When you know, you know. This is what a lot of people say about deciding to get married — though, of course, the decision-making process can be a bit more complex than that! But just because you’ve decided to get married doesn’t mean that you’re quite ready to pay for an engagement ring in full. People can be financially prepared to get married overall, but paying for the entirety of an engagement ring’s cost upfront can be daunting.
Engagement ring pricing is a controversial topic, with some believing that there is no exact number that needs to be sent on the piece of jewelry. Others believe that there is a literal formula for determining how much an engagement ring should cost. The typical cost that is debated in different circles ranges from one to three months’ salary, For the buyer, this can be rather intimidating. It can take a long time to save up that amount of money, especially when you’re in your 20s. The fact is that if you wait too long to ask a question that both you and your future spouse are ready for, the anticipation could turn into anxiety.
And if you’re ready to buy an engagement ring, why not go ahead and buy it? For some, this would mean buying a low quality, cheap engagement ring. For others, this would mean putting an engagement ring on a potentially high-interest credit card. After all, about 56% of all college students use credit cards and they only keep using them as they grow older. But those aren’t your only options. Why not consider jewelry financing? Let’s look into what you may not know about jewelry financing below.
1. It Allows You To Buy A Quality Ring
Yes, you could buy a cheap ring, paying in full and choosing to be done with it. But there are several issues with this. Even if your fiancee is grateful for the ring and doesn’t know that it’s of poor quality, you will always know this fact. Furthermore, low-quality rings often show their true worth over time. It would be mortifying for you if the ring’s stone fell out because of poor craftsmanship or if the metal tarnished more quickly than it should. Quite often, jewelers that sell cheap jewelry won’t be there for you if you need to return the piece or have questions — nor will they offer the kinds of care services offered by high quality jewelers, like sizing adjustments or repairs.
2. You Don’t Need Great Credit
Jewelry financing doesn’t always require a great credit score. In fact, there are many bad credit financing options available for those that want to buy jewelry. The fact is that more people have bad credit than you might think. When considering engagement ring financing, you should at least see if it is available to you with your current credit score and should move forward with negotiating payment options. You may be surprised by how many options are made available for you and exactly how favorable the terms may be.
3. You Can Use Financing To Rebuild Your Credit
So your credit is bad and you’ve been approved for engagement ring financing. You can actually view this as a great way to start rebuilding credit. The best way to rebuild your credit is to make regular payments in full or more than in full, on time. Take your jewelry financing agreement and view it as a way to make those payments and to ensure that in the future, you’ll have even better credit to work with.
It’s important that you are able to get engaged when you want to get engaged, with a ring that you and your fiancee will love. Don’t pass up the opportunity to do so with jewelry financing. Contact Okinus today for more.