How to Buy an Engagement Ring with Bad Credit – OppU

Congratulations ! You ’ ve found the person you want to spend the rest of your biography with ! In a world full of bad Tinder dates, you scored a keeper, and that is no easy feat. now all that ’ sulfur left to do is find a hoop and plan the perfect marriage proposal .
here ’ s the thing : battle rings are frequently expensive. According to a 2019 survey from The Knot, the average cost of an battle ring in the United States is $ 5,900 — which is not precisely chump change ! So how can you get that huge multicarat, perfectly-cut diamond if your budget is compressed and your credit is shot ?
Below we are going to talk about finance plans, nontraditional jewelers, and alternatives to the ball field engagement ring to help you show your broad heart without emptying your wallet .

Throw out the old rules 

Have you heard of the three-month rule ? That ’ s the outdated impression that beyond finding the perfect ring, the proposer must spend the equivalent of three months ’ wage on it.

If you ’ re considering a proposal, you may have heard about this anticipation, and if you ’ re the one doing the ask, you besides may have spent a good total of time stressing about it .
hera ’ s the thing, though : You don ’ t need to follow that rule. For many, that rule international relations and security network ’ t naturalistic. Most Americans don ’ thymine even have $ 1,000 in savings, let alone three months of their wage to spend on a baseball diamond surround .
If you do have three months ’ wage squirreled away, that money may already be allocated toward an hand brake fund — and if not, it could be. Liquidating that account to buy, for case, a one-carat, princess cut baseball diamond solitaire band in a whiten gold set may not be the best use of those funds .
If your future fiance is the kind of person you think is worth marrying, then odds are they will be sympathize of your fiscal site. Your love can ’ triiodothyronine be contained by a forcible closed chain, but if you are set on proposing with one, there are options to consider .

Jewelry store financing

Some jewelry stores offer an annual percentage rate — or APR — of 0 % for customers who want to finance, but that finance option comes with a catch, which involves signing up for a store credit card. This may sound OK in hypothesis, but in rehearse, it could get you into some hot fiscal waters, particularly if you can ’ triiodothyronine yield to pay off the debt during the interest-free period .
If you haven ’ thyroxine so far paid off your buy in full by the time that no-interest period closes, the credit rating card merchant may back charge you matter to from the master date of buy. This kind of defeats the point of the lend, careless of which ring vogue you selected .
“ The trick of financing a ring is to pay off the balance owed angstrom early as possible so you can minimize finance costs, ” says Adrienne Ross, founder of Clear Insight Financial Planning. “ If you set a budget that works for your fiscal situation and focus on what is meaningful for you, then even if you do end up financing all or a part of the cost, it will be easier to pay off faster. ”
It ’ sulfur besides worth keeping an eye on special offers that might pop up throughout the year. even if you ’ re not actively looking for a call nowadays, if you know there ’ s a gamey chance you ’ ll be looking for one in the future, you can consider taking advantage of limited-time offers when they arise .
basically, if you are smart about financing and use it as part of a well-thought-out design to afford a ball field that is fair a little bit out of your reach, then it can be a smart move. If you ’ ra expecting financing to snag you a ring that is way out of your budget –that is credibly not a good idea .
( If you ’ re considering a bad credit loan to finance a ring, or any other item, be indisputable to check out the OppU Guide to Bad Credit Loans beginning. )

Look for vintage jewelry

jewelry stores aren ’ t the only places to look to find date rings. While it may be more difficult to find a ring that checks off every item on your beloved ’ south wish number, with some dedicated search, you can find popular styles and adjust them to the proper ring size. In accession to looking through pawn shops, estate sales and charity auctions may besides have some good finds. The latter may besides qualify you for a tax write-off.

Craigslist and Facebook marketplace could besides be worth a search ; however, with any of the options mentioned here, consider having the closed chain assessed and appraised by a qualify jewelry maker or professional to make indisputable the pit and materials in the ring are real .

Don’t die for diamond

Yeah, diamonds are pretty. They ’ ra besides the most expensive function of the gang.

“ For most engagement rings, the bulk of the cost is the center rhombus itself, ” explains Anubh Shah, co-founder and CEO of employment ring company With Clarity .
Mined diamonds aren ’ t the only reasonably center stones, however. For example :

Man-made (or lab-grown) diamonds

Lab-grown diamonds are molecularly identical to natural diamonds and have the like chemical and physical properties, ” Shah says. “ The lone deviation is that they are grown in a lab and not formed within the ground over millions of years. This enables them to be both environmentally friendly and less expensive than natural diamonds. Lab diamonds are a fantastic option for those that are on a budget, or don ’ t have good credit rating to afford financing a natural ball field ring. ” You could besides consider cubic zirconium oxide, though it is structurally wholly different than natural and lab-created diamonds .


This crystal-clear stone is about vitamin a baffling as a diamond, and calm has a diamond-like sparkle to it. Although chiefly man-made now, moissanite was in the first place found in meteorites, which makes it the perfect stone for the star in your life .

Other colorful gems

What ’ s your sweetheart ’ s favored coloring material ? Find out and buy a closed chain with a gem in that discolor. flush the more precious gem rings like ruby or azure can cost a divide of the price of a comparably-sized baseball diamond .

Plain metal

If your future spouse international relations and security network ’ t the brassy type, consider a yellow gold, rose gold, or sterling argent ring rather. You might have concerns that it looks besides similar to a wedding ring, but you could consider differentiating it with some creative etching .

All in the family

Consider checking with your parents or relatives to see if there might be an heirloom in the family .
“ One of my darling, and normally exempt, options is when couples seek out resources from their family, ” says Brandy Kerley, owner and marriage officiant at Tie the Knot California. “ For case, they may ask their parents for rings that have been passed down through generations. ”
Kerley besides points out that a necklace, dot earrings, or another firearm of jewelry may have stones that you can take out and repurpose. Because the stone is typically the most valuable contribution of an date ring, you can save by resetting the stone into a fresh band .
There ’ second besides nothing wrong with getting creative. If you ’ re the kind of couple that ’ second into tattoo, you could look into getting tattoo marry rings or any early kinds of gestures of your sexual love. What ’ s most authoritative international relations and security network ’ t how, but who you choose to spend your life with, after all .
article contributors

Brandy Kerley
Brandy Kerley is the owner and marry officiant at Tie the Knot
California. As an ordain minister, Brandy can perform marriage ceremonies throughout California and the United States. She works with couples to create a alone marry ceremony that reflects their personality and values as a match .
Adrienne Ross
Adrienne Ross is founder of Clear Insight Financial Planning, LLC. Her overture to fiscal plan is deeply rooted in more than a decade of experience as a personal fiscal advocate serving military members and their families. She holds the accredit fiscal counselor appellation, and is a license fiscal planner master and lease fiscal adviser.
Anubh Shah
Anubh Shah is the co-founder and CEO at With Clarity, which is an on-line, direct-to-consumer, base fitting betrothal ring caller .

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Category : Finance