Hyde Park Blog

Yes, you can finance your engagement ring and there are many great options to fit your needs!

Your engagement ring is going to be one of the priciest purchases of your lifetime. You’re more than likely not going to be thinking about the finances of it at first, but there are plenty of options out there to help you afford and pay off the engagement ring for your partner.

There are many common rules that state how you should be paying for your ring. One rule states that your ring should cost roughly around three months of your salary.

There is no set rule however about how you should save for your purchase. Having a plan about how to purchase your ring is vital, it is important that you don't go into other finances as well.

Financing Options For Your Engagement Ring

Here are the three most common ways to finance your engagement ring purchase:

Credit Cards

One of the most common financing options is to put your purchase on a credit card. If you don’t have enough funds on your credit card and need other options there are potentially other options for you.

In-House Financing

If you choose to go through one of the in-house financing options through the jeweler or jewelry store, these options normally have more flexible credit requirements. It is important to make note that some retailers may have a minimum purchase amount before any financing options can be discussed.

Personal Loans

Another great option for purchasing and financing an engagement ring is to take out a personal loan. Lenders may refer to this loan as a wedding loan. This installment-type loan is best for buyers who have a good credit score and are looking to shop competitively. They are also looking for the best interest rates. This loan is paid off in small monthly installments as well as paying interest charges and fees. Since this is a private loan, you’ll need to apply for it like any other loan, and also get approved before you can go make your engagement ring purchase.

The Pros And Cons Of Financing Engagement Rings

Financing helps couples who have other major wedding expenses. In most cases, financing comes with interest, which could stack up over time. Financing is a great way to pay for something and adjust the time of receiving the item at your convenience. There are both pros and cons to financing an engagement ring.

Pros

• Needing or wanting something now, without having to save for it
• If using a credit card, could amount to points
• Being more motivated to pay off the debt instead of waiting to save

Cons

• Can be a mental shortcut
• Potentially miss a discount for paying in full

It is best to see what the financing options are for whichever jeweler you work with thoroughly. Some offer special deals depending on what you’re looking for.

Conclusion

If you’re looking to purchase a ring, but don’t have the funds at the moment, then there are many financing options for you to purchase the ring of your dreams for your partner. Whether you go through in-house financing, use your credit card, or perhaps take out a personal loan, all options help you get the ring that you desire.

At Hyde Park Jewelers, we can help you pick out the rings of your dream. No matter what you’re looking for, you’ll get professional care for your love and commitment. Contact us to find out what finance options we have for your engagement ring purchase.