(Closed) Was Your Ring Financed?

posted 6 years ago in Rings
  • poll: Was Your Ring Financed?
    Yes : (104 votes)
    23 %
    No : (354 votes)
    77 %
  • Post # 18
    Member
    1769 posts
    Buzzing bee
    • Wedding: June 2014

    No. He saved up and I have fairly modest tastes.

    I personally hate the idea of “financing”. When you finance anything (furniture, electronics, a new roof, engagement rings) you are buying them on credit, which is the same as a credit card. Even if it’s no interest for X months, it still shows up on your credit report as “bad” debt (as oppose to “good” debt like student loans), and it’s even worse if you finance something and pay it off quickly, because then you have a new line of credit that was opened and then closed over a short amount of time (in general, length of credit history is important (ie, it’s better to have one credit card for 10 years than 10 credit cards for a year each)). “Financing” is just a word that stores use to make you think you aren’t putting it on a credit card, and it seems so schemey and untruthful to me. Even if the store doesn’t hand you a plastic card with numbers on it, it’s the same as buying something on a credit card. Layaway (if it’s availble) is a MUCH better option. Or heck, if you can’t afford something out of pocket for whatever reason, at least put it on a credit card that you get rewards with and have a low/no interest introductory rate! Most “financing” plans have no rewards at all.

    Now I’ll get off my soapbox.

    Post # 19
    Member
    11231 posts
    Sugar Beekeeper
    • Wedding: August 2013

    No, he paid cash, but my ring was under $1000. I actually suggested that he take advantage of their 0% interest deal to build up his credit, but he said no.

    @StL.Ashley:  Even if it’s no interest for X months, it still shows up on your credit report as “bad” debt (as oppose to “good” debt like student loans), and it’s even worse if you finance something and pay it off quickly, because then you have a new line of credit that was opened and then closed over a short amount of time (in general, length of credit history is important (ie, it’s better to have one credit card for 10 years than 10 credit cards for a year each)).

    Sorry, this is inaccurate. Yes, student loans are “good” debt, but credit cards are not bad, per se. Credit cards/lines will build up your credit history and credit score if you pay them on time each month. Paying something off is not the same as closing the line of credit. If you have $1000 worth of credit and you charge up $900, that’s not good, because your credit to debt ratio is high. If you pay that off, your credit to debt ratio is very low, which is a great thing, because it says that you’re not overextending yourself. Closing that credit line is very bad, because it screws with your credit to debt ratio and makes you look less trustworthy because you have less open lines of credit. Yes, a longer credit history is great, but you never want to CLOSE credit lines if you can avoid it.

    Post # 20
    Member
    8037 posts
    Bumble Beekeeper
    • Wedding: December 2013

    Nope. We don’t buy anything unless we can pay it off right away. We’ll get a mortgage eventually so I guess that would be the only thing we’d finance.

    Post # 21
    Member
    1893 posts
    Buzzing bee
    • Wedding: May 2013

    nope. Darling Husband paid cash.

    Post # 22
    Member
    2211 posts
    Buzzing bee
    • Wedding: May 2014

    Yes.  We both own houses and now live together in my house.  To make sure he would have the funds pay off the ring, he made sure to have his house rented before financing the ring.  It should be paid off by the end of the year, if not sooner.

    Overall, we are both pretty conservative in our spending.  I never put more on my credit card than I can pay off immediately, or pay cash.  I will sometimes take advantage of 0% financing offers, even though I usually have the cash saved up to buy whatever I’m looking for, but I always make sure they’re paid off a couple of months before the free financing period ends.

    Post # 23
    Member
    2854 posts
    Sugar bee
    • Wedding: August 2015

    @Stephville:  do you mean financing through the store? or just cash vs credit? because I may have voted wrong if it’s the former lol

    in my previous post I mentioned that Fiance was weird and decided to open up a 15 month 0% interest card (like a visa or whatever), even though he has more than enough cash to pay it off right now.

    Post # 24
    Member
    2903 posts
    Sugar bee
    • Wedding: January 2011 - Midland, TX

    75% was paid in cash 25% of it financed

    Post # 25
    Member
    879 posts
    Busy bee

    No, he paid in cash.

    We didn’t want to start our new life in debt for a ring. Especially with the wedding coming up. I wanted a more reasonable ring so that we could afford other things.

    Post # 26
    Member
    3183 posts
    Sugar bee

    Yes through the Bank of Mom and Dad with a 0% lifetime interest rate. Darling Husband just got out of college so had very little saved. I wanted just whatever kind of ring as long as it was gold due to my metal allergy but he got me something very nice. We’ve had a few obstacles (his Honda Civic unexpectedly died) so we haven’t paid on it like we should have but we don’t have that much left on it. His older brother also financed through them and almost two years later is still paying it off.

    Post # 27
    Member
    1709 posts
    Bumble bee
    • Wedding: May 2013 - Walt Disney World

    He took out a personal loan with his bank to purchase the ring.  I’m not sure how much he paid every month or the interest rate (I guess I could log in to his bank account and check, but I’m really not interested).  He has paid off the balance of the ring this month, so we are good to go.  The purchase of our wedding bands were put on our respective credit cards and we pay well over the minimum each month.  I expect those balances will be zero in a few months.

    Post # 28
    Member
    280 posts
    Helper bee
    • Wedding: September 2013

    Nope!  My sweet Fiance has learned a LOT about how to properly manage money since meeting me, and as a result, he was absolutely set on buying me a ring that he could actually afford.  (Not to mention that I had also impressed the importance of this upon him, many times.  I did not want to be wearing my FI’s debt on my finger!)  So, he saved up his hard-earned money and bought my ring with cash.  I think it was around $2500, so not too pricey…and my Fiance also got a fairly large income tax return that year, which helped him be able to get it a bit sooner!  🙂

    Post # 29
    Member
    1332 posts
    Bumble bee
    • Wedding: September 2013

    Mine paid cash.

    Post # 30
    Member
    3823 posts
    Honey bee
    • Wedding: August 2013

    Nope. Paid with cash. Jeweler wouldn’t accept anything else. 

    Post # 31
    Member
    1238 posts
    Bumble bee
    • Wedding: April 2015

    Cash.

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