Procuring a loan to finance an engagement ring may not sound like a pleasant idea to some people. Not everyone will buy into this option due to the challenges it poses. Nothing beats having the money to pay for an item. You save yourself from the additional interest rates or clauses that come with loan offers. You can still purchase the perfect engagement ring for your loved one without getting neck-deep into debts.
Should You opt for A Personal Loan?
Life doesn’t end at the proposal. In truth, this is just the beginning as there are other events ahead. You may have to plan your wedding with your spouse, purchase a home after the wedding, get a car, plan for your future kids, and many more. You shouldn’t start building the foundation on debts. As such, getting a personal loan to purchase an engagement ring is not an ideal move to make.
If your spouse is aware of your plans, you both can work the budget out. This figure should be within your financial capacity – one you can raise between three and six months. Avoid going overboard as there are other needs ahead. Additionally, if you have a family member that has the resources, don’t hesitate to request help. As such, you wouldn’t have to deal with interest payment or specific terms and conditions. To prevent conflicts, ensure that you have each payment receipt available.
Are There Other Financial Options Worth Considering?
If family financing doesn’t work, you can apply for a credit card. This process is straightforward. Some credit card companies provide borrowers with rewards. There are other benefits, like travel points, cashback bonuses, to mention a few. You could even enjoy an amazing honeymoon – thanks to the platform credit card financing offers.
Personal loans are available at low-interest rates. With these loans, borrowers can shop for their ideal engagement rings. However, the downside to them is that they come with high-interest rates if your credit score is poor, and vice versa. At the end of the loan term, you have to pay back the loan and the accrued interest. With this type of loan, you have an idea of the amount to pay at the end of the duration.
Are These Options Worth Trying?
You need to wow your spouse with a brilliant engagement ring, presumably, one made of diamond. But you don’t have the money – at least, not yet. Financing such jewellery with a loan will plunge you into more financial problems as you have to meet up a stringent deadline. Besides, you shouldn’t put your new family under financial duress; this is a bad way to start a marriage.
If you intend to give your spouse the best experience, map out a timeframe required to purchase the engagement ring. Can you save up to get one within three months or is six months enough? How much do you wish to save every month? With these questions in mind, you have a feasible plan on financing the ring personally.
Before you procure a loan, ensure that you have exhausted all your options. If possible, avoid acquiring debts. But if you can’t, ensure that the engagement ring price is within your financial budget.