Jewelry Insurance

How Do You Finance An Engagement Ring

Dustin Lemick


Dustin Lemick

According to The Knot’s 2022 Jewelry and Engagement Study report, the average cost of an engagement ring nationwide has reached $5,800. Accordingly, purchasing an engagement ring is a substantial investment and financing that investment may be an attractive option

Here’s everything there is to know about…


What You Will Learn

Engagement Ring Financing Options

Financing engagement rings is a common option for many individuals who wish to propose but who may not have the funds readily available to purchase a ring outright. 

While it’s traditionally expected for the person proposing to buy the engagement ring, the reality is that not everyone has the financial means to do so. This is where financing comes into play, allowing individuals to spread the ring’s cost over a period of time.

But how do you finance an engagement ring? And, more specifically, who finances engagement rings? Do jewelry stores finance engagement rings? 

There are several ways one can finance an engagement ring. Let’s take a look.

1. Credit Cards

Financing an engagement ring through a credit card is a standard option, similar to financing other significant purchases like furniture or appliances. However, it’s important to consider the interest rates associated with credit cards, as they can incur additional costs.

If you choose to finance your engagement ring with a credit card, it’s advisable to search for a card that offers a zero-interest promotional period. This allows you to make payments without accruing interest charges for a specific period. 

In the event that you are unable to find zero interest credit cards, consider opting for a card with a robust rewards program. Such cards often provide benefits like cash back or reward points redeemable for travel or groceries.

Here are some other important considerations:

Opt for a Low APR

Select a credit card with a very low Annual Percentage Rate (APR), for 0 percent financing engagement rings. Ensure that the low APR aligns with the timeframe in which you plan to pay off the ring. By doing so, you can avoid being subjected to a high APR once the promotional period ends.

Build Good Credit

To qualify for a credit card with a low or zero APR, it’s important to have an excellent credit score. If your credit score is not currently in good standing, it may be worthwhile to take some time to improve it before looking at engagement rings with financing options. 

There are many credit card issuers, so if you’re interested in this financing option, you’ll need to take some time to research your options and find the best fit.


2. A Personal Loan

Personal loans typically come with fixed interest rates. They can be repaid over a predetermined period, usually one to five years. This allows the individual to make affordable, fixed monthly payments until the ring is fully paid off. 

It’s important to carefully consider the interest rate and terms of the loan to ensure it aligns with your budget and financial situation.


Unsecured loans are the most popular type of personal loan when financing an engagement ring. An unsecured personal loan is a type of loan that does not require collateral, such as a car or property. It’s solely based on your creditworthiness, income, and ability to repay the loan.

3. Jewelry Store Financing

“Do you finance engagement rings?” It’s a common question posed to jewelry stores when customers inquire about their payment options.

Many jewelry retailers offer financing options to their customers, allowing them to purchase an engagement ring and pay it off in installments. These financing plans may come with promotional offers such as engagement rings interest free finance, or deferred interest for a certain period. 

Before financing an engagement ring through jewelry store credit cards, it’s crucial to conduct thorough research and familiarize yourself with the following aspects:

  • Promotional deals: Take the time to understand any store credit promotional offers available. These may include low-interest rates for a specific period. 
  • The regular interest rate: Once the promotional period expires, the regular interest rate will apply. Assess whether you can afford the monthly payments based on the regular Annual Percentage Rate (APR) if you cannot pay off the ring within the promotional period.
  • Hidden fees or charges: Carefully examine the fine print regarding any additional costs or fees associated with the financing options. By being aware of such potential charges, you can make an informed decision and avoid unpleasant surprises.

4. Buy Now, Pay Later Services

These services allow you to make your purchase in manageable installments instead of paying the full amount upfront. You’ll be able to acquire engagement rings on finance and make partial payments while the remaining balance is paid off over a predetermined period.

Buy now, pay later services are relatively new, but they serve as a viable and secure alternative for individuals who don’t have the credit score needed to finance engagement ring purchases otherwise. 

When applying for this form of financing, the lender may conduct a soft credit check. However, the great thing is that you don’t necessarily need a flawless credit score to qualify for a buy now, pay later option when financing a engagement ring.

Nevertheless, always make the plan’s minimum monthly payments. Failing to do so may harm your credit score.

5. Alternative Engagement Ring Financing

If you prefer not to pursue traditional engagement rings finance methods, there are alternative financing options worth considering:

  1. Borrow from friends or family: Reach out to close friends or family members who may be willing to lend you the necessary funds. This can be a more personal and flexible approach to financing for engagement ring purchases.
  2. Access your savings account: Evaluate the possibility of withdrawing a portion of your retirement savings to cover the cost of the engagement ring. 
  3. Adjust monthly expenses: Reevaluate your spending habits and identify areas where you can reduce expenses. By making conscious choices to scale back on non-essential purchases, you can redirect those funds toward saving for the engagement ring.


How to Finance an Engagement Ring with Bad Credit

Can you finance an engagement ring with bad credit? 

Normally, you do need a good credit score to finance an engagement ring.

However, there are some alternative options for purchasing an engagement ring if you have bad credit:

  • Save up and pay cash: The best approach, even with bad or no credit, is to save money until you can afford to buy the ring outright. Should you finance an engagement ring otherwise? While lenders may entice you with financing options for bad credit, these often come with exorbitant interest rates that can burden you long into your marriage. It’s wiser to make sacrifices, such as cutting back on non-essential expenses, or considering a side job, to save up the necessary funds.
  • Lower your budget: Realistically assess your budget if you have bad credit and limited upfront cash. You may need to adjust your expectations and consider more affordable ring options. By shopping wisely and choosing reputable vendors, you can find a beautiful and meaningful ring without breaking the bank.

Finance An Engagement Ring

How to Choose the Right Financing

When it comes to financing an engagement ring, selecting the right option is crucial to ensure you make a financially sound decision. 

Can engagement rings be financed? Yes, but that doesn’t answer the question of should you finance engagement ring purchases?

Here are some factors to consider when choosing the right diamond engagement rings finance option for you:

  1. Evaluate your financial situation: Begin by assessing your financial standing. Determine your budget and how much you can comfortably afford to spend on an engagement ring. Take into account your income, expenses, and any existing debts. This will help you understand the amount you need to finance and the repayment options that align with your financial capabilities.
  2. Research available financing options: Familiarize yourself with the different financing options available. These can include store financing plans, personal loans lenders, low interest credit cards, or buy now, pay later services. Research each option thoroughly, considering interest rates, repayment terms, fees, and any promotional offers. Compare the pros and cons of each option to find the one that suits your needs and financial goals.
  3. Seek professional advice if needed: If you’re unsure how much to finance an engagement ring for, or the best financing option for your situation, consider consulting a financial advisor or a reputable jeweler.

Protect Your Investment

It’s important to remember that the value of an engagement ring lies not in its price tag, but rather in the sentiment and commitment it represents. It’s perfectly acceptable to opt for a more affordable ring or to choose a different approach altogether. Ultimately, the decision to finance an engagement ring should align with your financial goals and priorities as a couple.

At BriteCo, we provide comprehensive and affordable jewelry insurance to protect your investment. Our policies include protection against loss, theft, and damage, anywhere in the world, so you can rest assured that your engagement ring is protected and in good hands. 

Get in touch to learn more, or use our online tool to get a speedy quote!


How long can you finance an engagement ring? The duration for which you can finance an engagement ring varies depending on the financing options available and the terms offered by different lenders or jewelry stores.

Do jewelers finance engagement rings? Numerous reputable jewelry retailers provide in-house financing options to assist customers in purchasing an engagement ring.

Is it normal to finance an engagement ring? This option accommodates those who prefer to manage the cost of an engagement ring over time, making the purchase more accessible and aligned with their financial circumstances.

Do people finance engagement rings?  Yes, many people choose to finance engagement rings. Financing options are commonly available at jewelry stores and online retailers, allowing individuals to purchase an engagement ring while making manageable monthly payments over a set period of time.

Do most people finance engagement rings? Not everyone has the ability or preference to make a single lump-sum payment for an engagement ring. For individuals planning to propose, financing an engagement ring can be a favorable alternative.

Is it bad to finance an engagement ring? Should I finance an engagement ring and can I finance an engagement ring are two separate questions. Just because you can finance an engagement ring doesn’t necessarily mean it’s the best option for everyone. It’s important to consider your overall financial situation and goals before deciding to finance.

Also Check:

What is the Average Moissanite Engagement Ring Cost?
The Ultimate Engagement Ring Buying Guide
Engagement ring buying survey of purchasing and insurance practices
How Much Is Engagement Ring Insurance?

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Dustin Lemick


Dustin Lemick

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.