A costlier option than 0 percent financing is to take out a personal loan for the purchase price of the ring and repay the loan over three or five years.
Obviously, using a personal loan to finance an engagement ring will tack on a considerable amount of interest to the total cost of your ring.
Is it bad to finance an engagement ring?
The good news is that having bad credit shouldn’t get in the way of purchasing an engagement ring. It just might make the process a little longer. Many jewelers offer special financing plans for customers with bad credit. Those plans often involve a higher interest rate and less repayment flexibility.
How much do you put down on an engagement ring?
Rule of thumb: Spend 2 months of your income on an engagement ring. Therefore, if you are making $1000 per month, spend $2000 on an engagement ring. If you’re making $2500 per month, spend $5000.
Are Costco diamonds worth it?
Costco’s Diamond Cut Quality Review
Cut has the biggest impact on a diamond’s beauty and sadly, the cut standard at Costco is mediocre. You see, Costco allows GIA “Very Good” cut diamonds in their inventory and this means you might end up buying diamonds that aren’t cut well.
What credit score do you need to finance an engagement ring?
Engagement ring financing with bad credit
With a credit score of 580 or better, you can apply for a personal loan.
Where should I buy my engagement ring?
Here are the top places to buy an engagement ring you should not ignore:
- James Allen (for the best place to buy an engagement ring online)
- Blue Nile (for the best diamond selection)
- Whiteflash (for the best quality diamonds)
- Costco (for the best value)
- Tiffany (for the best in-person customer service)