Weddings are expensive, and engagement and wedding rings can be even more costly. If you’re planning to get engaged soon, it’s important to explore the different ways you can finance a wedding ring. We’ll break down the most common methods of financing a wedding ring and provide tips on how to get the best deal.
Jewelry Store Financing
The best option to finance a wedding ring is through store financing, which is often offered by jewelry stores. Store financing offers more flexibility than credit cards because it usually has longer repayment periods—sometimes up to three years or more—and lower interest rates than credit cards. However, it’s important to note that store financing often requires a down payment and may require you to have good credit to qualify for it.
- Blue Nile
- Costco (here are more ways to save at Costco)
- HSN (Home Shopping Network)
- James Allen
- Kay Jewelers
- Helzberg Diamonds
- Neiman Marcus
- Saks Fifth Avenue
- Target (save an extra 5% off when you use a Target RedCard which is free to get)
BNPL Provider Options
Some jewelry stores are integrated with buy now pay later (BNPL) providers that offer even better deals than in-store financing. For instance, some financial lenders allow you to “split” your payments into equal installments with 0% interest or fees. Let’s have a look at the top jewelry stores that offer BNPL payment options. In some instances, the jewelry stores will even offer several different financing options.
Affirm Jewelry Stores
Affirm is a great option for those looking to finance their engagement or wedding ring. It offers 0% APR financing and flexible payment options at many stores, with up to 18 months for repayment. It also has a wide variety of jewelry stores partnered with it, making it a great option to find a ring that fits your budget. The following stores all sell wedding rings and accept Affirm for financing:
- Bergdorf Goodman
- Brilliant Earth
- Charles & Colvard
- Helzberg Diamonds
- Kay Jewelers
- Walmart (yes, even Walmart sells engagement and wedding rings)
Afterpay Jewelry Stores
Afterpay is a great option for those looking to purchase an engagement or wedding ring without breaking the bank. Afterpay offers no-interest installment plans with a convenient repayment system, allowing you to pay off your ring over four equal installments. The following stores all accept Afterpay for financing and sell wedding rings:
Bread Jewelry Stores
Bread is another BNPL provider that offers no-interest installment options for customers looking to finance their wedding rings. It allows customers to pay for their rings in four equal installments and provides a convenient online repayment system. The following stores all accept Bread for financing and sell wedding rings:
Klarna Jewelry Stores
Klarna is another great alternative to traditional financing. It offers low-interest rates and flexible payment plans up to 36 months, making it a great option for anyone looking to finance a wedding ring. It also has an extensive list of jewelry stores partnered with it, making it easy to find something to match your style:
Progressive Leasing Jewelry Stores
If you have no credit or bad credit, then Progressive Leasing stores may be for you. Get the jewelry you want now and make regular payments over time by leasing-to-own. No credit check is required, meaning you can get your items right away and enjoy all the benefits that come with owning them.
Sezzle Jewelry Stores
Sezzle is one of the leading BNPL providers and offers four equal payment installments with no interest or fees. It has a variety of jewelry stores partnered with it, making it easy to find something that fits your budget. The following stores all accept Sezzle for financing and sell wedding rings:
Another way to finance your wedding ring is with a personal loan from your bank or another lender. Personal loans typically have lower interest rates than store financing, making them an attractive option for those who need more time to pay off their purchase but want to avoid high-interest payments. However, personal loans also tend to require good credit and may come with origination fees or other additional costs associated with them. If you wind up with a personal loan and money becomes tights, here are some tips for making loan payments.
We do not recommend getting a payday loan or a cash advance to finance your wedding ring, as these are usually high-interest loans with strict repayment terms.
Credit Card Options
One of the most popular ways to finance a wedding ring is through credit cards. This can be a great option if you plan on paying off your purchase within a few months. Many credit card companies offer 0% APR promotions that last up to 18 months and provide an excellent way to spread out payments without worrying about additional interest charges. Just make sure that you pay off your balance before the promotional period ends!
Using a credit card to pay for your wedding ring is an option if you have good credit or access to a low-interest credit card. However, there are drawbacks associated with using a credit card. The most obvious downside is that there is sometimes an annual fee associated with the card, so depending on your spending habits, this may not be the most cost-effective option. Additionally, if you don’t manage your payments wisely, you could end up with high-interest credit card rates and late fees that could add up over time. On the other hand, using a credit card has one major benefit in that it offers rewards points or cash back that can help offset some of the costs associated with your purchase.
If you have no credit, bad credit or a low credit score, Genesis Financial Solutions offers credit cards for those with no/bad credit. They also offer a second-look financing option for Helzberg Diamonds.
If you have money saved in a bank account, this is another great way to finance your wedding ring without needing any outside assistance from financial institutions or lenders. Using savings accounts also provides security in knowing that any money spent will be returned after making all necessary payments on time and in full amounts due each month until paid off completely. It also eliminates potential risks associated with taking out loans or using credit cards since it doesn’t involve any borrowing of funds from other sources outside of yourself!
Wedding Ring Financing FAQs
Here are some commonly asked questions about financing a wedding ring:
Can I finance a wedding ring with bad credit?
In some cases, you may be able to finance a wedding ring with bad credit. However, this will likely come with higher interest rates and shorter repayment periods than financing options for those with good credit. If you’re considering financing your wedding ring with bad credit, it’s important to compare different offers from lenders carefully to make sure you get the best deal possible.
Can I finance my wedding ring online?
Yes, there are several online lenders that offer financing for wedding rings. However, it’s important to compare the different options carefully because some of these lenders may have higher interest rates or stricter repayment terms than others. Additionally, make sure to read through any terms and conditions associated with the loan before signing up, so you know exactly what to expect.
What is the best way to finance a wedding ring?
The best way to finance a wedding ring will depend on your individual circumstances and financial needs. If you have good credit, taking out a personal loan or using a 0% APR credit card may be the best option, while those with bad credit may benefit more from online lenders that specialize in providing financing to those with less-than-perfect credit scores.
Is it bad to finance a wedding ring?
No, it is not necessarily bad to finance a wedding ring as long as you do your research and make sure you understand all of the associated costs and terms of the loan before signing up. Additionally, make sure you can afford to make regular payments and that it fits into your overall financial plan.
Whatever financing route you choose, make sure that you understand all of the terms and conditions associated with any financing option before signing on the dotted line. That way, you’ll be able to find the best solution for your budget while still getting the perfect wedding ring for your special day! With so many financing options available, there’s something out there for everyone when it comes to buying a wedding ring – all it takes is doing research and understanding what works best for your individual circumstances!
Next up, plan your honeymoon (travel financing available through Uplift)!