Picking the right ring while sticking to your budget can be difficult, especially if you haven’t saved up much in advance. Lucky for you, there are quite a few financing options to consider – from personal loans to in-store financing to low-interest credit cards.
Financing an engagement ring works like financing anything else. You apply for a loan that covers the amount you’re seeking and, if approved, use those funds to purchase your ring.
The complexity of the process depends on the lender you choose. If you go through a bank, you may have to wait a week or two before your funds are deposited into your account. Online lenders are faster, but often charge higher interest rates.
Once you have your loan, you can pay through card, check or cash. Then you start the payback process, which is usually done in fixed monthly payments for one to seven years.
Sometimes your heart moves faster than your savings. If you don’t have cash on hand to pay for the ring of your partner’s dreams, options for borrowing include:
Many big-name retailers offer in-house plans, with some extending no-interest financing. Just be wary of high interest once those promos revert and stiff penalties if you miss a payment.
A personal loan will likely be your best option because of the wide selection of lenders available. Loans through banks, credit unions and online lenders will be unsecured, and your rate will largely depend on your credit score and personal financial situation.
If you can qualify for a credit card with a low- or no-interest period, you might find that you’re able to pay off your purchase before any intro APR expires. But be cautious if you can’t – credit card revert rates are typically higher than personal loan rates, starting around 16% APR.
Deep down, we’re all romantics. Your loved ones may jump at the chance to help out. By asking for the most personal of loans, you could land flexible terms and rates as low as, well, no percent.
To avoid any complications or awkward conversations later on, https://rksloans.com/payday-loans-al/ carefully outline the terms of your agreement using a service like LoanWell. And make sure you understand any tax implications that come with borrowing from family.
We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision.
Before deciding on an engagement ring loan, compare the following features to ensure you’re getting the best deal available to you: