While getting married is a happy and monumental milestone in everyone’s life, planning a wedding is one of the most time-consuming and expensive periods of your life. One of the most significant purchases you will need to make before getting married is buying your wedding rings. So, you may be wondering if getting finance is an option on this purchase; is it possible and what is typically involved? I spent some time researching to find out.
So, can you finance wedding rings? It is possible to finance wedding rings; with the most common finance options being through credit cards and personal loans. Although whether you can secure finance will depend on your credit score and other financial factors. Consider that financing any purchase you make will typically be the more expensive option compared to an outright cash purchase.
The total cost of financing a wedding ring(s) takes into account the annual percentage rate (APR), your credit score, the financing period, and how much the wedding ring(s) cost.
There’s a lot to take into account, with each factor having a big impact of whether or not financing your rings is going to be feasible, for you!
Equally, this calculation has not taken into account any hidden fees or charges, late fees, or penalties, so you should take some time to read the fine print first before committing to any financing options.
Let us now take a look through some of the most important aspects that you should consider before purchasing and financing your wedding rings.
We’ll be covering those other important questions you will likely have, along with some alternatives to financing if, by the end, you do not want to go ahead.
So, be sure to keep on reading to get all the information you need on this important purchase!
Things To Consider When Purchasing Your Wedding Rings
When you are planning to get married, your wedding rings will likely be among the biggest expenses you’ll have.
Depending on your family history, you may be able to use a family heirloom as your wedding ring and therefore can save big on this purchase.
However, not many of us have that option and luxury, so we will need to get our finances in order before making this big purchase.
When buying your wedding rings, first and foremost, you should ignore all of the rules that require you to spend a certain amount.
Everyone’s financial situation is different, and you should sit down with your fiancé to set your budget for your wedding rings, and how you will pay for them.
Since this is a big expense that can impact your financial future, discussing this issue before making the purchase will save you a lot of headaches as you enter your married life.
Should You Finance A Wedding Ring?
Whether or not you should finance a wedding ring depends on your own financial situation, obligations and personal commitments. Ultimately, you need to ensure you can pay the monies back.
The general advice is that you shouldn’t spend more than you can afford, and this is especially true when you pay for your wedding rings.
Even though this is still a substantial amount of money, it is recommended to pay with cash (within your budget) to avoid paying more on interest, late fees, or penalties.
If at all possible, financing options are better reserved for bigger, more consequential purchases like a car or a new home.
When it comes to your wedding rings, you can always buy what works for your budget now, and upgrade later. For example, I have known of several couples who upgrade their rings when they renewed their vows, a few years after marriage and their financials improved.
Nevertheless, like all aspects of getting married, yo will need to prepare yourself for large financial commitments.
Planning a wedding is an expensive ordeal, and you don’t want to spend too much on your wedding if you want to start a financially stable married life with your new spouse.
However, if you are considering financing your wedding rings, you can take a look at some options below to see what works for you.
How Much Does It Cost To Finance A Wedding Ring?
How much it costs to finance a wedding ring depends on the annual percentage rate (APR), your credit score, the financing period, and how much the wedding rings cost.
This calculation has not taken into account any hidden fees or charges, late fees, or penalties, so you should take some time to read the fine print first before committing to any financing options.
As with any financing options or loans you take, make sure that you can actually pay off the amount during the designated time frame.
Financing anything requires a lot of research and consideration before signing your name on the dotted line.
If you are buying your wedding rings from a jewelry store, they can actually offer you some financing options.
Let us now look at the main ones below:
0% Interest Promotions
Check if the jewelry store have any promotional financing options – perhaps one with 0% interest – which can save you some money.
If you cannot pay off your wedding rings during this promotional period, you should also check the regular interest rate to make sure you can afford to pay off the amount at the regular APR.
Alternatively, you can also charge your wedding rings on a credit card, ideally, one with a very low (0%) APR.
This is usually a promotional rate, so make sure you can pay off the amount during the promotional period so that you won’t be charged a higher APR when this time runs out.
Credit cards also come with a lot of hidden fees and late fees, so make sure to make your payments on time each month to avoid any extra costs.
Keep in mind that a credit card option isn’t available for everyone, you will need great credit in order to qualify for a 0% APR credit card.
You can take out a personal loan to finance your wedding ring, but this option is usually much more expensive than jewelry store financing or credit card, due to a higher interest rate.
It is best to check out several options for a personal loan to get the best interest rate, although you shouldn’t sign on to any loan that has more than a 10% interest rate.
When you take out a loan, you should also commit to paying off during a shorter time period, perhaps 6 to 12 months, in order to avoid high interests and fees.
Whichever financing option you choose, make sure to avoid ones with deferred interest.
Although the offers may sound tempting, if you don’t pay off the entire amount during the committed period or miss any payments, you will be charged all of the interest that you deferred during this period.
Can I Finance A Wedding Ring With Bad Credit?
If you have bad credit, it is unlikely that you will get any attractive financing options. You will probably be offered higher interest rates, which will cost you more in the long run.
However, there are definitely some financing options out there that can help people with bad credits.
For example, jewelry stores do have promotional credit options and are more likely to offer credit to everyone, so you can consider your options there.
You can also open a credit card with no down payment and enjoy 0% interest during the promotional period.
However, as mentioned above, make sure that you can pay off the full amount during the promotional period to avoid paying a higher interest rate.
Additionally, make sure you read the fine print and understand the terms and any late fees, so you don’t fall victim to predatory lending.
Considerations When Financing A Wedding Ring
There are a few things that you should consider when financing a wedding ring. This will make sure that it’s the best decision for you in the moment.
For example, your current credit score should be taken into consideration.
If you have a good credit score, you will likely get more attractive credit offers and be in better shape to pay off the full amount within a designated time frame.
However, if you have a lower credit score, the interest rate may be much higher and it may further damage your credit score if you cannot pay off the full amount within a certain amount of time.
While jewelry store financing and credit cards may offer you very low, even 0%, interest rates within the promotional period, you should also pay attention to the regular interest rate to see if it’s attractive.
If you cannot pay the full amount during the promotional period, the regular interest rate will affect how much you pay in the future.
You should always make sure that you can afford to pay off the full amount during the designated period.
Getting financing for your wedding ring should not be a reason for you to go over your budget and buy wedding rings that you cannot afford.
Ensuring that you can make your monthly payments and pay off the full amount within the agreed-upon time frame will help you avoid any late fees, penalties, or a higher interest rate in the future.
Late payments can also damage your credit score, and you don’t want to make a dent in your financial future as you enter your married life.
Alternatives To Financing A Wedding Ring
Financing is generally considered to be a last resort when buying your wedding rings – you don’t want to start your married life with a substantial amount of debt.
Fortunately, there are a lot of alternatives to help you save on your wedding rings.
For starters, you can ask your family and relatives for any heirloom that you can resize and wear as your wedding ring.
This is an affordable option for everyone, and it’s much more meaningful to you personally if the wedding ring you wear has a lot of family history.
Second Hand Rings
Alternatively, you can shop around and buy second-hand rings. This is also a highly affordable option that a lot of people choose.
Besides, just because a ring is second hand does not mean you need to have something that is not in trend, of high quality or that is right for you.
When shopping for second hand rings, you’ll be surprised at the options available to you.
Save And Pay With Cash
If these options are not available to you, it is recommend that you save up and pay with cash upfront.
Although this option may not seem attractive at first, it will save you a lot of money in the long run, since you won’t have to pay any interest or hidden fees.
You won’t be paying off your debt when you enter your first years of marriage, which is much less stressful.
To do this, you will need to be more thrifty, eat out less, work more hours, and make some sacrifices in your everyday life, but it will definitely pay off when you buy the wedding rings of your dream without damaging your financial future.
Lower Your Budget
In addition, you can lower your budget for your wedding ring. If you are not in a stable financial position, perhaps it isn’t wise to make a large purchase right this moment.
You can always adjust your budget and go for a more affordable option. Remember that what’s important is that you’re marrying the person you love, not buying an extravagant ring.
A wise financial decision right now is to go for a cheaper wedding ring, and give your spouse a better, more expensive one when you renew your vows in a few years.
It is possible to purchase your wedding rings on finance; but whether it is the best option for you and your partner, will depend on your financial situation and commitments.
Either way, as with any big financial decision, you should sit down with your fiancé and discuss your options. Think about how your decision may impact your lives – both in an immediate and longer term perspective.
It may have repercussions for future plans, purchases and decisions.
Besides, marriage should be built on trust and a shared understanding of your finances.
You are entering your future together, so making shared decisions regarding any big purchase will help you establish a more stable future together.
Hey, I’m Allison – a recent bride, an expectant mother and the chief editor here at Everlasting Occasion. Here I document all the knowledge and experience I accumulated while researching and planning my dream wedding and ahead of our new baby. Here, I try to answer those many questions couples have when planning their dream wedding, while equally, helping expectant parents ahead of their new arrival!