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Can You Finance an Engagement or Wedding Ring?

Learn about the different ways to finance a wedding or engagement ring without paying high-interest rates. Decide if engagement ring financing is for you.

Can You Finance an Engagement or Wedding Ring?

When you are preparing to ask someone to spend the rest of their life with you, you want everything to be perfect, including the ring. But with the average person spending over $5,000 on an engagement ring, you may not have the cash on hand to buy it outright. While your best bet is to buy the ring with your savings, this isn’t an option for many people. If you are getting ready to pop the question, there are several options for financing a ring that you can consider.

Zero Interest Credit Card

If you have good to excellent credit, you may be able to qualify for a credit card with a 0% introductory APR. This means no interest will be charged on purchases you make for a specified period (usually 6-18 months). Many cards also have zero interest on balance transfers for a specified amount of time, so call your bank to find out. Buying the ring with a zero-interest credit card is a good choice if you know you can pay off the entire amount within the advertised zero interest time frame to avoid interest charges. 

Personal Loan

While most banks don’t offer an “engagement ring loan,” they do offer personal loans. For qualified applicants, a personal loan is a lump sum of money that must be paid back in monthly installments. Borrowers can use the money however they choose. Personal loan interest rates are usually low and the length of the loan can be anywhere from one to six years. Many people find it easier to stay on track paying back a personal loan because the installments are fixed for the life of the loan.

Jeweler Financing

Many jewelers offer in-house diamond ring financing for those with good or excellent credit. These payment plans usually charge little or no interest for an introductory period. If the entire amount isn’t paid off by the end of that time, however, the rates increase significantly, and some jewelers will even charge retroactive interest. Jeweler financing can be a good option if you are sure you can pay it off within the introductory period, but read the terms of the loan carefully before committing.

There are several different ways to responsibly purchase the ring of your (or your partner’s) dreams. Not only can you make payments on an engagement ring, but with the right credit card or loan and a little discipline, you can do it without spending a lot of extra money.


For more information about our low-interest credit cards and personal loans, contact TDECU today. 

Equal Housing Lender