Financing Engagement Rings
We have a new year’s resolution; can you guess what it is? If you answered “Continue dazzling my eyeballs with really ridiculously good looking engagement rings,” you would be partially right. We’re also resolved to talk your ear off about financing engagement rings.
Last summer, we realized that while we knew very well that the vast majority of our clients use some kind of financing or payment plan to buy their engagement rings…not everyone else does. It was a headdesk moment, because we realized there were SO many people out there ready to get engaged but totally daunted by engagement ring prices.
And we’re never shy about our pricing – we list all of our ring’s prices right on our online showroom (where you can buy them from the comfort of your own couch, shoes and pants optional.) We think it’s important for ring-admirers to get a feel for what their tastes cost and we think it’s only fair to be really transparent about our pricing. This way when our clientele shop around they can compare apples to apples. Then remember that we sell the juiciest, shiniest apples and serve champagne while we do it so they come back to our orchard.
Okay, weird metaphors aside, let’s get back to financing engagement rings. First of all YOU CAN DO IT. Pretty much every other major purchase is a no-brainer for financing, and so are engagement rings. Here’s what you need to know.
Don’t buy a ring you can’t afford.
Financing engagement rings is a tool you can use to get a great ring, it’s not a magic wand. We never want to saddle our clientele with bills they can’t pay or stress at what should be one of the happiest times of their life. So we work with you and your budget to create your ring first, then we walk you through financing that amount. Again, that’s a number only you can determine.
You’ve got options, baby.
Like… a lot of options. If you’re shopping online, here are your two financing options with us.
PayPal – They offer financing on purchases over $99, with an introductory interest-free period of of 6 months. After that it’s a 19.99% APR from the time you bought your ring. So this is a great option if you already have the full amount of your ring and want to space out payments, or if you’ve got almost the full amount and you’re positive you can pay it off in 6 months.
Affirm – This is a newer way to finance, designed just for large online purchases. It’s super easy to use and very flexible, with interest rates that range from 10% – 30%, depending on your credit score and payback period.
If you’re shopping in-store at our jaw-droppingly gorgeous, state of the art new showroom, you have the option to use our Wells-Fargo backed financing that functions essentially as a store credit card. The terms depend on your credit score and one of our diamond advisers will walk you through it (and will be happy to explain the process over the phone before you come in.) We also offer special financing incentives throughout the year, like extra long interest-free periods, no money down, and cash back rewards. Make sure you sign up for our e-mail list or follow us on Facebook to get access to those sales & promos.
Oh, and one more thing.
Did you, like an anonymous jewelry blogger who knows a lot about engagement ring financing, once fill out 12 credit card applications at once in order to fund an ill-advised 21st birthday trip to Vegas as a broke college student with no discernable income? Sooo your credit’s not great. You have the option of layaway. Like financing, you make monthly payments on your ring after you choose & design it with us. But instead of taking it home right away, we keep it in the vault while you make payments and plan the perfect proposal. As soon as it’s paid off, you come pick it up and ride off into the sunset.