There are many options for engagement ring financing, including credit cards, “buy now, pay later” plans, directly through the jeweler or personal loans.
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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.
Though it’s best to pay for a purchase with cash whenever possible, many couples may not be able to cover the cost of an engagement ring upfront. That’s where engagement ring financing comes in.
What's the average cost of an engagement ring?
The average cost for an engagement ring in 2024 was $5,200, according to wedding website The Knot. Engagement ring prices run the gamut, though, so while some couples may choose to spend less than $1,000 on an engagement ring, others may spend closer to $10,000.
If you’re unable to pay for an engagement ring with your savings, compare popular engagement financing options below, including how to qualify and when each option is best.
» Getting married on a budget? Check out our exclusive wedding guide, only available in the NerdWallet app
Ways to finance an engagement ring
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.
How to qualify: 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” 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 checkout — while others offer longer terms that may charge interest. Providers conduct a soft credit check when you apply, so you don’t need to worry about any impact to your credit score.
BNPL companies don’t typically report on-time payments to the three main credit bureaus, so using BNPL won’t help build your credit. Late payments can be reported, though, which could hurt your score.
How to qualify: There’s no minimum credit score requirement. 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.
Some jewelers offer payment plans that include no-interest or lower-interest promotional periods but high interest rates — up to 36% — 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.
How to qualify: 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 an unsecured 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.
How to qualify: 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.
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 — are an option for bad-credit borrowers, since lenders don’t 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. You can pre-qualify with lenders by filling out a short application 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.
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