Purchasing a diamond engagement ring is one of the biggest purchase decisions you’ll ever make. The perfect ring looks different to every bride-to-be, but the reality is that an engagement ring comes with a significant price tag. With the average couple spending $500 – $3,000 on a diamond ring, it’s no surprise that many people finance their purchase. Paying cash often ends at the best price as there’s no need to pay interest or risk late payment fees or penalties. There are several ways you can finance the purchase of a diamond engagement ring.
What is a simulated diamond?
Simulated diamonds look like natural diamonds but have entirely different chemical, physical, and optical properties. Natural diamonds are the hardest of all gems and minerals, can hold up to daily wear and tear, and have a bright luster. Simulated diamonds are man-made, and are popular due to their similar appearance to real diamonds without the price tag.
Many couples choose a simulated diamond because it’s conflict-free, environmentally friendly, and up to 80 percent cheaper to purchase. Nothing says love like the sparkle of a stunning diamond halo engagement ring. There are countless halo designs to choose from, such as single halo, double halo, and center diamond only. Agape Diamonds LLC offers customers an incredible selection of halo engagement rings in white gold, platinum, rose gold, and yellow gold. Whether you prefer a pear or oval gemstone or a hidden halo, the reputable jeweler offers a lifetime warranty on all of their conflict-free, ethically sourced diamond rings.
Jewelry stores always offer to finance.
Most jewelry stores offer customers financing options on engagement rings and wedding bands. Find out if the store is running any promotional deals such as a promotional interest rate that will save you money during the repayment time frame. Be sure you understand what the regular interest rate will be if you are still making payments after your promotional period runs out. Read the fine print before finalizing your purchase to ensure there are no hidden fees or charges included with financing options.
You can find a surprising amount of engagement rings, high-end jewelry, and other valuables at pawn stores. Los Angeles, Beverly Hills, and West Hollywood are full of pawnshops but there’s none better than Yev’s Jewelry & Loan. Located on Santa Monica Blvd in the heart of downtown Los Angeles, these pawnbrokers offer competitive pricing on loans and the purchases of valuables. With Matthew Sacks, you get an on-site appraisal and receive the maximum value for your items. Their simple collateral loan service allows customers to put up valuables as collateral and offers flexible, fast, secure options for repayment.
You could take out a personal loan.
Taking out a personal loan is an option, but not the most ideal. Unlike store financing or credit cards, personal loans don’t offer a zero-percent financing deal. Shop around for a personal loan with a low-interest rate and compare it with the average APR on a credit card. It’s a good idea to take out a loan with the shortest loan term to save money on interest payments. Be sure to calculate how much you will be paying in total when taking out a personal loan to finance a diamond ring. If you end up over budget by the end of the loan term, you may want to consider looking at a less expensive ring.
You can buy an engagement ring online.
There are plenty of online jewelry retailers with impressive collections of high-end jewelry at fair prices. You could save upwards of 50 percent by purchasing a diamond engagement ring from respected online jewelers. Reputable retailers go out of their way to deliver quality products and outstanding customer service.
Engagement rings bought online should always be shipped with a tracking number, shipment insurance, and a signature requirement upon delivery. Your purchase should come with a return policy and offer free return shipping if you aren’t satisfied with your purchase. Finally, a reputable online jewelry store will educate you on clarity, carat, engagement ring styles, and other general terms that will help you make an informed purchase.
Always weigh the pros and cons of each financing option before purchasing a diamond ring to ensure you stay within budget and can afford to keep up with payments.