Feb 14, 2025
There are many ways to pay for an engagement or wedding ring. Whether you use cash, a credit card, a financing plan, or a personal loan, it’s important to keep your overall budget in mind and to compare your options.
As you plan your special day, you have enough to think about. To let you focus on cut, clarity, carats, and similar features for your and your partner’s rings, we’ve listed some tips to help you choose a wedding or engagement ring loan that matches your style and budget.
Buying a wedding or engagement ring is an exciting decision that requires careful planning. By setting a budget and looking for ways to save, you can make a smart choice that matches both your heart and wallet. It’s a good idea to know your preferences and to research the many options out there.
Spending two to three months’ salary on an engagement ring used to be the general advice. That tradition doesn’t always apply to today’s modern couples. A smarter approach may be to spend within your budget and consider your long-term financial goals. This way, you can start your financial journey together on the right foot.
Think about your partner’s likes and dislikes. Do they want an engagement ring? Should it have a stone? If so, what kind and what setting might they prefer? If you want to keep it a surprise, seek input from friends or family. This might help you decide the style and stone size you want and whether it fits your budget.
When you buy an engagement ring from a jewelry store, you’re usually paying for the stone, setting, and band together as a single item. One way to save money may be to purchase the stone and band separately before getting it set by a jeweler. Understanding the quality of the gemstone is also important. For a diamond the quality is measured by the four Cs: cut, color, clarity, and carat. You don’t always need to buy the highest-quality stone to get the brilliance and beauty you want. And engagement rings don’t have to feature diamonds. Depending on your style, you could choose a different stone, opt for an heirloom ring, or find one at an estate sale.
Now that you’ve set the budget and found the ring, it’s time to find a payment option that works for you.
If you’re wondering how to finance engagement or wedding rings, you have several options. One approach may be to apply for a personal loan tailored to your needs. Or you could explore financing plans offered by jewelers or use your credit card. Each option comes with its own set of considerations.
Many jewelers offer financing options, sometimes with low or even 0% introductory interest rates. Others may have layaway plans if your credit is less than perfect. Be sure to read the details of any financing offer. Some promotional introductory interest rates may require the full amount to be repaid within a certain time. If any balance remains, you might end up paying more due to interest. Pay close attention to the annual percentage rate (APR).
You could use a credit card to finance engagement or wedding rings. While it can be convenient, be sure to weigh the convenience of a credit card against your card’s interest rate and your ability to pay the balance off quickly. Credit cards typically have variable interest rates that change over time, so it’s helpful to keep track of your payments to avoid surprises.
Using a “buy now, pay later” plan can be a way to get your rings immediately while splitting the cost into smaller payments. Some plans charge no interest if you pay on time, making it an attractive option for larger purchases. Be sure to read the fine print to understand any fees, deadlines, or potential interest charges.
You can use a personal loan for an engagement or wedding ring or many other purposes, like helping with the big day itself. Because a personal loan offers a fixed interest rate, you’ll know upfront how much total interest you’ll pay and the date of your final payment. A personal loan may also save you money on interest compared with higher-rate debt.
A personal loan can help simplify how you finance an engagement or wedding ring while offering benefits that may make sense for your budget.
A personal loan allows you to select from a range of repayment terms. Just choose how long you’d like to repay your loan—from 36 up to 84 months. This flexibility can help you budget for your financial situation.
If you want to explore using a Discover® personal loan to finance engagement or wedding rings, try our payment calculator. It estimates a monthly payment based on the loan amount, term, and the credit score you select. This can help you identify which loan repayment term works best for your budget.
By choosing a loan that has a fixed interest rate, you might also be able to save money on interest over the life of the loan. With other financing options that interest rate could fluctuate. Plus, with a Discover personal loan, you’ll get one set regular monthly payment that you can budget for.
In the same way your jewelry salesperson will help you choose the perfect ring, a loan specialist can focus on getting you a loan that works for your personal financial situation. At Discover Personal Loans, you can talk with a U.S.-based loan specialist who will explain your options and help you complete your application.
If you are already considering a loan to cover the cost of your wedding or honeymoon, you may be able to include the cost of the engagement and wedding rings into the total amount. A personal loan can be used for almost any reason or combination of purposes you choose.
Selecting the right rings for your engagement and wedding should be exciting, not stressful. With a little planning, you and your partner can get rings you’ll love and start a smarter, safer financial future together.
Find out how Discover Personal Loans could help finance your both your engagement ring and wedding.
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