Are you ready going to pop the big question? Engagement rings are probably one of the most remarkable aspects of being engaged. This symbol of the upcoming union also becomes the talk of your friends and relatives. With that, it has to be dazzling. But what if you can’t afford to pay for that diamond?vHere’s what you need to know about financing your engagement ring:
What is engagement ring financing?
Financing an engagement ring allows you to avail a much expensive ring without paying for everything upfront. When you sign up for a financing service, you agree to pay a monthly fee together with the interest and other charges.
For couples who want to save their cold cash for the actual wedding, financing is a good move. There are many ways to do this including those below:
Ways to finance your engagement ring
When financing your engagement ring, you have four options: financing through a jewelry store, your credit card, a personal loan, and alternative means. To give you an idea, here’s a quick look at each method:
– Financing through a jewelry store
Almost all major jewelry stores will offer financing options for any jewelry piece, be it engagement, wedding, and gift items among others. The financing contracts will usually stretch for up to 12 months depending on the agreement.
But before you ink the deal, make sure that you know how much interest you’re going to be charged. You can save money if you’ll avail financing during a promotional period.
-Financing through your credit card
For those who want a convenient financing option, a credit card is the easiest option. It’s the same as purchasing large furniture or paying for a new entertainment package. Remember that due to interest rates, you may end up paying large fees.
It’s advisable that you look for a credit card provider that offers zero interest for a specific period. If not, choose one with the best rewards program so you can make the most out of your spending.
– Financing through a personal loan
If you don’t like the idea of financing contracts and maxing your credit card out, you can opt for a personal loan. This way, you’ll have the money to pay for the engagement ring right away.
You can look for either secured or unsecured loans. Secured loans will require you to indicate a collateral property, say a car or a small property. When it comes to unsecured loans, you need to have an impressive credit history.
– Alternative methods
If all of the above-mentioned methods prove to be impossible, you can borrow money from friends and relatives to pay for your engagement ring. You can also withdraw money from your retirement fund or sell some of your possessions to raise the required amount.
For those who choose to finance their engagement ring right on the jewelry store, we suggest looking at what James Allen has to offer. James Allen financing options allow you to avail the engagement ring of your dreams without thinking about where to get the money to pay for it upfront. Here are some of the benefits.
Deferred interests for the six-month contract: For a minimum purchase of $1,000, you can sign up to their financing service. If you get to pay the amount within six months or before the promotional period ends, you will not be charged with interest fees. In case you fail to pay the amount at the end of the promotional date, you’ll be charged with interest fees from the purchasing date.
9.90% Annual Percentage Rate (APR) for 24 months: If you can’t afford to pay for six months, you can opt for this next option. With a minimum purchase of $2,000, you can enjoy a longer payment contract of up to 24 months. Take note that the 9.90% APR will be included in the monthly fees as divided by the length of the offer and the payable months.
Years of experience: Since 2006, James Allen is giving couples a chance to avail premium engagement and wedding rings. With over 60 years of combined experience in the jewelry industry, they are one of the leading diamond retailers. For soon-to-be-wed couples, their ‘10 years of Yes!’ will make your engagement for the books.
James Allen carries over 200,000 diamond pieces, conflict-free and waiting to grace the hand of your special someone. With more than 150,000 happy couples James Allen serviced, your engagement will surely become a dream come true.
James Allen offers a 100% hassle-free money-back guarantee. They ship worldwide and you’ll enjoy a lifetime warranty. Because with James Allen, your sweet ‘Yes’ should last forever.