Now that the decision has been made to get engaged, you need to buy an engagement ring that expresses your personal love and devotion. Engagement rings and wedding bands for men and women can be very expensive and some couples might consider financing.
Financing can be a delicate matter for many people. On the one hand, it may not really be in your best interest to begin your life together with debt. On the other hand, there are certainly times when it makes sense to borrow money for your rings.
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When does engagement ring financing make sense?
If having a ring means a great deal for cultural reasons and you are certain you can quickly repay the loan, go ahead. Some cultures place much more importance than others on this promissory symbol. If it means that you would not otherwise be able to get married, it makes sense to get financing.
Servicemen and women can also have good reason to invest in a ring before deployment. This can carry huge significance for a soldier serving abroad and can make all the difference in a healthy attitude. Many companies that sell rings offer to finance and can often obtain significantly better terms than a bank or credit union. This is for people with excellent credit, such as a score of 700 and up. As your credit score gets lower, the terms become less desirable, and you may not even qualify if your score is, say, 650-699. Once your score is lower than that, the interest rates would be very high and you may not even get a loan at all.
Why it might not be a good idea to finance a wedding or engagement ring
Once you begin your life together, the design and type of ring take on a much smaller role. Sure, it is wonderful to look on your hand or your spouse’s hand and see a beautiful diamond, gold, white gold, platinum or palladium ring. You might have a Christian, Irish Claddagh or custom ring and the symbolism can be powerful and might even keep you on the straight an narrow path someday. Nevertheless, the main thing is your inner life together and how you love and care for one another, not the ring.
It is difficult to start out on your own and everything is so expensive. Cars, houses, apartments, down payments, insurance, taxes, utilities, food, gas, entertainment and all the rest quickly add up to equal or exceed most people’s joint incomes.
So, it may not be a good idea to add another expense to an already expensive lifestyle. Maybe the pleasure of the nice engagement ring is less than the pain of the monthly payment. It can rob you of the joy of life when there is financial pressure and things can quickly become mired down into a state of drudgery.