Take financing with your jeweler
When it’s best: A jeweler payment plan may be the right choice if you qualify for a low- or no-interest plan and can pay the ring off in full before the promotion ends.
Correspondingly, is it common to finance an engagement ring?
The fact is, most people aren’t financing an engagement ring as a 0% APR hack. Most people are financing an engagement ring because they can’t afford the ring they “really think their spouse wants.” If you really want to get a ring, keep it simple.
Keeping this in view, do jewelers offer payment plans?
Almost every major jeweler offers a financing option. They usually promote interest-free financing for a certain period, such as 6 or 12 months. It’s easy to be tempted by financing “deals” offered by well-known brick and mortar stores like Jared the Galleria of Jewelry, Kay Jewelers, Shane Co. and Zales.
What credit score do you need to finance jewelry?
Once again, you typically need a good credit score to be approved. We have seen various lenders accept credit scores as high as 720 and as low as 580. Remember, though, you may have to pay a higher interest rate if you’re approved with a lower credit score.
General Rule: You should spend at least 2 months salary on the engagement ring. If, for example, you are making $60,000 per year, you should spend $10,000 on the engagement ring.
The approval is pretty easy as long as you don’t have a bad history and income to support the purchase. My score was 650 EQ. Believe it or not larger purchases of $10,000 or more usually have a 20% down instead of 50%.
According to The Knot 2021 Jewelry and Engagement Study, the average cost of an engagement ring is currently $6,000. If you’re deciding how much to spend on an engagement ring, there are several factors to consider. While $6,000 is the national average cost of a ring, the spend per couple varies.