Finance for an engagement ring
We have a sneaking suspicion that if you’re reading this, you must be head over heels in love and ready to make the most significant commitment of your life. Congratulations! Around here, we wholeheartedly support Beyonce’s words, and we think you should put a ring on it — and fast! Why delay? We can help you with engagement ring financing so you can get a sparkling rock on your favorite’s finger sooner rather than later.
Because we love love, we’ve put together a guide on everything you need to know about finance for engagement rings.
How much do typical engagement rings cost?
As engagement rings come in all shapes and sizes, the price tag will also vary. From rare pink diamonds to cubic zirconia, it’s good to have an idea of how much different rings cost. Because of the large variations, you might pay anywhere between a few hundred to tens of thousands of dollars, depending on the type of stone, the setting, and the brand. Regardless of the price, it’s essential to choose a ring that not only reflects the uniqueness of your love but also aligns with your financial situation.
Why the '3 months salary' thing shouldn't drive your decision
We’re not sure who made it a thing, but spending three months' salary on an engagement ring isn’t something that will work for everyone. After all, love is about commitment and partnership, not the size of the rock on your finger! All you need to do is consider your budget and financial goals when selecting the perfect ring. There's absolutely no shame in opting for a more budget-friendly ring, especially when there are great financing options available.
Financing with the retailer
Many jewelry retailers offer third-party financing options for engagement rings, and while this may seem convenient at first glance, the credit limits of many 'buy now, pay later' providers may not be sufficient to cover the cost of your dream ring
Financing with a personal loan
If you're looking for a cost-effective approach to engagement ring finance, you should consider getting a personal loan. Personal loans can help you afford the perfect ring, even if you don’t have the savings available.
And the process is more straightforward than you think:
- Apply for a loan with your lender
- If you are approved, you will receive a lump sum
- Make fixed monthly payments until the loan is paid off
Can you get a loan for an engagement ring?
Yes, many financiers provide finance for engagement rings! In fact, it's a very popular choice for many couples as they can have the ring they desire and not break the bank.
Personal loans offer several advantages when it comes to engagement ring financing:
Lower interest rates: Personal loans typically come with lower rates than proprietary store cards or credit cards. This means you'll pay less in interest over the life of the loan.
Flexible terms: You can choose a loan term that suits your budget. Whether you want to pay off the ring quickly or prefer smaller monthly payments — personal loans offer flexibility.
Choice of jeweler: With a personal loan, you’ll be free to shop for the ring anywhere, meaning you can find the piece that truly speaks to your heart.
Are you ready to start planning your engagement?
Boost your budget — get a personal loan for your engagement ring with Plenti