Financing An Engagement Ring Options

If you’re purchasing a diamond, the best option is to pay with cash. However, we know that sometimes you don’t have the means for that and you want to pop the question before you have all of the money, which is why you may turn to finance. Here are some of the best ways to do that.

A diamond engagement ring is going to be one of the most expensive purchases you will ever make, aside from a house or car. You should always be saving money ahead of time and pay for the ring in cash. This saves you from the interest payment that could end up costing a fortune.

Sure, cash is preferable, but it may not be a possible option for you at the time. If you’re thinking about financing the ring, you’ll want to know whether or not you’re getting a good deal.

Fortunately for you, there are a couple of options available. I will talk about some of your options, which include a credit card with 0% APR promos, unsecured personal loans, and buy-now, pay-later lenders.


You can use a credit card in many ways to purchase an engagement ring. You could use a card you already have or apply for a new one. You would want to apply for a new one if the APR is 0% for a period of time.

Online Jewelers

You can go online and buy a ring right off of an online jewelry store. I bet you didn’t know that. You can save as much as 50% by utilizing this method. If you happen to come across a reputable jewelry store online, you could be in for a significant saving.

We’ve all thought about how online stores have no credibility at some point in time. When you find a reputable online jewelry store, just know that you’re working with great quality rings because these businesses care a lot about their reputation. They will take extraordinary measures to make sure their products and services are ideal.

In-Store Financing

There are plenty of perks to purchasing a round diamond engagement ring at an actual jewelry store. Your spouse can try on rings if they know about the engagement. They can make sure the fit is perfect and that it’s the right one for them. Try to time it around a great sale with optimal financing options.

However, before you put down your signature, read the terms and conditions carefully. Check to see how long the promotion is valid for, exactly what it is, what conditions cause the revocation of the promotion, etc. What would be the interest rate after the promo period ends? How can you afford to pay the purchase off before the promo period ends?

Personal Loan

A personal loan should be your last resort when it come s to buying an engagement ring. You’re going to want to obtain a deal with -% financing with the jewelry store of your choice or use a credit card with 0% APR. If you can’t use any of these methods due to a low credit score, lack of good financial history, or other reasons, you may have to resort to a personal loan.

Here’s some food for thought: look for a low-interest rate in a personal loan. Anything under 10% is a good place to start. No matter which rate you get, make sure it’s lower than the average 16% credit card APR. Additionally, a personal loan period is generally 12-60 months. Make them as short-term as possible to save on interest.

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