Close Menu
Jewellery MonthlyJewellery Monthly
    Facebook X (Twitter) Instagram
    Jewellery MonthlyJewellery Monthly
    • News
      • Industry News
      • Celebrities
      • Launches
    • Events
    • Insights
    • Consumer Education
      • Diamond Prices
    • About Us
    • Contact
    Sunday, May 18
    Jewellery MonthlyJewellery Monthly
    Home»Consumer Education»Your options when considering buying an engagement ring on finance
    Financing an engagement ring
    Consumer Education

    Your options when considering buying an engagement ring on finance

    Jewellery MonthlyBy Jewellery Monthly12/03/20193 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Whether you’re surprising your other half or heading to the shops to select it together, there’s no hiding from the fact that engagement rings can be expensive. Indeed, for many of us, it will be the most expensive piece of jewellery we’ll ever purchase.

    If you’re not lucky enough to have a pot of savings ready and waiting for this occasion, what are your options when it comes to paying for it?

    Some jewellers offer interest-free credit

    Shops sometimes offer the option of interest-free credit to fund larger purchases. If you don’t have the cash but know you can afford the loan repayments, this can be a good way to pay for an engagement ring, as with 0% interest, the ring is costing you no more than it would have done if you had paid for it upfront.

    Indeed, there is an argument that as long as you can afford to pay the loan back, it may be better to do it this way even if you do have the money, as you can keep the cash in savings and earn (some) interest on it.

    Normally, there is a minimum spend and you may have to put down a deposit.

    Unfortunately, if you have a poor credit history, this may not be an option for you.

    Hand of a caucasian adult woman with a diamond engagement ring on her left ring finger

    Using a loan to buy your diamond ring

    If you don’t have the lump sum of cash you need to pay for the ring but know you can comfortably afford to meet repayments, taking out a loan from a lender may be another option.

    Not all loans are created equal and the type of loan you go for will depend upon your circumstances. Short-term loans, for example, are those which are normally required to be paid off relatively quickly (usually in less than 6 months). Longer term loans tend to have lower interest rates.

    Do a little research about the different loans that may be available to you. Check how much you’ll end up paying back in total, including interest. Just make sure that whichever option you go for, you will comfortably be able to meet the repayments.

    Buying a diamond ring using a credit card

    Using your credit card to fund a big purchase can help if you don’t have the cash available right now, but know you will do when the statement arrives. Credit cards have the added benefit that they offer some protection on big purchases.

    If you have a good credit rating, it may be possible to get a credit card with 0% on purchases for a fixed period, giving you more time to pay off your engagement ring without paying any interest.

    There are a number of different options when it comes to financing an engagement ring. What you go for will depend on your financial circumstances. Just remember, although the engagement ring is important, it’s only the beginning, so don’t overspend. Starting out as newlyweds free from financial strain is better than having the stress of money worries hanging over your relationship.

    wedding
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Jewellery Monthly
    • Facebook
    • X (Twitter)
    • LinkedIn

    Jewellery Monthly strives to be the UK's most helpful jewellery publication - informing, educating and connecting all levels of the jewellery trade to help our industry grow.

    Related Posts

    De Beers Group to Wind Down Lightbox Lab-Grown Diamond Business

    09/05/2025

    GIA Resumes Full Laboratory Services Following Temporary Tariff Disruption

    02/05/2025

    De Beers Reports Sharp Decline in Rough Diamond Sales Amid Market Caution

    24/04/2025

    Diamond Cutter Faces Legal Battle Over $270,000 Shattered Stone

    22/04/2025

    Sanctions on Russian Diamonds Limited by Lack of Tracing Infrastructure

    21/04/2025

    EU Excludes Polished Diamonds from Counter-Tariff Measures Against US

    09/04/2025

    Jewellery industry news & insights delivered straight to your inbox

    Get the free 5-minute newsletter read by Jewellery Industry professionals who want to get ahead

    Your subscription could not be saved. Please try again.
    Your subscription has been successful.

    Explore

    • About
    • Contact

    Reach Our Audience

    • Advertise
    • Submit a press release
    • Submit an opinion piece

    Consumer Education

    • 4Cs of Diamonds
    • Diamond Price Chart

    Jewellery Monthly is part of Loupe Media Network

    Privacy policy | Terms of use | Cookie Policy

    Type above and press Enter to search. Press Esc to cancel.

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT