How to Finance an Engagement Ring

There are many options for engagement ring financing, including a credit card, “buy now, pay later” plans, directly through the jeweler or with a personal loan.
Jackie Veling
Annie Millerbernd
By Annie Millerbernd and  Jackie Veling 
Updated
Edited by Kim Lowe

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When you’re about to pop the question, your finances may not be the first thing on your mind — but they might be the second. Engagement rings and the weddings that follow are among life’s priciest purchases, so starting on the right foot is key.

The average cost for an engagement ring in 2023 was $5,5000, according to wedding website The Knot. The cheapest way to pay for a ring is with savings, but if you haven’t saved up or you’re reserving your savings for the big day, compare engagement ring financing options to help cover the cost.

Can you finance an engagement ring?

You can finance an engagement ring a few different ways. It’s best to stick with no-interest or low interest options when possible, which can include zero-interest credit cards, “buy now, pay later” payment plans or in-store financing.

Personal loans for engagement rings are another popular option, but interest rates may be high depending on your credit score.

Ways to finance your engagement ring

A green credit card.
Credit cardsA 0% introductory credit card can help you finance an engagement ring without paying interest during the promotional period (up to 21 months). You need good or excellent credit to qualify.
Cash and coins.
Buy now, pay laterBNPL plans divide your purchase into four equal installments with zero interest and no fees if you pay on time. Longer plans may be available. There’s no minimum credit score to apply.
Storefront with a door and window.
In-store financingSome jewelry stores offer in-house financing that includes no- or low-interest promotional periods lasting two to three years. You typically need good or excellent credit to qualify.
A calculator with cash next to it.
Personal loansPersonal loans come in a wide range of loan amounts and repayment terms. These loans are available to borrowers across the credit spectrum, but rates can be high.

Credit cards for engagement rings

You can finance an engagement ring with no interest using a 0% introductory credit card. These cards have promotional periods of 15 to 21 months, during which you pay no interest on any purchases you make. What’s more, choosing a card that also grants travel rewards can mean cash for a honeymoon.

However, note the credit limit on the card; if the ring purchase exceeds 30% of your overall available credit, your credit score may take a hit.

Qualifications: You typically need good to excellent credit (690 credit score or higher) to qualify.

When it’s best: Zero-interest cards are best if you qualify for one with a high credit limit and you can pay off the balance within a year or so, avoiding high interest rates that kick in after the promotional period.

“Buy now, pay later” for engagement rings

“Buy now, pay later” providers like Affirm, Klarna and Afterpay can break your purchase into smaller installments, often for zero interest. These companies partner with all types of merchants, including jewelers like Zales, Kay Jewelers, Brilliant Earth and Jared.

You can apply for BNPL when you check out online or in-store. The repayment term and interest rate will vary based on the BNPL provider. Some providers only offer a pay-in-four plan — four equal payments, each due two weeks apart, with the first payment due at check out — while others offer longer terms that may charge interest. Providers typically only conduct a soft credit check when you apply, so you don’t need to worry about any impact to your credit score.

BNPL companies may not report on-time payments to the three main credit bureaus, so using one isn’t guaranteed to help build your credit. Late payments can be reported, though, which could hurt your score.

Qualifications: There’s no minimum credit score required. BNPL providers may look at the funds available on the debit or credit card you’re using at checkout, any prior history you may have with that lender, the price of your purchase and your credit score.

When it’s best: BNPL payment plans are best for a one-time purchase, like an engagement ring, when you can qualify for a low rate and can make all payments on time.

Jewelry store financing for engagement rings

Some jewelers offer payment plans that include no-interest or lower-interest promotional periods but high interest rates — up to 33% — after the period ends.

Promotional periods on jeweler cards tend to be long (think two or three years), but if you still have a balance once the promotion ends, the jeweler may retroactively charge interest accrued since your purchase. This is different from no-interest credit cards, which charge interest only on any balance remaining after the promotion ends.

Qualifications: Few jewelers disclose minimum credit requirements, but it's likely you need good or excellent credit to qualify for many store credit cards.

When it’s best: A jeweler payment plan may be the right choice if you qualify for a no- or low-interest plan and can pay the ring off in full before the promotion ends.

Personal loans for engagement rings

Well-qualified borrowers may get a low interest rate on a personal loan that can be used to purchase an engagement ring. These loans provide a lump sum of money that you repay in monthly installments.

Annual percentage rates on personal loans start around 6%, and repayment terms are usually two to seven years. The fixed monthly payments can be easier to budget for than revolving payments on credit cards.

Use a personal loan calculator to see estimated rates and payments on engagement ring loans, based on your credit score. Pre-qualifying will allow you to see personalized rates and terms without affecting your credit score.

Qualifications: Borrowers with good or excellent credit, little existing debt and high incomes are more likely to be approved for the lowest personal loan rates. Those with lower credit scores may still qualify, but may pay more interest.

When it’s best: A personal loan is a good engagement ring financing option if you qualify for a low rate and need two or more years to pay off the ring.

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5.0
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8.99-29.99%
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Can you finance an engagement ring with bad credit?

If you have bad credit, you can still finance an engagement ring, though you may not qualify for some of the options listed above, like a zero-interest credit card.

Buy now, pay later plans — available at most retailers, including jewelry stores — may be an option for bad-credit borrowers, since lenders don’t typically require a hard credit check, and you may be able to secure a 0% offer even with fair or bad credit (689 credit score or lower).

Personal loans for bad credit are another good option, though you’ll want to make sure you can afford the monthly payments, since interest rates may be high. Pre-qualify to check your potential loan terms with no hit to your credit score.

Doing what you can to boost your credit before popping the question, like paying off small debts or fixing errors on your credit report, can help build your score.

Comparing options? See if you pre-qualify for a personal loan - without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

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