Wedding ring Financing

Choosing a beautiful and valuable wedding ring is everyone’s dream. But there are a lot of
people who have not saved any money for this kind of occasion. These people have to stick to
the budget while buying a perfect wedding ring which is kind of a problem for them. There
are some wedding ring financing plans that have emerged for quite some time now and they
can really help people in need. There are options for personal loans and in-store financing
among others. If you are considering wedding ring financing, then you must know all of your
options and then decide which one is suitable for you.
When you think about building a life together, you need to be honest about these facts.
1- What is your income & Expenses?
You need to know what your income and your expenses are and what you can spare from the
rent, car payments, loans, or monthly bills.
2- Any saving potential?
Marrying someone means that you both are going to share everything so there is going to be
more expenses than before. If cut out some things, can you make a room for some savings? If
yes, then how much realistically can you save?
3- What are your future goals?
One needs to be true to himself about future goals. There are other things that are important
too like building a new house, a new car, or traveling around the world. Don’t let them delay
by buying a super expensive wedding ring.
Why Wedding Ring Financing Is Important?
Before you dig out the ways to finance the wedding ring, think about, if wedding ring
financing is a good idea or not and why wedding ring financing is important? Answer to that
question is that yes, it is a good idea for those who are on a budget and it is important because
a wedding ring is a testament of sacred matrimony between the couple, so it is always special.
It doesn’t matter that you buy a super expensive wedding ring or an average one, it is
valuable for every bride and groom. Engagement rings or wedding rings, they shouldn’t be
influenced by inflation or any 2-month salary rule because a wedding is above all of that. One
shouldn’t feel discouraged if he/she has a less budget. Balancing the wedding ring
expectation and your financial position can better lead you to what is reasonable. If you
choose to finance a wedding ring then there are 2 major benefits.
1- You don’t have to delay your wedding by saving any more money.
2- You can certainly get a payment strategy to manage your budget for the future.
Although the best approach is to have enough cash to buy a wedding ring but if you don’t
have it then, we have gathered some intel on how a person can do wedding ring financing.
Here are the most common 5 ways for wedding ring financing. Have a look:
1- Get a new Credit card with 0% APR Promotion: This one is the most desirable
and less risky way to finance a wedding ring. Since you must have given the
engagement ring previously, you can buy a little less expensive wedding ring by now.
 There are more traditional and contemporary gold wedding rings for men and women
which are somehow less expensive than the engagement diamond rings. It would be
smarter if you buy the wedding ring through your new credit card before its 0% APR
promotional period starts and pay off the debt before the 0% APR promotional period
ends. It is only beneficial if you are expected to receive a bonus/increment or any
other potential income. If you don’t pay the cash right away within the 0% APR, then
you will have to pay a high interest rate.
Some reward cards offer to sign up bonus which can be availed if you spend some
money on buying something especially a wedding ring. Travelcard allows you to have
bonus miles which you can use for your honeymoon after the wedding.
2- Take a personal Loan: If you don’t want to get mixed up in credit card confusion
then you can take out a personal loan to finance a wedding ring. You will have to pay
interest on this loan, but you can surely get a manageable interest rate for an extended
period of time. An important factor while signing up a loan is the interest rate that a
bank is offering you. The monthly installments are fixed, and you won’t be able to
change the terms and conditions of the loan. Once you are okay with the interest rate
and borrowed time then you can easily buy the dream wedding ring for your partner
without disturbing your rest of the budget. The only limitation for this option is that
the bank won’t allow bad credit to get you a loan. If the bank allows you to take out
the loan, the interest rate would be higher than usual. due to this limitation, low-
interest credit card seems a better option.
3- Wedding ring Financing through the Jewelry store: Many jewelry stores offer in-
store financing options for engagement and wedding rings. These jewelry stores
usually offer deferred interest. Deferred interest rate is assessed from the date you
purchase the engagement or wedding ring. This is also like an APR promotional
period. If you buy and pay off your debt before the promotional period is over then
this is a good option but once the promotional period is over, you will be hit by a huge
interest rate. It is advised that while considering financing through a jewelry store,
you should ask these questions:
1. How long is the promotional period and what will be the interest rate after that?
2. What is the method of assessing interest? Would it start from the day I purchase a
wedding ring?
3. In case of missing an installment, would the promotional rates be revoked or not?
4- Get Loan from family or friends: When it comes to family, there is always a
wedding ring that has been passed through the generations. If you feel okay to
continue the tradition, then you can use that wedding ring and there would be no need
to finance a wedding ring. In royal families, most of the jewelry is passed down to the
next generation and it is perfectly okay. But if you don’t have this option then get a
loan from your family or friends to finance the wedding ring.
The bank and in-store financing options are for those people who cannot get any
financial help from their friends and family. But getting financial help from family or
friends is really great if you have bad credit. Even if you miss payments, there is no
way that discloses your financial situation to any bank. There won’t be any negative
effect on your credit report. Whereas banks, credit cards, or jewelry stores all will be
breathing down your neck if you don’t make the payments on time. It will be a good
option for you in the long run as there would be no or very less interest rate.
 There is a lot of family drama involved when it comes to money. Money issues with
family can be a little complicated, so it is best to make everything documented and
official always. Make terms and conditions that are feasible between the two people
and keep your promises of returning the money. If you don’t pay off your debt, there
is a possibility that you will ruin your family relations over this.
5- Involve your spouse in wedding ring shopping: The times have changed now. Both
spouses take their part in their wedding decisions. According to one research, over
40% of brides-to-be want to be a part of the wedding ring selection. 20% of the
brides-to-be are willing to pay from their own pocket if that means they can get their
dream wedding ring. This trend is becoming common among couples to share the cost
of a wedding ring. You can consider this option as well. Coordinate with each other to
choose a ring that is mutually likable. That perfect sparkly diamond ring doesn’t have
to be a huge weight of debt on your shoulders.
Conclusion: No matter what option you choose to for wedding ring financing, be sure to
know your all options and then sign on any document. Buying any expensive ring doesn’t
ensure that love will last forever. Still, if you want to do it then shop from an authentic
jewelry store.