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How do I finance an Engagement Ring? I have a decent down payment, but not enough to pay in Cash?

have $2000 saved specifically for the ring. I would like to buy a Princess cut diamond set in White Gold. I was planning on a 2 carat stone, but will probably go with 1.98ct or somewhere around there to save money, since it's close enough to 2, and once you hit the 2ct mark, the price jumps significantly.) I want a Verragio Lumino setting, but could take the design to a local jeweler to have it copied, so to speak...

I own a home, IRA, 401k, have a safety net of 6-8 months and am set on the path towards retirement, (Not there yet, of course, but the plan is running its course.) This $2k that I have saved is literally set aside specifically for the ring. I have been with my GF for 5 years and we have been living together for over a year now. She's the one and I'm ready to propose.

I am looking for creative financing options, other than dealer financing or tossing the loan onto credit cards or HELOCS. Anyone ever taken a part-time job at a jewelry store to save money? I'm 25yrsold

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    i used to work at a jewelry store, a popular chain store. i can tell you that this discount is awesome. anything i wanted was cost + 15%. managers and asst. mgrs got items at cost. for example, i got a $2,000 diamond engagement ring for about $550. i didn't get the job to get the engagement ring--i actually bought that ring for myself as a birthstone ring because it was so beautiful. however, while you can get jewelry at deep discounts, some of the extras you get when you buy retail do not apply to discounted items--one being the diamond guarentee, where if a stone gets chipped or falls out completely and you can't find it, they replace with same quality for free, for life. that is very important--and maybe not something to mess around with. always make sure you get that kind of guarentee. working in that store, i know that stuff like that can happen and it can be devestating and costly. hope this helps.

  • Anonymous
    6 years ago

    This Site Might Help You.

    RE:

    How do I finance an Engagement Ring? I have a decent down payment, but not enough to pay in Cash?

    have $2000 saved specifically for the ring. I would like to buy a Princess cut diamond set in White Gold. I was planning on a 2 carat stone, but will probably go with 1.98ct or somewhere around there to save money, since it's close enough to 2, and once you hit the 2ct mark, the price jumps...

    Source(s): finance engagement ring decent payment pay cash: https://tinyurl.im/e/how-do-i-finance-an-engagemen...
  • 5 years ago

    Engagement Ring Calculator

  • 1 decade ago

    First of all 2 carats is huge! Unless she has gigantic fingers it will be too big to wear everyday and be annoying. Anything over 1.5 is too much. Are you really willing to take the risk that she'll get mugged over it? Why has it taken you 5 years to propose to the poor girl? Anyway, your best bet (from a financial persepective) is to finance it through a jeweler who has 0% financing for 6 months or a year. You can put your $2,000 down, pay the rest in monthly installments and have it entirely paid off before the interest kicks in. Good Luck.

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  • Ms. X
    Lv 6
    1 decade ago

    Never ever finance an engagement ring! (Or any other asset that doesn't appreciate.) Only buy a ring you can afford to pay cash for. When you add on the interest, that ring will cost you a hell of a lot more money than the ticket price. "Creative financing" is a ticket to debt. So is putting it on credit cards. If you put $10,000 on your credit card at 15% interest and pay only a 3% minimum, that will cost you $7005 in interest and take 19.75 years to pay off. It's more important that you stay out of debt than give her a large rock.

    Also, you don't need to buy a 1.98 carot ring. Get her something smaller in your price range.

  • 6 years ago

    ost importantly 2 carats is immense! Unless she has tremendous fingers it will be too enormous to wear ordinary and be irritating. Anything more than 1.5 is excessively. Is it true that you are truly ready to take the danger that she'll get mugged over it? Why has it taken you 5 years to propose to the poor young lady? At any rate, your most solid option (from a monetary persepective) is to fund it through a gem specialist who has 0% financing for 6 months or a year.

  • Anonymous
    5 years ago

    For the best answers, search on this site https://shorturl.im/avQBh

    2K is a decent amount to put down on it. I know a lot of jewelers will run promos, especially now that it's getting close to holidays. You can prolly find a place that won't charge interest for a year or so...that's what they did to my husband. You may be able to work out a deal if you purchase your wedding bands at the same place also. Good luck and congrats in advance :-)

  • Suz123
    Lv 7
    1 decade ago

    Article on it here:

    http://ezinearticles.com/?Jewelry-Store-Financing-...

    And some jewelry stores do offer layaway plans. Talk to your local jewelry stores.

    And talk to your girlfriend. Her taste in jewelry should be considered, as she will be wearing this ring for a long, long time. Her vision of what the ring should be may differ from yours. Plus, she may not want a ring more expensive than $2000. Some women are uncomfortable wearing very expensive jewelry on a daily basis.

    You need to talk to her before making this purchase. Not a romantic surprise, I know. But you should take her feelings into consideration.

  • 1 decade ago

    You don't need that big a diamond, it will look ridiculous because it is so big. A one carat diamond is plenty big enough. You can buy a very nice ring for $2000! Why do you have to spend so much and get such a big ring? Just get something that you can afford, don't go into debt over this one thing. She will like what you get her even if it's not huge and expensive and if she doesn't she is not worth marrying. Trust me, she will be happy that you proposed and that she gets a ring. Just buy something in your price range.

  • Anonymous
    1 decade ago

    My SIL actually took a PT job at a jewelers specifically to get the employee discount on the ring she wanted (they had been together for years and he never really 'proposed' they just decided it was time to get married). That may be your best bet, they do get a nice discount.

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