Should You Finance Your LA Diamond Engagement Ring?
LA diamonds
With the average man buying an LA diamond engagement ring spending between $4,000 and $6,000, according to Icing on the Ring’s Raffi Rupchian, is it a good idea to finance your ring? And how should do it? Just use your credit card or try to seek financing another way? Or should you simply save up your money and pay cash for it (though you may need a patient girlfriend if that’s your plan). Men have a real dilemma when it comes to buying engagement rings. They want to buy nice and impressive rings for their girlfriends, one that states clearly how much they love her; an engagement ring, though, is a big ticket item and having that kind of debt even before you plan the wedding can be a bit frightening for some couples. So, with that in mind, what is the best way to finance your LA diamond?
Do Jewelry Stores In Downtown Los Angeles Offer Financing?
Most jewelry stores in downtown Los Angeles do not offer financing; they leave that bit of business up to the consumer. However, as a consumer you will have options other than whipping out your high-interest credit card—which may or may not have a high enough credit limit for you to actually pay for that ring anyway. If you do use a credit card, be smart about it and try to minimize the number of payments you make; otherwise, that $6,000 engagement ring will end up costing you close to $10,000 by the time you’re done paying it off. The best option for many men is to save as much cash as you can and finance the rest. Otherwise, your payment could be as high as a modest car payment. Learn your financing options before heading out to shop around the many jewelry stores in downtown Los Angeles.
Where Can You Finance Your LA Diamond?
Many private lending institutions can offer you low interest rates so that you can finance your LA diamond. Look for personal loans from your bank or local credit unions. Credit unions can be more flexible, and oftentimes will offer lower rates on personal loans. Layaways are also a good option for many men. Many stores in the Los Angeles Jewelry District offer layaways. Here’s how they work: First, you put a down payment on a ring. Typically, jewelers will want you to put down at least 20 percent. For a $5,000 ring, you’d have to put down $1,000. Then, over the next few months, you make regular, interest-free installments toward the purchase of that ring. Terms do vary; some stores allow you to pay over six months, others less. Be aware that some stores in LA will not return your cash if you change your mind, but will apply the money you’ve put toward your diamond ring toward store credit.
Try To Avoid High Finance Rates For Your Diamond Rings in Los Angeles
For those with poor credit, you might consider going to one of those places that promises to give you credit to buy engagement rings in Los Angeles. If you have poor credit, you might be tempted to take advantage of such a deal, but you’d be better off just waiting until you can put more cash down on your ring or buy a less expensive ring. While there is a lot of pressure on young men to buy expensive rings, you should try to be realistic about how much you spend. Those finance companies that give money to high-risk consumers charge high interest rates that you probably cannot afford. Be smart when you’re buying diamond rings in Los Angeles jewelry stores.
More Information
If you’re looking for beautiful yet affordable engagement rings in Los Angeles, stop in and check out family-owned and operated Icing on the Ring. If you’re looking to speak with an expert in diamonds and other gems, give us a call at 888-565-6150.
Related Information:
Cut is King in the LA Jewelry District
LA Diamonds Tend to Maintain Their Value
Should You Insure Your LA Diamond?
3 Tips for Diamond Shopping in the Los Angeles Jewelry District
The LA Jewelry District is the Place to Buy the Perfect Diamond
