Have you been dating for so long and worried that you can’t afford a ring to propose to your partner? Well, worry not because you can effortlessly get engagement ring financing. The financing program allows you to get the best ring in the market with more than your cash in hand.
This type of financing involves an agreement or contract to a payment plan with the financier. Before they give you a ring, they require you to:
- Adhere to some promotional periods
- Pay for interest rates
- Make some agreed monthly payments
How Much Does An Engagement Ring Cost?
There isn’t any exact value for an engagement ring nowadays, unlike the old days when people spent a lot of money buying this ring. It all depends on the couple’s taste, preference, and quality of the ring. Some rings cost millions and others thousands of dollars.
Most people get married in their late 20s. They would rather spend more on an engagement ring at this prime age than any other thing preceding the engagement. That is why they opt for engagement ring financing.
How Engagement Ring Financing Works
Engagement ring financing boasts a flexible lease purchasing process. The process allows you to celebrate your engagement stress-free. Even better, it gives you the chance to buy a ring even when you have poor or no credit.
These lease-purchase programs come with various benefits depending on the stores you get it from. For instance, many stores allow you to:
- Enjoy approximately two years’ term options
- Give zero personal references
- Make a bi-weekly or semi-monthly repayment plan
- Make early payment
- Purchase the ring using an approved extra amount
Other Ways of Financing an Engagement Ring
There are more ways to finance an engagement ring. You can either:
Take a personal loan: This is the best option if you try to avoid using credit cards. Personal loans need you to pay some interest and some fixed monthly payments. You can use this to finance an engagement ring if you can afford to pay the agreed amount every month with fixed terms and rates.
Jewelry Store Financing: Various jewelry stores offer in-store financing choices. Some pitch for 0% deferred interest, which requires you to pay the entire balance before the promotional period ends.
Credit Card with a 0% APR promotion: Some jewelry stores allow you to use the 0% APR promotion period even with no upfront cash. Yet, pay up the money before the promotional period comes to a halt. Else, you end up paying high interest rates.
Now that you’re familiar with ways that you can use to finance your engagement ring, you don’t have to wait to propose. Get started with a lease purchasing program and buy the best ring for your partner.