Engagement ring financing exists with bad credit. This is great news if you want to propose to your partner but don’t have a good or excellent credit history.
Many nationwide lenders and jewelry stores can help make your dream proposal a reality.
You see your life partner’s dream engagement ring in a jewelry case, patiently waiting to be picked up.
You will buy an engagement ring or any type of jewelry today, but you haven’t saved enough cash and your credit score is not great. This is necessary for you.
It’s really fine! You can still buy that ring, and we’re here to help you figure out how to do it.
She believes that bad credit shouldn’t stop you from getting down on one knee and proposing to the one you love.
Let’s dive deeper into some ideas for engagement ring financing options at your disposal.
Choosing a ring that you think your beloved deserves is no trivial feat, given the budget.
The best part is that if you need to finance your diamond ring with a loan, any other jewelry finance, any other finance, and even credit card or property, There are many engagement ring financing options available at the moment.
To access the best schemes, your credit rating should be in almost flawless condition. A low credit score will only give you access to low-rate loans.
If your credit score is a bit difficult, then you need not panic. You have a plethora of bad credit engagement diamond rings or jewelry financing options that you can easily choose from.
Personal loans can be used for almost anything, including engagement ring financing, and are worth considering if you don’t have the cash to cover the cost of a particular ring.
Here must have a look at the best personal loans for engagement ring financing with bad credit in this article.
How to Finance an Engagement Ring With No Credit
Depending on your financial plan, you may incur additional charges, especially those related to late payments or payments made with insufficient funds.
But if you have bad credit, you may not even get approved for a new loan or credit card.
You choose any finance option very carefully. Buyers usually blindly choose one of these options to finance their engagement ring, but each option has drawbacks. It is important for you that you take decisions wisely.
You know your financial situation best, so be sure to choose a path that best suits your needs!
Open a 0% interest credit card: This type of credit card allows you to make payments on your purchases without paying interest for a set amount of time (eg 12 or 18 months).
Sounds simple, doesn’t it? Well, there is more to it than meets the eye.
Understand the finance process very well. Even if you don’t have to pay interest for several months or even years, it is still accumulating behind the scenes. Which you should know.
If you do not pay for your jewelry or engagement ring in full before the specified time period, you may be in trouble. You will then have to pay interest – on the full price of the ring, not just on your balance!
Choose a low-interest credit card: Although this option requires you to pay interest on your purchases, the rate for credit cards is lower than the national average (about 16%).
Your interest rate may be low for some time (eg 24-60 months). But similar to the previous option, if your ring is not paid in full before the end of the promotional period, you will inevitably be penalized.
If that happens, you’ll have to start paying almost twice as much (about 30%) interest on your balance!
Apply for a personal loan: If a bank, credit union or other institution approves this type of loan, you receive an amount and you are expected to repay it in small, monthly installments.
According to NerdWallet, you typically have two to seven years to pay off your loan.
People with bad credit are more likely to pay higher interest rates than those with good credit.
Can You Finance Jewelry With Bad Credit?
You don’t need excellent credit to finance an engagement ring. A personal loan through an online marketplace, such as MoneyMutual, CashUSA, or BadCredit Loan is one option.
You must pay at least the monthly minimum payment of your loan during the agreed loan term.
If you prefer to get financing directly through a jewelry store, you can look forward to non-promotional purchases, even if you don’t have the best credit history.
For example, GAGE Diamonds offers a 0% purchase APR for up to 24 months. Regardless of your financial choice, you will need to repay your ring through a fixed monthly payment.
It is a good idea to explore financing options for all your jewelry and engagement rings as this is a very important decision.
This is essential in order to choose the right option for your budget and lifestyle needs.
Be sure to read the important instructions, and the fine print before signing on the dotted line of any personal loan or jewelry store financing program.
Can I Finance an Engagement Ring With a Credit Card?
Yes, It is possible, you can finance an engagement ring with a credit card without any problem. However, there are some caveats to this financing option.
First and foremost, credit card limits are usually too low to accommodate such a large purchase.
If you want to buy a diamond ring for $3,000 but your credit card limit is $1,000, for example, you’re out of luck because your credit card will decline the transaction.
The good news is that you can quite easily qualify for a credit card from a jewelry store that will accommodate your purchases. And many jewelry stores offer a variety of branded cards that come with a 0% APR promo period.
This is a very important decision, so you should go with it carefully. If you do not pay off your engagement ring before the given time within this promo period, you will run into a host of problems along with higher interest rates, higher payments, and deferred interest.
Unless you’re confident you’ll be able to repay your ring within the promo period, it’s best to stay away from jewelry store-branded cards because the high APR will make paying off the loan difficult.
This can put you in a cycle of debt which can cause financial stress in your marriage.
What Credit Score Do You Need to Finance an Engagement Ring?
Engagement Ring Financing with Bad Credit With a credit score of 580 or above, you can apply for a personal loan. You need 580 or more credit scores.
Which Jewelry Stores Approve Bad Credit?
Fortunately, many jewelry stores will lend you money for an engagement ring if you have bad credit.
You may have to make a qualified purchase and meet certain criteria, such as a stable job and an active checking account.
If you meet these requirements, you should be approved fairly quickly.
Keep in mind that regular account terms usually only apply to non-promotional purchases, so if your ring is on sale or otherwise qualifies as a promo purchase, you may need to explore other financing options.
For example, Helzberg Diamonds offers credit cards, revolving lines of credit, and installment plans.
Whereas with Gage Diamonds, you can get easy financing within 24 hours and a 0% purchase APR for up to 24 months without any late fees or penalties.
At Crown Jewelers, you can withdraw a store credit card and get instant credit approval.
You can qualify for a guaranteed zero-down account after making timely payments for a period of six months.
Important Advice
It works the same way as anything else you want to finance – first, you’ll determine the amount you’ll need to pay and apply for it.
If your Diamond Engagement Ring financing application is approved, you will use that money to purchase the Engagement Ring.
If you choose to use a bank for your loan, the approval process can be a bit lengthy.
Financing an engagement ring with the use of a loan is easy, but you have to be very careful about your financial setup and what your personal preferences are.
The best advice would be to take a look at all the financing options so that you can make an informed decision.
Final Words
Engagement Ring Financing with bad credit can be the key to your dream resolution.
Whether you opt for a personal loan through a lender or a payment option through a jewelry store, you will be able to purchase an engagement ring with ease.
You can get your engagement ring financed with a paid plan to start happily ever after! To help facilitate a stress-free shopping experience, we make it easy for her to buy the perfect engagement ring with flexible payment options.
Just make sure you explore all of the engagement ring financing opportunities. Compare the rates and terms of each so you can make an informed decision. Good luck with your proposal!