Weddings are supposed to be memorable, and you would not want to be miserly about buying your wedding ring just because you don’t have the ready cash. You can easily buy something far more expensive by financing your purchase. However, you need to take a hard look at whether you can afford the expense as well as know the pros and cons of the different methods of financing. A quick look at the main financing options you can consider:

Credit Card Finance

Purchasing the wedding ring with your credit card may represent the most convenient method of avoiding paying cash; however, the convenience has its costs. If you are not going to pay off the charge amount by the payment due date, you will end up paying a steep rate of interest on the rollover amount. Pay the minimum amount due by the due date to avoid late fines being slapped on you that can cost you. If you have good credit, you may be eligible for a zero-interest credit card or a zero-interest balance transfer credit card that can give you 12 or more months to pay off the charge without any interest. However, you must be careful to repay the full amount before the expiry of the promotional period; otherwise, you can find yourself paying deferred interest charges at a steep APR.


Jewelry Store Finance 

To encourage customers to buy expensive rings, it is common to find every major jeweler offering financing. Typically, you can avail of an interest-free financing scheme for a period of 6 to 12 months. As lucrative as these offers seem, you should be careful and read the fine print. It is because if you are unable to pay off the full amount during the promotional period, you will be liable to pay very high rates of interest can have you paying 50% more than the original cost of the ring. If you must take up a store financing offer, do so only with the large and established retailers like epicweddingbands.com that have a transparent financing scheme and a reasonable rate of interest.

Personal Loan

You can apply for a personal loan from a bank, a credit union, or a multitude of private companies. The process is quick and easy, especially if your credit score is good. However, unsecured personal loans usually carry a very high rate of interest that may prove costly if you cannot pay off the loan within a few months. The rate of interest can be lower if you offer collateral, however, if you default, you could lose the asset, According to Time. Be wary of companies that offer a seemingly low rate of interest but add on fees under a large number of heads that make it ultimately very expensive. Be sure to ask for the APR to avoid getting taken for a ride.

Conclusion 

The best way of buying a wedding ring is to use your savings. However, if you are stuck for ready cash, go for a method of financing that has the lowest rate of interest and try to pay off the debt in the shortest possible time.