The “buy now, pay later” debate is constantly getting new fuel for the fire. On the one hand, you’ve got the staunch cash defenders who will be using greenbacks as long as they’re accepted. On the flip side, a new generation of digital payment users is cash-averse and finance purchases at every opportunity.
Both sides have a point, but what happens when you set your sights on a masterful piece of jewelry that you simply have to have? Maybe it’s an engagement ring for that special someone or a chain link necklace you’ve always dreamed of wearing.
Don’t fret because there are smart, responsible ways to finance jewelry (yes, you can even finance engagement rings) that let you upgrade your style without risking stepping into financial hot water.
Set a Budget
Most people stumble right out of the gate when financing jewelry. They somehow think that financing is like casting a magic spell that allows them to buy the most expensive pieces that are completely beyond their budget. However, that’s not the case.
That’s why we recommend you a strict budget, even if you plan to finance a ring, necklace, or anything else in the jewelry department. This means determining your optimal down payment, understanding the interest rates available, and ensuring you can meet the required monthly payment in the months or years to come.
Financing is an excellent option as it allows us to stretch our money a bit further, but it still requires foresight and responsibility like any other payment method.
Become a Member
Being loyal to certain credit jewelers pays off in today’s world, thanks to membership programs that give you tons of benefits upfront and long term.
Becoming a member with credit jewelers gives you a broader range of choices regarding the financing agreement terms, putting more power in your hands. That means you aren’t subject to the narrow terms of the lender, and you enjoy greater flexibility as a result.
Memberships with credit jewelers aren’t all about the financing, either. The top brands offer perks like extra discounts and access to clearance sales that retail shoppers may not have. If you plan to buy more jewelry in the future, there are plenty of reasons to be a loyal member of credit jewelers.
Get the Best Deal
Another common pitfall is thinking that by financing, you don’t have to go after discounts, promotions, and clearance sales that can save you money. Considering that great deals are consistently found throughout the jewelry industry, you’re missing out on major savings if this is your approach.
Knowing this, always be on the lookout for savings opportunities, even with high-end retailers. Sign up for email newsletters, notifications, and other alerts that keep you in the loop with deals.
Finally, don’t hesitate to negotiate with retailers in person or even online. The jewelry industry is still known for flexibility in terms of pricing, and vendors are typically eager to please. Deploy some smart negotiation tactics, and you may find yourself with a lower principal or payment.
Connect With Lenders
With your budget and price point in place, it’s time to find a lender to finance the designated portion of your purchase. These days, many jewelry vendors partner with financing services and automate the process, completing the transaction in a matter of minutes.
Alternatively, you can contact lenders directly to see if you can negotiate a better deal. Many jewelers don’t want you playing middleman with lenders, which is understandable. In most cases, you’ll want to keep things smooth and streamlined with minimal hassle.
Consider a Credit Card
More credit card companies are now offering low-interest introductory offers for people looking to buy an engagement ring. These aren’t too common, but they can be found with some digging.
As usual, those with high credit scores and strong track records will enjoy better credit product offers with larger limits and lower rates; this is another incentive to get your credit score to the highest possible level and minimize mishaps.
Even if you don’t plan to buy jewelry right now, you never know when an engagement ring might be needed in the future!.
Pay On Time, In Full
It’s always worth reminding shoppers that the financing agreement must be fulfilled if you want to avoid penalties like fees or damages to your credit score. Be sure you can meet that minimum payment each month and stick to a schedule that keeps you aligned.
Better yet, set up auto-pay so that you don’t have to pay manually each time. If you can manage to put down some extra cash here and there, that short-term discipline will pay off. For extra motivation, keep an eye on your credit score as it fluctuates!
Amazing Jewelry, Smart Financing
Smart jewelry shoppers know how to finance their purchases the right way. They know the rules, use resources like credit jewelers to their advantage, and never fall behind on payments. Apply this intelligent approach, and you’ll find that financing jewelry can be hugely beneficial without the risk.
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