Some jewelry pieces are so vital in one’s life. For example, an engagement ring marks a milestone in a relationship. Thus, you will need it whether you have the cash or not. Here arises the question of jewelry financing. Should you go for cheap jewelry, or should you seek financing services?
Several financial institutions are willing to help you buy a piece of jewelry. They do not mind since they know the metal and the gemstone are valuable. However, it would help if you looked for ways to save money when seeking Jewelry financing. Here are the tips you should have in hand.
Ways to Finance Jewelry
There are several methods of jewelry financing. You can select any of these below, depending on availability and convenience.
Jewelry Store Financing
Many jewelry stores offer jewelry financing. You can get your piece of jewelry and pay in installments. It is a great way to buy a piece of jewelry without feeling the weight of the price.
However, if you select this method, make sure you understand the terms and conditions. Also, you should estimate if you can clear the balance under the period they give you. Most of their interest rates are very high. You may spend double the price on the tag. Also, check on the store promotions to get the piece at a lower price. Look out for any hidden charges and regular interest rates.
Jewelry Financing Through a Credit Card
A credit card is another option for Jewelry financing. It is wise to gt a card with low or zero APR. to get this, and you need to have a good credit score on your card. In case your credit score is not appealing, you can spend more time improving the score. Also, you may look for a store that is offering a promotion on jewelry bought on credit. You will benefit from a 0% interest rate. Ensure that you can afford the monthly installments to avoid paying for one piece of jewelry for many years.
Personal Loan
You arrive at personal loans for jewelry financing when the above methods fail. You may deny the first two options due to a low credit score.
With a personal loan, you will get the whole amount for the jewelry from your financier. You will then repay depending on your agreed time and interest rates. You can get the money as a secure or unsecured loan. You can qualify for an unsecured loan in case you have a positive financial history.
Alternative Financing
Sometimes you may want to buy a piece of jewelry beyond your financial ability without getting traditional loans. There are several ways you can get the money. One of the most common methods is getting a soft loan from family and friends. Most of the time, you will repay without any interest. Also, you do not risk losing your assets should you delay to repay.
Also, you can get jewelry financing by doing an extra side job. In this method, you will need to start early and save all the money you make from the side job. You may also consider selling some personal belongings or withdrawing from your retirement account. Some people go to the extent of reducing their monthly spending.
Pros of Jewelry Financing
- You will not need to delay your engagement due to a lack of money.
- You can get a piece of jewelry at a subsidized price during the promotion period.
- You do not feel the pain of spending a massive sum of money at once
- When you get jewelry financing at a 0% interest rate, you have time to pay for the jewelry at no extra cost.
Cons of Jewelry Financing
- The offers entice you to get jewelry pieces that you cannot afford under normal circumstances. In many cases, they are unnecessary debts that you have to clear.
- If you surpass the offer period without clearing the payment, you are charged a very high-interest rate.
- If you took a long to buy an engagement ring or wedding band, you would start your marriage with financial strains.
How to Save Money with Jewelry Financing
There are a few tricks you can apply to save money with jewelry financing. It may sound impossible since these methods involve having a debt. However, the tips below will help you save a few bucks to channel on other uses or pay the next installment.
Purchase Online
Many jewelers have online stores. In most cases, they sell ready-made pieces online. If you need a bespoke piece, you may need to wait longer and pay more. However, if you are buying online, you can get offers of up to 50% discount. However, you should compare various stores and settle for the one with the best offer. To avoid scammers, purchase from the jewelers’ shop- not a third party store.
Buy From Local Jewelers
You may have had a nasty experience shopping online- so online shopping is not fr you. In this case, you can consult your local jewelers for exclusive deals. If you want to benefit from fair prices, check out stores in an area with many jewelers. They try to lower costs to keep up with the competition.
Buy Jewelry With Cheaper Stones and Metal
Sometimes you may need a piece of jewelry through jewelry financing. But when you check the price, you feel it may be too high to repay within the required time. At that point, you may opt to take the same design but with cheaper material. It does not mean you go for fake jewelry, no. For instance, you may opt for white gold instead of platinum. It is beautiful and valuable but at a lower price. They are cheaper than the mined diamonds but have the same quality. That is one trick to get quality jewelry at a lower price.
Buy Jewelry with a Cheaper Gemstone
Many people prefer diamonds on their rings. However, many other gemstones are beautiful and have a deep romantic meaning. You can opt for rubies, opal, or any different kind of gems besides diamonds. That alone can lower the price significantly. You will not need to get a cheaper metal for the same.
Conclusion
Jewelry financing helps you to get the best jewelry piece even when you are low on budget. But, you should know the tips to apply and save on the jewelry. Do not dive blindly without reviewing the terms and conditions. Also, assess if it is worth getting into debt due to a jewelry piece.
