Is Financing a Wedding Ring Right For You?

Money and wedding rings

Is Financing a Wedding Ring Right For You?

Shopping for bridal jewelry can often lead to a severe case of sticker shock. When you want to give your sweetheart the ring of their dreams, but your budget isn’t all that robust, it’s time to think about financing a wedding ring.

Financing a wedding ring is an option that allows you to pay for your wedding jewelry over time, instead of all at once.

Using financing is one way to purchase a larger, more impressive wedding ring than you’d otherwise be able to pay for outright, but you want to proceed with caution. The people who are happiest with their bridal jewelry purchases are the ones who understood completely what they were buying, what the ring costs and how long it would take to pay for.

There are several ways to finance your wedding ring purchase. We’re jewelers, so we can’t tell you which way is best for you. Our advice would be to inform yourself of all of your options and talk to the financial professionals you work with for guidance.

Some of our customers pay for bridal jewelry using their credit cards, while others take a loan from their bank or credit union. Here at JewelSmiths, we offer financing through Synchrony Financial, which offer great choices such as up to 24 months to pay with no interest, with approved credit.

When considering financing a wedding ring, ask yourself the following question:

Are you rock solid with your special someone and feel it’s time to take it to the next level? Great! Then it’s time for the money questions:

What does my personal financial situation look like?

If you have steady employment and a reasonable paycheck, the terms of most bridal jewelry financing agreements should work for you: there’s a minimum payment that must be made every month. If your situation’s more fluid and you’re not certain you can make the payments as needed, financing may not be right for you. You also want to consider your current debt & obligations: if all of your income is already tied up meeting existing expenses, adding a new loan to your plate may not make sense.

Where’s the best place to get financing?

Compare the financing options available to you. You’ll want to look at interest rates, the number of payments you’ll need to make, whether or not there’s a down payment requirement, and the overall cost of your purchase. Not all financing options are available to everyone when financing a wedding ring: if you have credit challenges, you may have fewer choices and the overall cost may be higher.

After exploring your financing options, you will know how much engagement ring you can afford. Create a budget and stick to it. If this means the diamonds are a little smaller than you’d like them to be, don’t worry: many couples upgrade their bridal jewelry after they’ve been together a little while and they have more of a budget to work with.