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Don't finance your ring

There is no good way. Financing a piece of jewelry is a bad financial move. Save your money for a few months, and then spend what you can save. Your girlfriend will be happy with whatever you can afford (if she's in it for the right reasons) and she will appreciate that she isn't entering into a marriage with debt.

If you insist on financing, read on for other opinions

Jewelry stores usually offer financing. If you have a steady income that is more than enough to pay the bills, eat, and put some money into savings AND you have enough left over to make a monthly payment on your ring, do that. If you can afford the monthly payment and don't mind the interest charge, then go for it. If you can find 0% financing for any period of time, take it.

Another option: Use a credit card

Instead of using jewelry store financing, you could use your own credit card to finance your ring. If it is possible to use a credit card with rewards, consider this. Especially if those rewards can help pay for a honeymoon with air miles or free hotel stays. Another reason you want to buy it with a credit card (along with any other stuff for the wedding or other large purchases) is that you have more legal rights, privileges and protections if you use a credit card. This will vary from state to state, but in some cases you have three full days to change your mind and bring something back for a full refund if it was bought on a credit card. This could be helpful if (God forbid) she declines. However, if you carry the balance, you may end up paying up to 25% more for the ring.

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11y ago

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Can your engagement ring be your wedding band?

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Where can you finance an engagement ring with no credit check?

There are engagement rings from as low as $175 to thousands of dollars. It is foolish to get into debt to buy a big flashy diamond. With the economy the way it is there are some great sales on diamond rings. Some couples buy a nice, but cheaper ring and in the future when the husband can afford it he will buy his wife a fancier ring if that is what she wants. It is not the size of the diamond, but the love the two of you have that really counts.


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