Can You Finance Engagement Rings?

Yes, there are many options that can help you finance your engagement ring.

Your engagement ring is going to be one of the priciest purchases of your lifetime. In order to help you pay for your engagement ring, there are plenty of options out there to help you afford and pay off the engagement ring. 

Having a plan about how to purchase your ring is vital, it is important that you don't go into other finances as well.

Financing Options For Your Engagement Ring

Credit Cards

One of the most common financing options is to use  a credit card. This helps you pay off yoru engagement ring in one payment if you do not have the funds in cash. You will have to pay off the credit card with a higher interest rate. 

In-House Financing

Some jewelers and jewelry store have in-house financing options. Many of these plans come with more flexible credit requirements. Some retailers may have a minimum purchase amount before any financing options can be discussed. Always make sure to discuss this before going forward with your purchase. 

Personal Loans

This installment-type loan is best for buyers who have a good credit score and are looking to shop competitively. These types of loans also offer some of the best interest rates as well. Depending on the lender you go through they may refer to this loan as a wedding loan. This loan is paid off in small monthly installments as well as paying interest charges and fees. Since this is a private loan, you’ll need to apply for it like any other loan, and also get approved before you can go make your engagement ring purchase. 

The Pros And Cons Of Financing Engagement Rings

Financing helps couples who have other major wedding expenses. In most cases, financing comes with interest, which could stack up over time. Financing is a great way to pay for something and adjust the time of receiving the item at your convenience. There are both pros and cons to financing an engagement ring.


  • Needing or wanting something now, without having to save for it 
  • If using a credit card, could amount to points
  • Being more motivated to pay off the debt instead of waiting to save


  • Can be a mental shortcut
  • Potentially miss a discount for paying in full


At SG Jewelers, we can help you pick out the rings of your dream. No matter what you’re looking for, you’ll get professional care for your love and commitment. Contact us today to set up an appointment to meet with an expert Jeweler. 

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