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If you’re ready to add to your collection or you’re looking to give a special piece to an extra special someone, knowing your financing options could get you better rates and make that purchase more affordable.
These five financing options are a few ways people pay for pricier pieces:
Some jewelry stores partner with third-party lenders to provide financing. You pay equal installments during the loan term, which is usually between 3 and 24 months. If your credit score is good to excellent above 660, you won’t have to pay interest if you get 0% financing. But the risk with 0% financing is if you miss a payment or do not pay off the balance by the deadline, you could get stuck with a high interest rate over 30%. Also watch out for annual fees and one-time admin fees.
With layaway you provide a deposit to the store, such as 20% of the purchase price, and the store will set aside the jewelry for you. You’ll have a period of weeks or months to pay it off with no interest, and once that’s done, you can pick up your jewelry. People with bad credit and no credit can qualify for layaway plans. Watch out for extra fees like restocking fee, cancellation fee and service fee.
Layaway is uncommon compared to other financing options, and not all stores will offer this.
With deferred plans you get your jewelry now and and make no payments during the loan term except for applicable insurance premiums and taxes. However, you’ll need to pay off the balance in full before the end of the term. Otherwise, you’ll be charged interest, which can be over 30%. Like layaway, this isn’t as common.
If you’ve already shopped around and know the estimated cost of your jewelry, you can apply for jewelry financing online with a personal loan. People with good credit and bad credit can qualify for a personal loan. However, if you have bad credit, be prepared for loan offers with steep interest rates. If you can hold off for least six months, improve your credit score first.
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Line of Credit
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If you can afford to make large payments each month, you might want to look into a credit card with a low APR intro period and aim to make all your payments within that intro period. Just make sure you can pay off the full balance before the intro period ends. Otherwise, you’ll be stuck paying an interest rate that’s usually much higher than those that come with personal loans. Learn more about low interest credit cards.
Tim needs to buy an engagement ring as he is planning on proposing to his girlfriend Lucy. He has picked out the perfect ring – but it costs a whopping $4,500.00. He has $2,000.00 available to spend on a ring, so he’ll need to find a loan to cover the remaining $2,500.00. He heads online to compare personal loan lenders, and also contacts his local bank to see what they can offer him. But unfortunately, due to his poor credit, his bank won’t offer him a personal loan at all. He settles for an online lender that caters to those with bad credit – and has the $2,500.00 funds in his account by the next business day. Although his interest rate is higher than he would have liked, he realizes he can use this opportunity to make timely payments and improve his credit score.
Cost of ring | $4,500.00 |
Loan type | Personal loan |
Loan amount | $2,500.00 |
Interest rate | 15.00% |
Loan term | 1 year |
Additional fees | Origination fee of 3% ($75.00) |
Monthly payment | $225.65 |
Total loan cost | $2,782.75 |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
Some financing companies offer small loans or rent-to-own agreements without checking your credit. While this may seem like a convenient option, be cautious: the interest and fees these companies charge can double or even triple the cost of the piece of jewelry you’re buying.
If this is the only type of financing you can qualify for, you might want to take steps to build your credit first and save up before buying.
Interest and fees are the two main factors that impact the overall cost of financing a piece of jewelry:
Here are a few times financing an expensive piece of jewelry might be worthwhile:
There are multiple financing options available to help you purchase that special piece including in-store offers, payment plans, low interest credit cards and online personal loans. Consider which option is best for you then enjoy shopping in-person or check out where you can buy jewelry online.
Learn more about how an online personal loan can help you finance jewelry even if you have bad credit.
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