Jewellery Monthly
    Facebook Twitter Instagram
    Jewellery Monthly
    • Retail News
    • Jewellery
      • Jewellery & Diamonds
      • Education
      • Designers
      • Fashion Jewellery
    • Watches
    • Bridal
      Featured

      A Love Story from A Couple Who Couldn’t Afford an Engagement Ring

      By JewelleryMonthly2020-05-09
      Recent

      It’s official: these are the most popular times of the year to propose

      2022-08-26

      A Love Story from A Couple Who Couldn’t Afford an Engagement Ring

      2020-05-09

      Important Tips For Buying A Vintage Engagement Ring

      2020-05-07
    • Info
      • About Us
      • Our Audience and Visitors
      • Ring Size Chart
      • Anniversary Gift List
      • Diamond Size Guide
    • Contact
    Thursday, March 23
    Jewellery Monthly
    Home»Diamonds»How to finance an engagement ring
    Financing an engagement ring
    Diamonds

    How to finance an engagement ring

    JewelleryMonthlyBy JewelleryMonthly2019-03-123 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Whether you’re surprising your other half or heading to the shops to select it together, there’s no hiding from the fact that engagement rings can be expensive. Indeed, for many of us, it will be the most expensive piece of jewellery we’ll ever purchase.

    If you’re not lucky enough to have a pot of savings ready and waiting for this occasion, what are your options when it comes to paying for it?

    Some jewellers offer interest-free credit

    Shops sometimes offer the option of interest-free credit to fund larger purchases. If you don’t have the cash but know you can afford the loan repayments, this can be a good way to pay for an engagement ring, as with 0% interest, the ring is costing you no more than it would have done if you had paid for it upfront.

    Indeed, there is an argument that as long as you can afford to pay the loan back, it may be better to do it this way even if you do have the money, as you can keep the cash in savings and earn (some) interest on it.

    Normally, there is a minimum spend and you may have to put down a deposit.

    Unfortunately, if you have a poor credit history, this may not be an option for you.

    Hand of a caucasian adult woman with a diamond engagement ring on her left ring finger

    Taking out a loan

    If you don’t have the lump sum of cash you need to pay for the ring but know you can comfortably afford to meet repayments, taking out a loan from a lender may be another option.

    Not all loans are created equal and the type of loan you go for will depend upon your circumstances. Short-term loans, for example, are those which are normally required to be paid off relatively quickly (usually in less than 6 months). Longer term loans tend to have lower interest rates.

    Do a little research about the different loans that may be available to you. Check how much you’ll end up paying back in total, including interest. Just make sure that whichever option you go for, you will comfortably be able to meet the repayments.

    Using your credit card

    Using your credit card to fund a big purchase can help if you don’t have the cash available right now, but know you will do when the statement arrives. Credit cards have the added benefit that they offer some protection on big purchases.

    If you have a good credit rating, it may be possible to get a credit card with 0% on purchases for a fixed period, giving you more time to pay off your engagement ring without paying any interest.

    There are a number of different options when it comes to financing an engagement ring. What you go for will depend on your financial circumstances. Just remember, although the engagement ring is important, it’s only the beginning, so don’t overspend. Starting out as newlyweds free from financial strain is better than having the stress of money worries hanging over your relationship.

     


    For further educational jewellery articles checkout:
    https://www.jewellerymonthly.com/category/jewellery_education/

     

    engagement finance loan wedding
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    JewelleryMonthly
    • Facebook
    • Twitter
    • LinkedIn

    DISCOVER, LEARN & LOVE JEWELLERY with Jewellery Monthly Magazine Jewellery Monthly is the No.1 online Jewellery News resource. Bringing you the worlds most beautiful Jewellery, Education, Information and resources within the Jewellery Industry.

    Related Posts

    Jewellery Apprenticeships: A Guide For Apprentices and for Business

    2022-08-16

    The Ultimate Guide to Pink Diamonds

    2022-07-22

    Things to Know When Choosing The Best Jewellery Stores in Melbourne

    2020-12-23

    Buying Engagement Rings Online – The Do’s and Don’ts

    2020-11-05

    Guide to Buying and Selling Pre-Owned Jewellery

    2020-08-27

    Selling A Diamond Engagement Ring

    2020-06-02

    Comments are closed.

    Jewellery news, articles and events.

    DISCOVER, LEARN & LOVE JEWELLERY with Jewellery Monthly, the No.1 online Jewellery News resource. Bringing you the worlds most beautiful Jewellery, Diamonds, Education and Industry Information.

    • Terms
    • Privacy
    • Cookie Policy
    • Sitemap
    • Contact

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT