Personal Loans for Engagement and Wedding Rings

Do your research before you finance an engagement ring

• Set and stick with a comfortable budget: Spending 2-3 months’ salary on an engagement ring used to be the general advice.² That traditional answer doesn’t always apply to today’s modern couples. A smarter approach may be to spend what is within your budget and works with your long-term financial goals. This way, you’re more likely to start the joining of your finances on the right foot.
• Learn your partner’s ring preference: Try to learn your partner’s likes and dislikes when it comes to rings—do they want an engagement ring? Should it have a stone? If so, what kind and what setting might they prefer? If you want to keep it a surprise, seek input from friends or family. This could help you determine the style and size you want and whether it fits into your budget.
• Find ways to buy quality, but trim costs: When you purchase from the jewelry store, you’re not only purchasing the stone, you often buy the stone, setting, and band. One alternative that might save you some money is to purchase the stone separately and get it set by a jeweler. Understanding the quality of the gemstone is also important. For a diamond, the quality is measured by its color, clarity, and other factors. It is not always necessary to buy the highest-quality stone to get the brilliance and beauty that you seek. And depending on your preferences, you could also opt for an heirloom ring or rings or find one at an estate sale.

Now that you’ve set the budget and found the ring, it’s time to figure out how to pay for the ring without increasing your financial stress.

Key things to consider about engagement ring financing

If you wonder how to finance engagement or wedding rings, you may have several options. One approach may be to apply for a personal loan tailored to your needs. Or you could explore financing options offered by jewelers or using your credit card. Each choice comes with its own set of considerations and implications.

Many jewelers offer financing options—sometimes with low or 0% introductory interest rates. Don't forget to read the details of any financing arrangement closely. Some promotional introductory interest rates may require the full loan to be repaid within a set period of time. If any balance remains, the ring could cost you more when the accumulated interest is added. Additionally, you could face steep interest rates.

Another way to finance engagement or wedding rings would be to pay with a credit card. While that might seem convenient, be sure to consider your card's interest rate and whether you'll be able to pay off the balance of the ring in full quickly. Keep in mind that some credit cards have interest rates that can increase over time and that it may be difficult to predict when the loan will be fully repaid.

Benefits of using a personal loan for your engagement ring purchase

• Greater financial flexibility. A personal loan allows you to choose from a range of repayment terms. If you can make larger payments work in your budget, you might choose a shorter term. You'll have one set regular monthly payment for the life of the loan and be able to budget for your financial situation. If you want to explore using a Discover^® personal loan to finance engagement or wedding rings, our payment calculator lets you check your rate and estimated monthly payment with no impact to your credit score.
• Fixed interest rate and set regular monthly payment. By choosing a loan that has a fixed interest rate for the duration of the loan, you might be able to save money on interest compared with other financing options where the interest rate could increase. Plus, you will always know what your set regular monthly payment will be because the interest doesn’t fluctuate.
• A financial product from financial service experts. Rather than planning your finances with a jewelry salesperson, a loan specialist can focus on getting you a loan you could afford that works for your personal financial situation. At Discover Personal Loans, you can talk with a U.S.-based loan specialist who will explain your options and help you complete your application.
• One personal loan can be used for multiple expenses. If you are already considering a loan to cover the wedding or honeymoon you may be able to include the cost of the engagement and wedding rings into the total amount you’d like to borrow.

Choosing the right rings for your engagement and wedding may already feel stressful. Figuring out how to pay for it does not have to be. With a little planning, you can get a ring your partner will love and start a smarter, safer financial future together..

Want to know more about how Discover Personal Loans could help finance your engagement ring, and your wedding?

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