Valentine’s Day is coming up, which means you may be thinking about popping the question to that special someone.
There’s a lot of details to think about when it comes to a proposal. Where do you propose? How do you do it? What kind of engagement ring should you get?
Finding the right engagement ring is an important part of proposing. However, if you’re tight on cash or have poor credit, finding the right ring can be difficult.
Luckily, there are lease-purchase programs for engagement rings. This means that people who are in the process of rebuilding credit can get the ring they want and make payments on it. Before you go looking for these lease-purchase programs, here are three tips that can help make the search a little bit easier.
Have Realistic Expectations
The first thing you should do if you’re looking into engagement ring financing is to set realistic expectations for yourself. Then, talk with a professional and see how much you qualify for. How much you qualify for will determine what kind of ring you can get.
There are a number of factors that influence jewelry financing, including how much money you make. Before you look into lease-purchase programs, it’s important to have realistic expectations of what you’ll be able to get.
Pay Attention To The Lease Term
Another thing you should do when looking into lease-purchase programs is to pay close attention to the lease term. Is it manageable? Can you make those monthly payments in full and on time?
It’s estimated that 30% of Americans are classified as having bad or poor credit, and payment history is a huge factor in your credit score. You must not forget that if you don’t keep up with these payments, it could have a negative impact on the credit you’re working hard to rebuild.
If you can’t pay back all the money in your term, talk with a professional and see what your options are for repayment. In some cases, they may be able to extend the term.
Look Into Early Payment Options
There are lease-purchase programs out that offer early payment options. If you pick a program that has this option, see if you can use it to your advantage.
Early payment options are great because they allow you to pay down your financing faster, which looks good on your credit report. The earlier you can pay something off, the better.
Getting engaged is a big moment in someone’s life. You want everything to be perfect in that moment, and that includes having the perfect ring. With jewelry financing, you’ll be able to have that perfect moment, without going bankrupt. Here’s to your next chapter!