This is a tricky question because many guys find themselves in a position where they want to give the love of their life the perfect engagement ring, but they cannot afford to do so at that moment in their lives. Engagement rings can cost anywhere from a few hundred dollars to tens or thousands of dollars. They say you cannot put a price on love, but when it comes to purchasing the engagement ring, the price does become real.
Engagement ring finance is available.
There are several ways you can leverage finance to get the perfect engagement ring, but you should err on the side of caution if you want to consider this option. Most retailers should be able to offer you different types of financing options.
Something that you want to keep in mind is that you don’t want to overstretch your budget or invest in a ring that you cannot afford. Here are a few viable financing options.
Purchase the engagement ring outright.
This means working to save up enough money to purchase the ring without any finance credit. It is definitely the best and safest option.
Purchase the ring on lay-by or lay-away.
This will see you select the ring and pay-off for the ring in payment installments. One you have finished paying off the ring installments, the retailer will allow you to take the ring.
Purchase the ring on credit.
Buy the ring now and pay for it later. You will be able to take the ring immediately and pay for the purchase of the ring through credit installments. The easiest and most common approach is to use a credit card to purchase the ring and then pay off the credit card debt over time. You may be able to secure a zero-interest credit card over a period of time.
Take out a personal loan.
You can go to a financier such as a local bank and take out a personal loan. The only thing is you are likely to pay more than the original amount due to the credit interest and even setup and processing fees for the loan.
Risk with taking finance for an engagement ring.
Putting yourself into debt is risky. I’d personally recommend purchasing the ring outright, but if you need to get the engagement ring on credit, then select a ring that you can afford. Engagement rings don’t always hold or increase in value. And you will also have several other financial considerations while preparing for your wedding once your partner says yes.