Yusra3
VIP Contributor
Getting engaged is an exciting milestone, but the cost of an engagement ring can be daunting. In 2024, there are several options available to finance this meaningful purchase. Many jewelers offer their own financing plans, often interest-free if paid off within 6-12 months. However, it's wise to check the deferred interest details carefully.
For longer financing terms, taking out a personal loan from a bank, credit union, or online lender could make sense. Rates on 3-year personal loans are averaging around 10-12% in 2024. Those with excellent credit may qualify for rates under 10%. Using a 0% introductory APR credit card is another route, but requires diligent payments before the promotional period ends.
Whichever financing method you choose, be sure to get pre-qualified offers to understand the total costs over the full term. Compare estimated monthly payments against your budget. With proper planning, you can purchase the perfect engagement ring while managing the expense responsibly.
For longer financing terms, taking out a personal loan from a bank, credit union, or online lender could make sense. Rates on 3-year personal loans are averaging around 10-12% in 2024. Those with excellent credit may qualify for rates under 10%. Using a 0% introductory APR credit card is another route, but requires diligent payments before the promotional period ends.
Whichever financing method you choose, be sure to get pre-qualified offers to understand the total costs over the full term. Compare estimated monthly payments against your budget. With proper planning, you can purchase the perfect engagement ring while managing the expense responsibly.