a ring, whether from a jewelry store or as a personal loan. You can also pay with a credit card.

Credit Cards

An engagement ring can be financed with a credit card just like other large purchases such as furniture or appliances. Some cards may be better than others, so it’s a good idea to compare them based on APR and interest rates. I don’t recommend this, but if this is your only option, make sure you are paying the minimum monthly payments. If you don’t, you’ll be paying for it well into your marriage.