Can You Finance Wedding Rings
Can you finance wedding rings? You sure can. And if you’ve been poking around our blog, you’ll notice that we’ve been chatting more about this lately. With our younger couples on the hunt for beautiful engagement rings at every budget (yes, even Millennials) we want to share the multitude of ways you can pay for your dream ring.
Can you finance wedding rings if you don’t have a down payment?
It depends. For the most part, no. However, it’s very likely that you’ll find a special promotion at some point in your engagement ring hunt that advertises no money down financing. If this appeals to you, make sure the promo also offers a great interest-free period. This way you aren’t paying for your lack of down payment with a shorter intro-period and a longer time you’re making payments with interest.
Can you finance wedding rings if you don’t have a credit history, or you have bad credit?
Financing wedding rings works just like opening up a new credit card. In fact, our in-store financing option is just that: a store credit card. Any financing, the amount you’ll receive, and the interest rate is all subject to approval. How do you know if you’re approved?
Here’s the process for wedding ring financing:
“ The diamond expert helping you will have you fill out an application, which he or she then submits to the bank (and shreds that application, so your info stays safe.) The bank then sends back an amount immediately for which you qualified.
If the offer is too low, we can call the bank and see if they’ll come back with a counter offer. This amount is then applied towards the total of your ring, if it doesn’t cover it in full. You’ll get all the terms and conditions that come along with your financing – just like a credit card – and one more earnest reminder from us to make your payments on time and pay that sparkler off before your introductory interest rate expires! Seriously – only buy a ring you can afford.”
The approval process does require a hard inquiry on your credit. So, can you finance wedding rings with a low score? It depends on how much financing you’re looking for, and your score. Every person is different.
Can you finance wedding rings online?
Yes! We’re so excited to give you a firm yes. Actually, an Affirm yes (See what we did there?) Diamonds by Raymond Lee is a partner with Affirm online financing, a secure, flexible payment option for the generation that lives online. We buy everything from cars to mattresses to – yep, engagement rings – online and want the flexibility of different payment options. Affirm provides this with an easy application process, immediate results, and flexible payment options with varying monthly payments and interest rates. We love Affirm.
We ALSO love PayPal checkout, which gives you yet another option for making your engagement ring financing easy. PayPal offers 6 months of no interest, so it’s not as flexible but is very cut and dry. Perfect for the couple that already has the full amount saved, but would like to space out the payment, or for the couple who has a large part of their ring’s budget ready to go. Or even for couples who just want to have the ring paid off ASAP and move on to more fun financial discussions, like how much your honeymoon budget is.
Can you finance wedding rings? You absolutely can, and we’re proud to offer several different ways for our couples to do so. Just remember than wedding ring financing is a tool at your disposal – not a magic wand. We always remind our couples to only buy an engagement ring you can afford. So even if you do choose to finance wedding rings (like most of our couples do) we want to make sure your monthly payments are well within your reach and that you can pay off your ring in full before your interest-free or low-interest intro period expires.
If you have any questions about wedding ring financing, we’re available 7 days a week at firstname.lastname@example.org, on any of our social profiles, or if you want to just give us a call!