Every year, Americans spend roughly $72 billion on their weddings.
When you’re ready to propose, you know that one of the most important things to splurge on is the engagement ring. You want your other half to have their dream ring — but the high cost of that stunning diamond or other gemstone is making you nervous.
The good news?
Engagement ring financing is possible, in much the same way you would finance any other purchase.
Read on to learn how you can make it happen.
1. Put It on a New Credit Card
So, your bride-to-be wants a wedding ring just like the one her favorite celebrity wears.
One of the most popular engagement ring financing options is to put it on a credit card. To avoid getting burned, look for a card that charges you zero interest on purchases for a year.
Just make sure that you can actually pay for the value of the ring in full within that time frame. Many cards also offer a sign-up bonus, which you can use to pay down the ring even faster.
2. Study the Jewelry Store Payment Plan
Many jewelry stores will offer you a wedding ring payment plan in order to convince you to buy with them.
In some cases, they may offer 0% financing like credit cards. However, make sure you study up on the terms of the loan and the potentially high interest rates after a few months. Also, be wary of any late fees.
Read the terms carefully, however, and you may find this is the right option for you.
3. Consider a Personal Loan
Within a year, about 34% of Americans take out some sort of a personal loan.
This is an excellent way to finance engagement ring purchases. As with the jewelry store plan, however, make sure you study up on the terms of the loan. Understand how your current credit score might impact your ability to be approved for the loan.
Don’t be afraid to negotiate with lenders to get the best possible price!
4. Look into Alternative Financing Methods
Can you finance an engagement ring without having to take out a loan?
If you look into alternative financing methods, absolutely.
Consider taking on a part-time job, borrowing money from friends and family members, or even selling some of your old junk online.
5. Work With Us
Perhaps you’re concerned that your bad credit score may prevent you from being approved for some of the financing options we mentioned above.
No matter your credit history or other financial issues, we can help you to find a lease-purchase program that’s right for you — and your loved one. You can easily pay your bill online each month.
Have a Stress-Free Proposal with These Engagement Ring Financing Tips
If the only thing standing in your way of proposing is questions about your engagement ring financing options, we hope this post has helped you to understand that getting the perfect ring is possible.
Apply now with us to get the funding you need to make your partner happy and keep your finances on track.