Once you are head over heels in love with a person, all you would yearn for is to pop the question along with a stunning diamond ring. Here, people usually feel that the importance of the diamond ring is really supreme since it represents their love, commitment, and devotion towards your partner. Naturally, you will leave no stones unturned to shop for one of the best and brilliant diamond rings in order to impress your better half.
Diamond Ring Financing
Not everyone will be in a financial state to afford a brand new dazzling diamond engagement ring. In this case, most people may go for the diamond ring financing option offered by the jewelry store. Somewhat a different version of loaning, such a diamond ring purchasing plan allows a person to buy the diamond ring that costs more than the money that he/she can afford at that time. With diamond ring financing, they can pay the rest of the money later by choosing any of the payment plans offered by the loaning entity.
The Disadvantages
It is not as easy as it seems; it can be really dangerous if you fail to choose the payment plan wisely. So it is recommended to be very vigilant while reading the contract. Note the promotional period that your company offers and what happens if you miss a payment or if you fail to pay off your ring before the promotional period expires. In most cases, diamond sellers will implement a high-interest rate on your ring, or in worst cases, you will have to give back your ring to them.
Even though a diamond engagement ring is an integral part of your relationship, it is high time that you realize the real value is for your emotions and not just for the rock. Hence, it is better to opt out of diamond ring financing if you do not want to be indebted at the beginning of a beautiful relationship that is destined to be forever.
Types of Diamond Ring Financing Options
In the case you are confident that you can pay off your ring before the expiration of your promotional period, you may consider diamond ring financing. However, be sure that you are clear about your diamond engagement ring payment plan. Some of the common options for financing your diamond engagement are given below.
- Financing through a jewelry store
- Financing through a credit card
- Financing through a personal loan
If you are skeptic about the above payment plans, you may go for some alternative options as well. Some of those methods include borrowing money from a relative or friend, earning some extra money by doing overtime, selling your not-in-use-anymore belongings, scaling back your monthly expenditure, etc.
