NEW YORK, NY / ACCESS Newswire / May 24, 2025 / Getting engaged is one of the most exciting moments for couples ready to take the next step in their relationship. But the cost of an engagement ring can sometimes cause financial anxiety that takes away from the joy. The good news is engagement ring financing may alleviate the worry of how you'll pay for a ring and provide you with a predictable repayment schedule that won't burden your relationship.
This article explores some of the best ways to finance your engagement ring so you can focus on the more important task at hand, popping the question.
In-Store Financing
Jewelers may partner with lenders or credit card companies to offer in-store financing for engagement rings. These programs typically let you spread the cost over a period of six to 24 months with little to no interest. As a result, you may be able to afford your preferred ring without worrying about paying a lot in interest.
That said, it's crucial to pay the full balance by the end of the financing period. Failure to do so could mean the lender will add back all the interest you didn't pay during the original term.
Personal Loan
Personal loans are widely available at various banks, credit unions, and online lenders. It's a lump sum you borrow and repay in fixed monthly installments plus interest. The predictable payment schedule of personal loans makes it easy to plan ahead and fit the loan payment into your monthly budget.
You can also shop around and compare quotes to find favorable interest rates and loan terms that fit your needs.
Credit Card
Credit cards typically have high APRs for purchases, so if you use a card to pay for a ring, you'll need to have a plan to pay off the balance quickly. However, many cards offer benefits that could help reduce the cost of an engagement ring when used strategically. Benefits may include:
Cashback rewards: You could accumulate cashback rewards credit card when you purchase the engagement ring. Many credit card issuers will allow you to redeem your cash back rewards as a statement credit, which would help you lower some of the balance you owe.
Signup bonuses: The card may pay a lump sum or statement credit if you spend a predetermined amount within a specified timeframe after opening the account. For example, you might receive $300 for spending $1,000 during a limited timeframe.
0% APR: Some cards offer a promotional period, often 12 to 21 months, with 0% (annual percentage rate) APR on purchases.[1] As a result, you could save money on interest by paying off the balance within the promotional period. Just keep in mind that you'll start to accrue interest on any remaining balance once the promo period is over.
Imagine the engagement ring you want to buy is $2,000. You open a new credit card with the following terms:
1% cash back on all purchases
$150 signup bonus for spending $2,000 in the first three months
0% APR for 12 months
Buying the ring with the credit card would qualify you for $20 cashback rewards and the $150 signup bonus. That means you have $1,830 left to pay. You can then spread the balance over 12 months, allowing you to pay for the ring in full with no interest for just $152.50 monthly.
Buy Now, Pay Later Program
Buy Now, Pay Later (BNPL) programs are third-party services that let you buy your ring today and pay for it over time. The BNPL service pays for the ring in full. You then pay the BNPL service, usually with a low interest rate or a small fee attached.
These services could offer additional convenience since you may not have to search for a loan or credit card. Instead, if the jeweler works with these programs, you may be able to sign up while paying for the ring.
Fund Your Forever, Without the Wait
Saving up cash for an engagement ring may take a long time. Fortunately, you have plenty of financing options to fill the gap between your savings and the ring's cost. Jewelers may offer convenient in-store financing or partner with Buy Now, Pay Later providers. However, you may also explore personal loan options or use new credit cards strategically to finance the ring as well.
Remember to explore all your options and shop around when looking for personal loans and credit cards to find the best potential offers. That way, you can figure out financing that works for you and free up your time to prepare for the big moment.
SPONSORED CONTENT
Contact Information:
Name: Sonakshi Murze
Email: Sonakshi.murze@iquanti.com
Job Title: Manager
SOURCE: OneMain Financial
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