Bridal Sets That You Make Monthly Payments on
Buying an engagement ring is a major investment for the groom or the bridal couple. When that is combined with the wedding band or bands, the financial output is compounded. Because of this, many jewelers offer bridal couples financing options to pay for the bridal sets over time. This can enable a couple to become engaged without having to save for several months to buy the rings.
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Bridal Sets
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While a bridal set typically refers to the bride's engagement ring and her wedding band, this could also include the wedding band for the groom as well. All three rings can equate a large financial output, making financing them appealing. Many brides will prefer stones on her wedding band in addition to her engagement ring and many grooms opt for a sparkling band full of stones as well. Many engagement rings are paired with a matching wedding band, making purchasing them together as a set advisable for uniformity and consistency. By increasing the value of the rings, the cost of the bridal sets will increase as well.
Financing
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Many jewelers, especially large corporate jewelers, will allow you to finance a large purchase, such as a bridal set. Typically, you will need to apply and become approved for a store credit card. Being approved, as well as the extent of your line of credit, will usually depend on your credit history. Ideally, you will be approved for more than the amount of the bridal set. The terms of the credit, such as the amount of money due each month, the time you have to pay off the bridal set as well as the interest rates, will vary by store and by person.
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Pros of Payment Plans
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There are a variety of advantages and disadvantages you will need to weigh out when deciding whether to finance a bridal set. The major advantage to financing the bridal set is time. If you decide you want to propose to your significant other, you will not have to wait to save the money to purchase the ring sets. This is appealing especially if you have a certain date in mind. If you want to propose on Christmas, for example, you will not have to worry about coming up with the large amount of money right away, or waiting until the following Christmas. You also will not have to put a large dent in your savings, but instead, make small payments over time.
Cons of Payment Plans
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While there are some advantages to financing wedding rings, there are drawbacks as well. Paying off the purchase through monthly payments will put a dent in your monthly income, adding to your accumulated debt. Failure to keep up with the payments will result in a black mark on your credit score. Depending on the store and the credit plan, you could end up paying more than the retail value of the rings, since you will be paying interest on the purchase. Applying for the payment plan alone could equal a black mark against your credit score, since the store will need to run a check on your credit to see if you qualify.
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