Engagement rings signify a huge commitment to your partner, and they are also a big financial commitment.
But what do you do if you don’t have the savings set aside for a ring when you want to propose? Well, you can postpone the engagement, sell something valuable, or finance your ring.
Let’s take a closer look at what it means to finance your engagement ring, how you can finance a ring, and what the possible pros and cons of doing so would be.
Can You Finance Engagement Rings?
In short, yes–you can definitely finance an engagement ring. This can actually be a great option for individuals who can’t afford the full cost of a ring up-front or for those who would rather pay off the ring in installments rather than in a single lump-sum.
How to Finance an Engagement Ring
There are several different options you can pursue if you know you want to finance your engagement ring.
The most popular way people finance rings today is by purchasing jewelry with a personal credit card. This allows them to make monthly payments against their balance until the full amount is paid off.
Additionally, some jewelers and retailers may offer financing options through third parties or partners where they can schedule monthly installment payments until the cost of the ring is covered.
Pros and Cons of Financing Your Engagement Ring
There are many different pros and cons to financing your engagement ring. Let’s take a look at a few here.
One of the biggest pros of financing your ring is that you can buy it now even if you don’t have enough savings set aside for it.
Unfortunately, this pro comes with the con of interest payments. Whenever you can’t pay the full price of an item up front, you typically will be faced with interest charges to compensate your lender for allowing you to use their money, and engagement rings are no exception.
Another benefit can be found in gathering travel points and benefits on a credit card by financing a ring. This can allow buyers to collect valuable air miles for honeymoon flights or any other purchase they may want to make.
Are You Looking for an Engagement Ring Today?
If you’re in the market for an engagement ring, make sure you check out our extensive collection and chat with our professional jewelers about financing options to figure out the plan that will work best for you.
Don’t wait–contact us today!