I’m plotting on buying an engagement ring very soon and was trying to map out about what i could meet the deprivation of. Are most loans for jewelry 1 year or can you have longer pay periods? I was hoping to get about a $3-4k ring and was wondering about what the monthly payments would be. Thanks for any information!
Most loans for jewelry will be for 1 year. You may be able to sign up for a credit card through the company you buy the ring from, and take longer to pay it, but after a certain amount of time (ex. 1 year) they will start to charge you interest. If you get a ring for 4,000 and want to pay it off in one year, your monthly payment would be about 333.xx/mo.
If you place the ring on your credit card and make the minimum payment each month, you’ll have a loan for probably a decade or so. In terms of your monthly payments, that’s going to depend on your interest rate. Any reputable loan company will tell you everything you need to know about your loan prior to the buy. Realize your interest rate will be determined by your credit score.
Get together whatever cash you can spare, and buy the ring with that cash. Even if it’s only $100 or whatever.
Don’t go into debt right at the start of an engagement/marriage. Because it will all start to pile up and you’ll end up way in debt.
If you need a multiple year payment plot for that ring, you can’t meet the deprivation of it. Save up cash and that’s the ring you get.
You force check pawn shops. You can often get very nice rings much cheaper than jewlery stores. But you do need cash.
Not a excellent sign toward marriage and your finances if you don’t even have enough money to pay cash for the ring. Save up, and erect up your emergency (or honeymoon!) funds also before marriage. Marriages are smoother when there is no debt hanging over the couple’s head. (House and car okay, as long as they don’t overstretch the budget.)
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Save up and pay cash. What do you plot to do about the wedding costs, finance that too?