(Closed) Is it worth financing a ring?

posted 3 years ago in Rings
Post # 16
Member
1043 posts
Bumble bee
  • Wedding: March 2015

There’s a huge price range between your temporary $20 ring and your $2500 engagement ring. Even if you can’t afford to replace the engagement ring right now, couldn’t you get a nicer stand-in in the $150-ish range that you could wear as a RHR afterwards?

Post # 17
Member
2005 posts
Buzzing bee
  • Wedding: April 2018

SithLady :  This is what my SO is doing. He only got a ring that would fit into the payments he could afford with no intrest. So he gets two years to pay it off. 

So financing is only smart if you can stick to that kind of budget. 

Post # 18
Member
6628 posts
Bee Keeper
  • Wedding: June 2015

Good advice… Don’t finance. Look for something inexpensive but still nice. Don’t knock gemstones as an option.

remember: what if you finance and lose this one too? You’ll still be paying them with nothing to be had for it.

Post # 19
Member
904 posts
Busy bee
  • Wedding: October 2017

My fiance financed mine but only because he was in the process of rebuilding his credit.  Som he financed it and made $500 payments and had it paid off 8 months.  Personally, I’d invest in a nice stand in ring for a few hundred dollars, whatever you can afford, make it something fun that you wouldn’t want for a “forever” ring but that will satisfy you for now that you can wear as a right hand ring later.  

Unfortunately, it’s not the jewlers responsibility to tell you to insure your ring.

Post # 20
Member
2573 posts
Sugar bee

YES to financing if you can get 0% interest until the ring is paid off. It takes discipline and you still need to establish a budget so you can make all the payments before the no interest period ends.

NO to financing if you are going to get a ring that you can’t pay off before interest kicks in. Definitely no to mall jewelry store charge cards, which are designed to rope you in and rack up interest on you. 

Basically, do your math and play it smart by choosing something that works for your monthly budget and yes, you can finance a ring you love imo. Good luck!

Post # 21
Hostess
9679 posts
Buzzing Beekeeper
  • Wedding: March 2014 - Chicago, IL

Have you considered secondhand? There’s amazing rings on DiamondBistro and LoupeTroop all the time, usually for a fraction of what the original costs were. Lots of ladies like to swap their rings out and start new jewelry projects, and you can find some great deals that you might be able to afford without financing.

I would avoid pawn shops only because the markups are RIDICULOUS. Like I tried to pawn a diamond cluster and they only offered me $5 for it’s weight in gold (which was basically an insult). I’m sure they would have sold it for at least $100. 

Post # 22
Member
1188 posts
Bumble bee
  • Wedding: February 2014

Everyone talks about good vs bad debt.  NO debt is good if you wind up without a job or sick or hurt.  So, as someone else pointed out, use banks for things you *need* like a roof over your head.

Post # 23
Member
37 posts
Newbee
  • Wedding: February 1992

So many people made good points; I would go with secondhand, an alternative stone if I wanted something brand new, or a smaller, cheaper diamond now and upgrade it later on for an anniversary, birthday, etc. 

Post # 24
Member
2452 posts
Buzzing bee

If you do get a new ring, please look into insurance for it, this time!

Maybe you could get a setting with a sim, semi-precious stone, etc, to wear for now and plan to upgrade the stone at a later date? That way, you’ll still have the sentimental aspect of the ring.

Post # 25
Member
1371 posts
Bumble bee

You should always have insurance on your rings in case anything like this happens again. With that said, I would not finance a ring. Even if it’s for $1000, the interest builds up quickly unless you can pay it off right away.  And if you’re going to pay it off right away, best to just save and pay cash then for a new ring.

Post # 26
Member
7371 posts
Busy Beekeeper

Rings are luxuries not necessities.  Last thing I want is stress over an outstanding debt for luxury. Like I used to charge my vacations. Nothing worse than doing that and coming back from vacay feeling the stress to now pay it off. I know save up and pay for everything outright (Tickets/hotel) and plan a budget for my spending. That way I can enjoy my vacation and even splurge a little guilt free. 

So, I’d vote, no.

Post # 27
Member
2340 posts
Buzzing bee
  • Wedding: June 2015

So sorry that you lost your ring.

You have a wedding to pay for, things rarely stay in budget. I’d decide what you want your engagement ring to look like, then buy a Berricle or equivalent is as close to that as possible. 

Once the wedding is over, you could save each month into a separate savings account just for your ring. 

As it’s my worst nightmare, would you mind sharing how you think you lost your ring?

Post # 28
Member
891 posts
Busy bee
  • Wedding: March 2015

Financing is for cars and homes.

Post # 30
Member
1383 posts
Bumble bee

My Fiance was 100% against financing, which is fine with me. We saved up a long time to buy my ring 5,000 cash. Because we were doing cash, we had to switch from the original 1.2 carat to a .91 carat diamond. But I am so happy that the ring is fully paid for. Now I just need to get it insured, because it is a lot of money (for us) to have it be gone in an instant. I would save until you can afford. 

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