Ring Loan
Source For Ring Loan Information

Ring Loan

Figuring out how to pay for an engagement ring can be more difficult than finding the ring for that special someone in your life.  The common rule is to purchase a ring that is at least one carat large, which can cost between $5,000 to $15,000, which depends on the color, cut, and clarity of the diamond.  Diamonds that are larger than a carat can cost up to mid five figures for a high-quality beautiful diamond.  Coming up with a minimum of a few thousand without planning is very difficult and many men face this issue during this important time in their life.  What not all men know is that they can actually use a ring loan to pay for their engagement ring.  Ring loans are more common than you think.  Many jewelers, banks, and credit card companies are willing to lend you money to purchase that special ring for that special someone.

Ring loans are great for men that donít have the necessary funds to pay for an engagement ring.  They will either settle for a smaller ring that they arenít proud of or they will find another type of precious stone to use and call it a wedding ring.  Men, donít settle and donít pick another type of stone.   Itís important to purchase a diamond ring that is at least 1 carat in size and that is a diamond ring.   Remember, diamonds are a girlís best friend.
There are many ways to get a ring loan to pay for your engagement ring.  One great way to finance your engagement ring is by asking your jeweler if they offer special ring loan financing.  Many jewelers have financing on engagement rings that can be paid off between 12 to 60 months.   These ring loans come with a low interest rate and favorable repayment terms.  Many jewelers will even offer a no money down, no payment for the first 12 months if the ring loan is greater than 24 month repayment plan.

Even online jewelers, such as Blue Nile, offer their very own credit card that can be used to purchase your engagement ring.  These credit cards offer borrowers exclusive financing on any type of engagement ring that meets their loan limit.  These loans usually donít care any fees or miscellaneous expenses, so costs to borrow is fairly low.  Online jewelers tend to offer a much more competitive price on their engagement ring, since they donít have to carry the high overhead costs that come with other brick-and-mortar jewelers. 
Credit Card companies also offer special engagement ring financing to purchase that special ring of yours.  Many credit card ring financing companies offer zero down, zero APR for the first year if you have a ring loan that is great that 24 months.  Other companies will offer you a much more favorable interest rate and repayment term by having a 48 to 60 month ring loan.  These ring loan promotions are great because you donít have to come up with money to immediately start paying for your ring, which is great since you may have wedding or honeymoon expenses.  You can comfortably save for when you have to start repaying on your ring loan.

Banks even offer personal loans that can be used to purchase an engagement ring.  Banks usually require that you have a bank account with their local branch.  They also require paperwork completed and run an employer and credit check to make sure you are eligible in repaying your ring loan back.  Many people feel more comfortable borrowing from their local bank then to borrow from a jewelerís financing company.  At the end of the day, itís all about who will finance your special ring at the best interest rate and that offers the most favorable repayment terms.
Whatever type of ring loan you choose, please make sure that all ring loan lenders require a strong credit score and history.  The higher your credit score, the higher your ring loan amount will be.  Itís important to have good credit, since it shows that you are a responsible individual that is on time with loan repayments.  Ring loan lenders want to make sure they will receive their money back on a specified period of time, which is only fair.  The lender helps you purchase an engagement ring today, so you can give that special someone a gift they will cherish for the rest of their life.