There are certainly pros and cons to financing an engagement ring so the answer to the question may vary depending on the circumstances. The main thing to be mindful of, if do choose to finance your engagement ring, you’ll want to do it smartly. In other words, knowing what you can afford, ensuring you get low rates, and being able to pay it off in a reasonable time are all smart considerations when financing an engagement ring.

Pros of Financing an Engagement Ring

Deciding to finance an engagement ring simply because you can’t afford the expensive ring that you want, usually isn’t a good idea. Especially when it means bringing in a whole lot of debt into a new marriage. That being said, there are ways to be smart about financing, making it a good choice. For instance, you may be able to find a good offer like 0% interest for the first 12 months. This would allow you to pay off the ring over time, making it less of a financial burden upfront without the extra cost of high-interest rates. While some jewelry stores may have offers like this, you’re most likely to get a zero percent deal on a new credit card.

Financing a ring may also allow you to purchase something a little nicer by giving you more flexibility with pricing.

Lastly, you may also find better offers when financing versus maxing out a credit card, hurting your credit, and possibly spending enormous amounts on interest.

Cons of Financing an Engagement Ring

There are a lot of reasons many people will shy away or discourage the financing of an engagement ring. A few of the cons include:

• Adding a financial burden on a new marriage – monthly payments can really hurt when you’re making such large changes in your life.
• Going into a new marriage with added debt that could affect your partner.
• Financing often leads to unwise purchasing – spending more than you should because you don’t need all the money upfront.
• It can damage your credit by adding extra debt and affecting your debt to income ratio.

Just because you can afford the monthly payments now, doesn’t mean you won’t encounter some financial difficulties down the road which could make it difficult or impossible to continue making payments. If you decide to finance, remember to be smart about it. Stick to your budget, find the best deal or rates, give yourself some breathing room on what you can afford each month, and try to make at least a 30% down payment on it upfront.