(Closed) Financing an e-ring?

posted 4 years ago in Rings
Post # 16
3222 posts
Sugar bee
  • Wedding: September 2016

I don’t think financing an e-ring is the best idea ever. What if one of you is laid off? even if you are doing a 0% repayment plan, the 0% ends sometime. If you can’t come up with the money without putting strain on your finances, I think it’s best to get a different ring. The extra special Danhov ring can be an anniversary present, later. 🙂

Post # 17
336 posts
Helper bee

snpmarin:  You’re afraid you could lose control of a credit card easily? Maybe a loan wouldn’t be the wisest choice for you, either.

Post # 18
3858 posts
Honey bee
  • Wedding: April 2007 - City, State

kawood0618:  as long as you are able to afford the payments, or your SO in this case, I don’t see why it would be bad to finance the ring. Many people use credit to buy an engagement ring. I see nothing wrong with doing it at all..

Post # 19
9278 posts
Buzzing Beekeeper

I agree with PPs that have said if there’s a no-interest period (and it can be paid off easily within that period), then that’s the way to go. That’s actually the smarter financial choice than paying for it all upfront because you can keep as much of your $ in savings (and thus keep accumulating interest) as long as possible.

And if you can put it on a credit card that earns cash back or other rewards, even better (but same story as above — pay it all off before any interest accrues). 

Post # 20
1296 posts
Bumble bee
  • Wedding: June 2016

missxmelon:  Your judgement isn’t necessary here either. Thanks.

Post # 21
730 posts
Busy bee

acsweetpea:  It’s nice to find someone whose thoughts on this are similar to mine! 🙂

snpmarin:  Sorry about your bad ring experience. That is a bummer. If you look for more modestly priced rings in the future, I definitely recommend etsy. There are some gorgeous things on there at all price points, especially if you’re open to non-diamond. I ended up buying in a local store, but really thought I’d go with etsy. You do have to be willing to put in the research to find a high quality ring, but they’re out there!

  • This reply was modified 4 years, 4 months ago by  Nontra.
Post # 22
1296 posts
Bumble bee
  • Wedding: June 2016

Nontra:  I’ve checked out etsy, but honestly, I don’t really know a whole lot about it (or ebay). I’m afraid of being ripped off. Do you recommend any particular sellers? You can PM me so we don’t steal the thread from the OP.

Post # 23
1553 posts
Bumble bee

I would never finance a piece of jewelry. When it comes to luxury items, you either have the money or you don’t.

Post # 25
1308 posts
Bumble bee

If you really think he could pay off the 2k “quick”, I would just save the 2k “quick” and pay for it in cash – no strings attached.  Even at 0%.

I don’t personally believe in debt unless it’s a mortgage or student loans (within reason), but that’s just me.  It has nothing to do with being rich or poor – just living within your means.

Post # 26
12287 posts
Sugar Beekeeper

I would only finance for a need, or something big like a mortgage, not a luxury item, no matter how sentimental. I’d sooner wait. 

Post # 27
1527 posts
Bumble bee
  • Wedding: March 2016

doglover89:  good point. if he can pay off 2K quickly then just save it. No, I wouldn’t finance a ring but I’m a weirdo. I won’t even finance a car.

Post # 28
340 posts
Helper bee
  • Wedding: Hans Fahden Vineyards

I actually would finance, but that’s because I can take the $40,000 and earn 6.75% interest on a dividend stock… With 1% or so interest…with the amount I kept I ended up saving what will likely be a few thousand dollars. 

Absolutely wouldnt finance if I couldn’t afford it, as it’s the pentultimate luxury item. Think everyone on here is diamond obsessed to a degree (I’m one of the worst), but that’s beyond rationality to me. My .02

Post # 30
182 posts
Blushing bee

“Debt is dumb. Cash is king”

I paid cash for the e-ring for my FW.

Many places will give you “cash discounts” if you pay cash. The discounts can vary from not paying tax, or a percent off.

I mainly paid cash to avoid being in debt. It took me a few months to save up but it was the biggest purchase I’ve ever paid for in one lump sum.

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