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Engagement ring financing is an important part of the process of getting engaged. In these heady, romantic days your head is in the clouds or maybe you’re walking on cloud nine and you don’t want to fuss about such mundane and prosaic things like money, but if you don’t investigate engagement ring financing before you buy a ring, you may find yourself at a later stage with an overdraft for a piece of metal and a stone, and no food on the table. Setting up a home in the early days of marriage can be a costly business. Worse, you may find yourself paying installments for a ring on the finger of someone you’re no longer involved with!
Young people particularly need to speak to someone who is qualified for advice on engagement rings financing – this may be a bank manager, professional financial advisor or jeweler, like Kesslers.
Who needs engagement rings financing?
The first thing you need to do is determine your budget for a ring and decide whether you are going to pay for the ring in a lump sum or via monthly installments. Paying by monthly installments means that you may have to pay interest and you need to take this cost, and the cost of insurance, into consideration against the original value of the ring. Some jewelers advice that if you choose to pay for a ring in a lump sum, you don’t spend more than two weeks’ salary. This, of course, is up to you. Perhaps you long ago put money away for an engagement ring or elect to purchase a ring with money you have saved for a rainy day.
Interest-ring
Many jewelers offer low to no interest financing on engagement ring purchases but you should ask around - friends, family, and colleagues - for recommendations and advice on reputable jewelers who offer, if you need it, engagement rings financing. Purchasing from someone you can trust will make all the difference in buying a quality ring at a reasonable price and give you peace of mind. If you are able to get an interest-free loan for a ring, consider putting down a reasonable deposit in order to purchase a more expensive ring than you could have afforded if you had to pay a lump sum. An engagement ring is not just symbolic of a promise, it is also, in practical terms, an investment and a potential nest egg.
So, before you get carried away thinking about white gold, precious stones, princess cut styles and solitaire diamond settings, think carefully about engagement ring financing.
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