Saturday, April 4, 2020


Should I Finance a Wedding Ring? How Much Should I Spend?

January 24, 2020 by  
Filed under Money, Opinion, Relationships, Weekly Columns

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(ThyBlackMan.com) We all know that buying an engagement ring is not a cheap or easy purchase. It can actually be one of the most expensive purchases of your life. There are a lot of things said about how much you should lay down for a ring, but a lot of this is marketing material for diamond purveyors and jewelry stores. Of course paying cash is always the best option when it comes to major purchase like a ring. You won’t have to pay interest and stay away from penalties, unnecessary fees, and extra charges. While you always want your payment to be low, it depends on how much you want to spend and what kind of ring you want.

How much do People Spend on a Ring?

According to a study from TD Bank, the average purchase of an engagement ring is $2,016. This may sound like a lot, but it isn’t compared to how much you could spend. 17 percent of people spend between $2,500 and $5,000 and 7 percent spent $10,000 or even more. However much you want to spend, you will find a ring that is that expensive. But unless you have a lot of money, people want to usually save on their engagement ring. For some, paying for the ring in cash isn’t even an option. Of course you will end up paying more for a ring if you finance it, but it can provide you a way to buy the ring your partner deserves.

Financing with a Store

Since jewelry is often expensive, many stores will allow you to finance a ring by making payments. They do this because they want to make sales. Finance options for these rings vary, but you should always pay attention to the term and that the APR is low. Be sure to make sure that you take advantage of any promotional deals. These interest rates can save you a lot of money if you can afford to pay off the ring in time.

If you have to pay the regular interest rate. You should check the interest rate after the promotional deals end. See to it that you can afford the payment for the APR in the off chance that you don’t pay if off in time. APR should always be as low as possible, whether you get a deal or not. Be aware of hidden fees and charges that the store will stick on you.

Personal Loans

Depending on your rate from the store, taking out a personal loan can be an option for you to get the money you need for an engagement ring. However most of time it is the last resort. The specialists at MoneyPug, a site that is used to find instant payday loans, you will want to secure a 0% APR finance deal. You should always pay it off as soon as possible. If you are taking out a personal loan, you should try to get one that is under 10 percent interest. It is important to ensure that it is lower than any credit card APR, which is typically around 16 percent.

Credit

A third option is to finance an engagement ring is to put it on an engagement ring. Like personal loans, you should see to it that the APR is as low as possible. Make sure that your credit is as good as possible. Build up your credit score before you buy a ring on a credit card. While you may be excited to propose, you should get your credit in the best shape it’s ever been in. Then you will be able to get the ring that your partner deserves.

When you’re looking for an engagement ring for your partner, you should make sure to weigh all of your options. If you can afford to pay for it in cash, you should definitely go that route. But if you are unable to do so, find the lowest APR possible and see if you get a promotional deal. Whatever your budget, you can find the perfect ring to ask your partner to marry you. Do your research and you will find the right ring for the right price.

Staff Writer; Ronald Ford


Comments

One Response to “Should I Finance a Wedding Ring? How Much Should I Spend?”
  1. Trevo Craw says:

    Save up for the ring. Spend within your budget. Have a big marriage, not just a big expensive wedding. Try estate sales and even pawn shops for incredible deals on rings. You would not believe what you can find for far less. And you can even negotiate pawn shop prices and use their layaway. A ring is a symbol, not the marriage itself. So don’t start off the symbol of your marriage by being in unnecessary debt.

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