How To Finance An Engagement Ring
It must be very exciting to think about proposing to the love of your life however it must also be incredibly scary and not always affordable. You want the best that you can possibly afford but at the same time you don’t want to end up being a financial cripple in doing so. Naturally, you’ll want to consider taking out finance to pay for the engagement ring you are looking to purchase.
If you are going to make the purchase via your credit card be very careful that you pay at least the minimum balance. Ideally you should pay more than that so that you don’t end up paying a fortune in interest rate charges. Nobody ever pretended that credit cards are a cheap way of financing goods. However if you have got an introductory rate on your card then you should really try and make use of it too.
A personal loan is also a great method of getting affordable loans. Sometimes these loans can be secured or unsecured. If it’s unsecured basically the lender is taking a bigger risk because if you don’t pay off the loan they can’t come around to your home and take the ring away. The downside is that because you pose more of a risk, you will pay higher interest rate charges. With a secured loan you will be using something as collateral and as a result the interest repayments will be lower.
Find out what different jewelers are offering in terms of credit. They might be able to offer you a good deal. Also, don’t discount companies like HSN and QVC because from time to time you can buy jewelry in installments which are very affordable.
Engagement rings can be very expensive so make sure you buy from a reputable dealer and make sure you don’t get scammed. There are have problems with people running auctions for items of jewelry claiming that they are real diamond, solver, gold etc. When in actually fact they are just cheap junk. Make sure you buy from a company you can trust. If you pay with your credit card then you will have more protection if something goes awray.
Also be careful about people who make claims about the engagement ring being a good investment. Diamond prices can go up and down however you also have the issue of retail and auction prices being different. If you do end up selling the ring, you will probably get a lot less than what you paid for it.
When it comes to making the actual purchase, you might also want to wait and allow your partner to make the choice. You don’t want to end up buying a ring she doesn’t like. Some women are pretty picky when it comes to style, shape, stone and metal choice.
