What It Takes To Finance A Ring

If you don’t have the means to purchase an engagement ring with the cash you have on hand, then you may have to consider financing one. If you choose the financing option, you will have to agree to a payment plan with whoever is loaning you the money. There will be promo periods, monthly payments, and interest rates talked about and agreed upon upfront.

Don’t get too carried away when purchasing an engagement ring. Choose something you can safely afford. If possible, pay with cash. You don’t want to get into debt before you’re married, do you?

Otherwise, the 0 percent APR promotion is something to consider. You may even be able to find a credit card offer that will give you both a 0 percent APR and a sign-up bonus that gives you cash to make the purchase with right off the bat.


Almost any jeweler you go to will have a financing option. You will most likely see a promotion for interest-free financing for 6-12 months. If you happen to snag this deal from a store, that’s great! Make sure you read all of the terms and conditions first. If you miss a payment or don’t pay off the ring before the promotional APR expires, you could face serious penalties.

Credit Cards

There are plenty of jewelry stores that offer credit cards and other options for financing. You may even be bribed with incentives that nudge you towards these options. The offers may be competitive, such as 0 percent interest to 0 percent interest and no payments for a certain amount of months. These promotions will expire and then there will be high-interest rates.

Credit cards are the most convenient way to make purchases that your cash on hand won’t cover. Unfortunately, credit cards can have high interest rates. However, they do let you make small monthly payments that may increase the amount of time it takes to pay the balance off. This also increases the interest you have to pay.

Responsibly using the credit card means paying the entire balance each month on time.

Personal Loans

Rather than financing through the jewelry store, you can opt for a personal loan. This will give you the cash in hand that you need for the ring and you can pay it back over a certain period of time. They may come as secured or unsecured. Secured loans require you to give them something as collateral, such as a car or boat. They will keep this if you fail to pay back the loan. An unsecured loan doesn’t require collateral, but they will check out your financial history and credit.

If you find yourself needing help paying for an engagement ring but don’t want to use any of these methods, these are a few other options:

Ask a friend or family member for the money

Take up a side job for extra cash

Sell what you don't need

Use some of your retirement savings

Set a budget

You shouldn’t be at a big disadvantage if you get financial help for your ring. If you can’t acquire enough cash for the cheap engagement ring you want to buy, consider lowering your ring budget or push back the purchase for a few months until you’ve saved enough.

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