Typical Engagement Ring Financing

The average engagement ring cost is hardly an easy expense.

Typical engagement ring financing.

When financing an engagement ring taking out a personal loan should be your last resort. Obviously using a personal loan to finance an engagement ring will tack on a considerable amount of interest to the total cost of your ring. In fact it could be smart to do this even if you do have the cash to pay for the ring outright. With those methods you should pay the ring off before the promotional period expires.

When you consider the fact that the average engagement ring costs 4 000 and the average household already owes more than 7 000 to credit card companies it s clear why many proposers opt to finance this significant expense. While we at prosper may not be experts at finding the right engagement ring we can help you apply for a great rate on a jewelry loan to purchase it. Through us you may be able to slash your fees and charges by half compared to traditional engagement ring financing. If anything is certain it s that diamonds remain a serious investment.

Financing an engagement ring is not necessarily bad if you know what you re doing. Ideally you ll want to secure a 0 financing deal with the jewelry store or put the ring on a low or 0 apr credit card. This is our favorite option. If your eyes glaze over when it s time to talk wedding budget you re not alone.

Open up a new credit card with a 0 apr promotion. But if a 0 percent financing offer isn t available to you a personal loan could be a better option for financing an engagement ring than putting the ring on a credit card at the double digit regular apr. The good news is it s easier than you think. Even for the mathematically inclined it s difficult to know what kind of budget to set for an engagement ring.

If you re deciding how much to spend on an engagement ring there are several factors to consider.