An engagement ring is a beautiful gesture to symbolize your love, but as one of the most important purchases in your life, it can often be costly. Whether you choose mined diamonds, lab grown diamonds or simulated diamonds, your stone will greatly affect the overall price. But, there are ways to afford high-end engagement rings without breaking the bank. Engagement ring financing is a common method to budget for an engagement ring when looking at ways to afford your dream style.

Most jewelers offer multiple financing options or can at least give you recommendations. But it’s essential to research all of your payment options before deciding on a jeweler or specific engagement ring. This will help ease your stress and may even allow you to afford more than you thought you could. Read on to find out about all of the best engagement ring financing options to help you bring home a stunning sparkler.

 

About Engagement Ring Financing

When it comes to engagement ring financing, there are a lot of different options to choose from. Some online jewelers partner with companies to streamline the checkout process and make it extremely easy, while others can offer recommendations based on the most popular financing plans. Just as you should shop around for the perfect ring, you should also shop around for the perfect jeweler and payment plan. Along with having trust, it’s essential that they offer a payment plan that fits your needs.

Rarely anyone is able to afford an engagement ring up-front, which is why many consumers turn to financing or payment options. A good engagement ring financing plan should approve you for the amount you need while keeping the interest rate low so that you can take your time paying it back. The plan should also be upfront about any additional costs so that you don’t get blindsided with a large bill later on. Read the terms and conditions very closely, look over the engagement ring insurance options, and research reviews before signing anything.

 

Top Choices: Engagement Ring Payment Plans

While financing your engagement ring is one of the most popular payment methods, it certainly isn’t your only option. From lease-to-own to no interest payment plans, you have a number of options to help you afford your dream ring. Before you complete the process of purchasing your ring or choose a specific financing plan, learn all of the different payment options when it comes to such a large purchase.

Affirm Financing

As a steadily growing financing company that has partnerships with a wide range of online jewelers, Affirm Financing is one of the most popular payment options. While the rates may differ depending on the jeweler you choose, you can receive as low as 0% financing for up to 36 months. That’s three whole years that you won’t have to worry about interest raking up, on top of the large sum you’re already paying. Plus, if you get accepted for a sum larger than your engagement ring, you can use the rest to purchase your wedding rings for the ceremony. It’s a real win, win.

 

Progressive Leasing

Unlike the average payment option, Progressive Leasing is a no credit needed lease-to-own purchase plan. This option is great for those who have little to no credit and get declined for financing. If you go with this plan, you’ll also have a 90-day early buyout option where you can pay off the remainder of your balance. And, similar to Affirm, if you get approved for more than just the cost of your engagement ring, you can use the remainder to purchase your wedding bands. Since a no credit needed payment option is hard to come by, not every jeweler will offer this. Research payment plans before deciding on a specific jeweler if this plan is something that you may need.

 

PayPal Credit

If you’d rather not finance your ring but just need a few extra months to pay off the total balance, PayPal Credit offers a great option. Receive no interest for the first six months to allow yourself a little more time without having to deal with the hassle of a complex financing plan. This is seamlessly incorporated into the checkout process of many online jewelers, so all you need to do is shop and select PayPal at checkout.

 

Personal Loan

If your options are limited with the jewelry store of your choosing, then you may need to turn to a personal loan. The downfall to this option is that personal loans tend to have the highest interest rates, so they can significantly raise the overall cost of your ring. You can find the right plan for you by doing a little research online, but a better option would be to ask family and friends. It’s better to use a loan service you can trust that someone you know has had success with.

   

How to Save Money on an Engagement Ring

If you have begun looking into engagement ring financing or other payment plans, you might have realized just how large of a purchase you’re about to make. But, it’s important to note that there are some easy ways you can lower the engagement ring cost. This way, you’ll be able to pay your purchase back quicker, resulting in less interest rate accumulation. Here are some top tips to keep in mind when shopping for an engagement ring to keep the cost down.

 

Purchase just under a whole carat weight. Whether you’re looking for a 1 carat, a 1.5 carat or even a 3 carat diamond or diamond simulant, it’s smart to choose a stone just shy of the exact carat weight. This is because the price increases drastically with exact weights. Choosing a stone that is .99 or 1.49 will help you save money without having to compromise on your optimal stone size.

 

Opt for 14k gold over 18k. While 14k gold is standard, some jewelers offer their rings in 18k which means there is more gold in the mixture. Choosing a setting with more gold has a couple of downsides. First off, more gold means more money. While it isn’t always a huge price difference, gold is a very malleable metal. This means that it’s more prone to scratching, which is why it's mixed with other alloys when used in fine jewelry. So while 18k gold may cost more, it is more likely to get scratched over time and need to be repaired.

 

Choose a man made stone. Mined diamonds are an outdated choice, and they are also the more expensive choice which makes the switch to man made diamonds extremely easy. Lab grown diamonds are up to 50% less than mined diamonds, while diamond simulants—like the Nexus Diamond™ alternative—may be up to 80% less than mined diamonds. That’s an incredible amount of savings, no matter which stone you choose. Given the fact that your diamond is usually the most expensive part of your ring, this choice can literally cut the cost of your engagement ring in half. There is also the option for an engagement ring upgrade in the future, so you don’t have to make as large of a purchase now.

 

Is Engagement Ring Financing Right for You?

Whether or not financing your ring is the best option for you should be determined by a few different things. First, you’ll want to decide on a general price range. From there, you can determine how that fits into your income. If you can split it up over just a few monthly payments, then you may not need to finance your purchase depending on the options your jeweler offers. But, if you think it’s more fiscally responsible to stretch the payments out for a longer period of time, then financing your ring might be the better option for you.

It’s always helpful to speak with family and friends who have recently gone through the same thing. They can help you make a decision based on their experience. If you don’t have anyone you can ask for advice, then research is the key. While it may seem scary to finance such a large purchase, you also don’t want to spend more money than you have. With engagement ring financing, you just need to be diligent about making your payments so that you can pay off the ring of your dreams without added stress.



*Here at Diamond Nexus, we strive to provide valuable information while being clear and honest about our products. The Nexus Diamond™ alternative is a patented lab created diamond simulate that, among all simulants, most closely imitates the look, weight and wear of a diamond, with two exceptions - it is absolutely perfect in every way, and it costs significantly less. Price points and environmental facts expressed in this blog were taken from popular online retailers and may vary. Learn more about the environmental impact of mining by visiting our blog.