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Engagement Ring Financing: Your Complete Guide

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How much to spend on an engagement ring is a highly personal decision. Regardless of whether you lean toward the more extravagant or cheaper approach, we’re likely still talking about potentially spending thousands of dollars.

With that amount of money on the line, it’s natural to wonder: Can you finance an engagement ring? The short answer is yes, you can. In this guide, we’ll go over your different options, the pros and cons of financing a ring and the next steps for doing so.

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How To Finance an Engagement Ring

If you’re struggling to afford an engagement ring, you aren’t alone. It’s hard to save up enough cash to purchase one outright. The good news is that plenty of financing options are available to help you overcome that obstacle.

Jewelry store financing

Many jewelry stores offer financing programs for engagement rings. The trick is to understand exactly how much interest you’ll be charged and when those interest rates will kick in. 

It’s common for jewelry stores to offer promotional repayment periods with 0% interest rates. How long these promotional windows last will depend on the store you go to, but as long as you pay off the ring within that promotional window, you will not pay interest on what you borrowed. That can be a great deal.

However, the risk is that jewelry store financing usually charges high interest rates after the promotional window closes, even higher interest rates than a credit card. These rates can kick in retroactively if you have any balance remaining on your account after the promotional window closes. 

Effectively, if you can’t pay off the full ring value during the promotional window, you could be charged one of the highest possible interest rates on the entire value of what you borrowed.

If you’re interested in jewelry store financing, take the time to compare the annual percentage rate (APR) of different stores and how long their promotional period lasts.

Credit card

Many people opt to charge their engagement ring purchase to a credit card. This can be a good option if you have a rewards credit card and want the big purchase to count towards your reward points.

Alternatively, a 0% intro APR credit card can save you big on interest and lender fees, provided that you’re able to pay off the balance before the introductory period expires.

Keep in mind that if you aren’t able to take advantage of an introductory 0% APR window, you’ll likely pay a higher interest rate on a credit card than you would on a personal loan.

Personal loan

Personal loans are available in amounts usually ranging from $2,000 to $45,000, which can help out with almost any ring budget.

One of the best things about personal loans is that the approval process is fast, and some lenders can even approve the loan in one business day.

Keep in mind that most personal loans are unsecured loans. That means whether or not you’re approved is based on the strength of your application. You don’t need to put down collateral.

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Buy now, pay later

Buy now, pay later (BNPL) programs are becoming more and more popular with retailers. BNPL works has a third-party lender pay the retailer for the purchase. You’ll then be responsible for making payments to the lender instead of the retailer.

The exact repayment terms, including the loan term and the APR, will be worked out between you and the lender.

Should You Finance an Engagement Ring?

Now that you know the different options for financing an engagement ring, you need to decide if it’s something that you should consider doing. Here are some pros and cons to consider.

PROS of financing an engagement ring👍

A bigger budget

Financing a ring can give you access to a bigger budget. This means you may be able to afford a bigger and higher quality stone.

Keep your savings

Financing can allow you to avoid depleting your savings. This can give peace of mind in case an emergency happens and also doesn’t apply an opportunity cost to the purchase if another investment opportunity presents itself.

Can improve your credit score

If you make your payments on time and in full, you could increase your credit score in the long run by financing an engagement ring.

CONS of financing an engagement ring👎

Paying fees and interest

Regardless of how you finance the ring, you’ll likely end up paying much more in lender fees and interest than you would have by saving up and buying the ring outright.

Temptation to overspend

If you finance an engagement ring, you may be tempted to spend more on a ring than you otherwise would have, potentially more than you can afford. Make sure to remain disciplined when budgeting.

Could begin your marriage in debt

Taking on debt to finance a ring could set you back for bigger-picture financial goals like buying a house. The amount of debt you take on will affect your debt-to-income (DTI) ratio, an important measure of creditworthiness mortgage lenders consider when assessing an application.

Financing an Engagement Ring: Next Steps

If you still think financing an engagement ring is something you’d like to pursue, here are some steps to take:

  • Do your research: This article can give you a general idea of how to finance an engagement ring, but you need to get down to brass tacks. This means getting real numbers and estimates from different lenders for different types of financing.
  • Decide on the financing you want: After crunching the numbers, you need to decide what financing you want to pursue. Are you going to go with a personal loan? Or maybe you’re confident you can pay off a jewelry store financing within a promotional period.
  • Apply for the financing: You’ll probably need to submit some documentation to apply for the financing. This will likely include proof of address, proof of identity, and financial information like bank statements or tax returns.
  • Buy the ring: Once you have the funds, you’re ready to buy the ring. Here’s to hoping they say yes!

Final Thoughts on Engagement Ring Financing

There are many different ways to finance an engagement ring. Take the time to explore your options and make sure that you’ll be able to pay back what you borrow.

If you can pay off the ring with 0% interest during a jewelry store’s promotional window or a credit card’s 0% APR into period, that could be a smart move. But if you need more time and flexibility in repaying your purchase, a personal loan might be your best option.

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Rocket LoansSM offers personal loans from $2,000 – $45,000. From debt consolidation to unexpected expenses, we’ve got you covered.

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The Short Version

  • Jewelry store financing, credit cards, personal loans and buy now, pay later programs are some of the most popular ways to finance engagement rings
  • Pros of financing an engagement ring include a bigger budget, the chance to build your credit and not depleting your savings
  • Cons of engagement ring financing include paying fees and interest, the temptation to overspend and the possibility of beginning your marriage in debt
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