You can finance an engagement ring with a credit card, through the jeweler or with a personal loan. … The cheapest way to pay for a ring is with savings, but if you haven’t saved up or you’re reserving your savings for the big day, here are engagement ring financing options to help cover the cost.
Can you buy an engagement ring on a payment plan?
Can you finance an engagement ring? You do have the option of financing a ring with a loan arranged through your jeweler. … Depending on the price of the ring, consumers enjoy 0% APR for the first six, 12 or 18 months after purchasing. If you choose a longer payment plan, with equal payments, there’s a 9.99% APR.
Do jewelers offer payment plans?
Almost every major jeweler offers a financing option. They usually promote interest-free financing for a certain period, such as 6 or 12 months. It’s easy to be tempted by financing “deals” offered by well-known brick and mortar stores like Jared the Galleria of Jewelry, Kay Jewelers, Shane Co. and Zales.
Is it bad to finance an engagement ring?
If you really want to get a ring, keep it simple. You can always upgrade the ring later if you really do place a higher value on it than you initially thought. It could make a great anniversary present. But the bottom line is you likely shouldn’t finance an engagement ring.
How much are monthly payments on an engagement ring?
Exact regular APR depends on creditworthiness. Must spend at least $1,999. *Required monthly payment reflects a $1,999 ring purchase.
Engagement Ring Financing Options.
|Financing Option||Helzberg Diamonds|
|Required Monthly Payment||$91 Bankrate: $91.25|
|Total Cost||$286 Bankrate: $285|
Should you pay cash for an engagement ring?
First and foremost, paying cash is always the best option for major purchases like an engagement ring. Paying cash will save you money on interest, help you avoid late payment fees or penalties, and keep you from buying a ring out of your budget.
What credit score do you need to finance jewelry?
Take financing with your jeweler
When it’s best: A jeweler payment plan may be the right choice if you qualify for a low- or no-interest plan and can pay the ring off in full before the promotion ends. Qualifications: You need good or excellent credit (690 or higher FICO) to qualify for many store credit cards.
How many carats should an engagement ring be?
In the United States, for example, the national average for an engagement ring is around one carat. In the United Kingdom, it’s 0.6 carats, and in Europe it’s even smaller, hovering at 0.5 carats.
How long can I finance an engagement ring?
While you won’t get interest-free financing that way, you may qualify for a loan with a low fixed rate lasting for anywhere from 12 to 48 months. The advantage to this type of financing is that you’ll have a fixed monthly payment, and know exactly how much you need to pay each month until the loan is paid off.
Does Tiffanys offer financing?
We offer Tiffany Select Financing, which provides interest-free financing for all engagement rings, for U.S. clients only. If you are interested in Tiffany Select Financing for an engagement ring purchase, please contact a Diamond Expert at 800 518 5555.