- 7 years ago
- Wedding: November 2013
We did not finance our rings.
We did not finance our rings.
For anyone that hasn’t purchased yet, if the jeweler offers a 0% interest plan, and you have the cash in savings already consider asking if there is a better price for paid in cash, the same day. If the jeweler is doing the financing through a company like GE financial then there is a good chance they have to pay a credit card fee to process the transaction. When I bought my Fi’s ring I got 2.5% off, the best financing they offered was 12 months at 0%, I have some savings earning significantly more than 2.5% apr but none that is liquid. If your other option is keeping the money in a savings account (or money market account) there is a good chance that the jeweler can offer discount that will be more valuable than the interest you would gain. Obviously this isn’t for every one but it is worth asking about as many jewelers have this policy but dont advertise it.
@weddingbee098: yup! we are both students and don’t have a whole lot saved, so he got a zales card to finance my set (which is under $1000 total). It’s 0 interest for 6 months, and if for some reason we don’t pay it off by then it’s only a $25 a month minimum payment. It was also on sale.
The perks of going back to school for a different degree *sigh* but I got my dream ring!!! (2 ctw with a 1.75 center black diamond)
Paid the deposit in cash, had the ring made, and paid the balance in cash.
@weddingbee098: I have emoional fear of financing, it’s true, and I haven’t paid interest for decades.
But I have to say that if someone is going to float me a 5 year loan at no interest it’s prudent to consider that.
I would likely, though, get a price set and then, once financing negotiations began, ask for a reduction in order to give them cash today. Cash is a good bargaining chip if you are up to bargaining.
Nope. My ring was paid in full when he bought it. It was 600 dollars and its not massive, but I love it. He picked it out alone and when I look down at it, it reminds me of how much he loves me.
No, but I have some 0% interest store cards that I think are GREAT. I don’t use them that often but if you want to give me 24 months of 0% interest well then I will use that and take my sweet time paying it off. I wouldn’t take 24 months (I think I’d be tired of it by then!) but maybe I’ll spread my payments over 6 months or something (big purchase). More cash on hand for me. As long as you can pay it off or it fits into your budget.
Mine did, but because he wanted to build his credit further? I’m not sure why, he makes enough to afford it. Maybe he got an interest free deal like yours (he won’t tell me how much it cost him, but I’m guessing in the $3-4k range based on context clues). He could have comfortably afforded that in cash, but he financed it and paid it off in like 5 months, so. *shrug* No idea why he did that.
ETA: Guess it was the big financial purchase decision that everyone above me is talking about. That sounds like something he’d do, he’s way better with money than I am, lol!
Yes, but only to build his credit. He had more than enough money saved up to buy it.
My fiancé paid £1000 cash and got the other £1100 on finance for 6 months. It’s paid off now.
My Fiance financed some of my e-ring. The center diamond (1.05 round brilliant) and 24- 2 pt diamonds were provided by his mother. He had to pay for the balance of the small rounds (about 12) and the platinum setting for both the e-ring and the band. All in all I have no idea how much he charged. I just know that he’s still paying for some of it. It sure is pretty!!!!
no, he paid cash. But if it was 0% I would not worry too much about it.
My soon to be Fiance is going to be financing the ring. He is doing it mostly to build credit. I don’t see any problem with it as long as he is comfortable with it. He isn’t spending a lot of money on it though, so it should be paid off fairly quickly.
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