If you have found your way here, you are probably thinking about popping the question. Congratulations! Once you find the perfect ring, the next step is figuring out how to pay for it. The good news is that you’re in the right place. Many other people in your position have asked the same questions you may be wondering about, and you’ll be able to find some or all of your answers right here.
Do I have to pay for an engagement ring up front?
You might be wondering if you have to pay for an engagement ring in full upfront. The short answer is no, you don't! While paying in full is an option, there are various options available to help you spread the payments out over time. At Ronnie's Jewelers, we understand that everyone's financial situation is unique, so we're here to provide flexible solutions that suit your needs.
How much should I spend on an engagement ring?
One of the most common questions is, "How much should I spend on an engagement ring?" The traditional notion of spending three months' salary on a ring is just a myth. What truly matters is choosing a ring that aligns with your partner's style and a price tag that fits your budget as a couple. Take the time to explore different stones and settings of various sizes, quality and brand; those are the characteristics that will affect cost the most.
Is it a bad idea to finance an engagement ring?
Financing offers several benefits to those making a large purchase like an engagement ring. First, instead of paying for the ring up front, you could save that cash on hand for future purchases (like a down payment on your wedding venue!) and pay off the engagement ring over time. Another reason you may choose to finance your engagement ring is to get a bigger and better product than you could get with your cash on hand, like a more intricate setting, more carat weight, higher quality diamonds or the full wedding set. A third reason financing could be a helpful option is to fit the monthly payments into your budget. And with promotional financing options, you could still have the engagement ring paid off by the time you walk down the aisle (depending on the date of your big day)!
How long can you finance an engagement ring for?
At Ronnie's Jewelry, we offer Synchrony Financing, an in store financing program with various terms. The most common option is 12-month financing, but longer terms are also available. Our promotional rates and terms are constantly changing, but we will always do our best to get you the longest terms possible with 0% interest.
What if I can't pass the credit check?
We understand that not everyone may qualify for financing, but that shouldn't deter you from finding the engagement ring of your dreams. Ronnie's Jewelers is committed to ensuring that every customer has access to beautiful jewelry. If you find yourself unable to pass a credit check, don't worry; we have alternative solutions to make your dream ring a reality.
1. Consider a Cosigner
One viable option is to enlist the help of a cosigner. A cosigner is someone willing to join you on the loan application and take responsibility for payments in case you encounter difficulties. Having a trusted friend or family member with a good credit history as your cosigner can greatly improve your chances of securing financing. This approach offers peace of mind to both you and the lender, as it provides added assurance of repayment.
2. Explore Our Layaway Program
If you prefer a financing alternative without the need for a credit check, our layaway program is an excellent choice. This option allows you to reserve your desired engagement ring and pay for it over time, interest-free. Here's how it works:
Initial Payment: Begin with a 10% down payment to secure your chosen piece.
Monthly Installments: Pay just 10% of the total cost each month until the ring is fully paid off. This gradual approach allows you to manage your expenses more comfortably.
Zero Interest: Unlike traditional financing plans, our layaway program does not accrue interest, ensuring that you pay only the actual cost of the ring.
Secure Storage: Rest assured that your chosen ring will be safely stored in our secure vault until you complete your payments and are ready to take it home.
Ronnie's Jewelers is dedicated to making the process of acquiring your dream engagement ring as accessible as possible. Whether through financing, a cosigner, or our layaway program, we're here to help you celebrate your love story with a symbol that's truly extraordinary. Don't hesitate to reach out to us to explore these options and embark on your journey to a lifetime of happiness.