If you’re reading this, it means you’re thinking about popping the question to that special someone. Congratulations! Once you choose a ring, the next step is figuring out how to pay for it—which isn’t nearly as exciting. The good news: you’re in the right place. Others in your position have asked questions you may be wondering about, and you’ll be able to find some or all of your answers right here.
Do I have to pay for an engagement ring up front?
You certainly have the option to pay for the engagement ring in full if you’d like. If not, there are several financing options available to help you spread your payments out over time.
How much should I spend on an engagement ring?
Before you automatically hand over three months’ salary, read on. This is only a myth! The most important thing is that you choose an engagement ring that fits your partner’s style—and a price tag that fits your budget as a couple. Plus, there are several ways to decrease the cost while still making a statement. As a reference point, roughly half of couples spent under $5,000 on their engagement ring in 2020. Take the time to explore different stones and settings of various sizes, quality and brand; those are the characteristics that will affect cost the most.
Is it a bad idea to finance an engagement ring?
Financing offers several benefits to those making a large purchase like an engagement ring. First, instead of paying for the ring up front, you could save that on-hand cash for future purchases (like a down payment on your wedding venue!) and pay off the engagement ring over time. Another reason you may choose to finance your engagement ring is to get a bigger and better product than you could get with your on-hand cash, like a more intricate setting, more carats, higher quality diamond or the full wedding set… hello upgrade! A third reason financing could be a helpful option is to fit the monthly payments into your budget. And with promotional financing options, you could still have the engagement ring paid off by the time you walk down the aisle (depending on the date of your big day)!
How long can you finance an engagement ring?
Short answer: it depends. Many jewelers offer in-store financing programs or options like the Synchrony Luxury Credit Card with promotional financing. Financing for 12 months is a common option that might be available, and longer-term financing could be available. You may also want to ask your bank or credit union what options they have.
Where can I find financing options for an engagement ring?
If you have a few jewelers in mind, consider giving them a call or visiting their websites to find out what financing options they offer. Synchrony also offers the Synchrony Luxury Credit Card that is accepted at jewelers nationwide, which may include locations near you. As mentioned above, you also have the option of pursuing a personal loan from your bank or credit union.