Did you know over 2 million couples get married every year in the United States? If you are getting ready to pop the big question to the love of your life but do not have all the cash upfront for the ring you have your eyes on, we are here to help. Paying cash for a ring is best to not enter into marriage with debt but we understand that this is not always possible.
Keep reading to learn more about engagement ring financing options to help you with this major purchase.
Jewelry Store Financing
If the store you are buying the ring from offers financing, this might be a great option. Make sure to read all the fine print before you say “I do” to financing. If they offer 0% interest this is great, but double-check what happens if you miss a payment or if they have a certain amount of time for the promotional APR.
Sometimes their 0% interest rates expire after a year and then you are left with high-interest rates. Some stores offer a 0% interest rate without an expiration but require you to have excellent credit. If this is the case then you can check out debt relief options and get your credit to excellent before making your purchase.
Thanks to the world wide web you can cut your engagement ring costs almost in half. The key is to shop from a reputable store online not just from anyone. A reputable store is going to make sure they stand behind their product because they care about their reputation.
Reputable stores also understand that one unhappy customer will and can ruin their reputation overnight. When shopping online make sure that they have a good return policy and provide you with shipping insurance.
Another option is to take out a personal loan. Typically when you take out a personal loan you have 3-5 years to pay it off. This is a good option if you do not qualify for a 0% interest card from the store you are purchasing from.
With a personal loan, you will pay extra because of the interest added to the loan amount. Make sure that you ask about paying off the loan early. When you have extra money you can send it towards the loan and pay it off quicker.
Be careful if they do not allow the loan to be paid off early. There are companies that might charge you a fee for paying your loan off before it’s end date.
Time to Choose the Best Engagement Ring Financing Option
Now that you are familiar with the different engagement ring financing options, it is time to start your homework and research phase. You can choose the best option for you based on your income and credit. The goal is to not have a ton of debt right before getting married.
Did our blog post help you? Please check out our relationships section to catch all of our latest posts!