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How to Finance an Engagement Ring

diamond-engagement-ringThe process of buying an engagement ring is probably one of the most important purchases in your life. Keep in mind that buying of one of the key engagement elements should be made with the recognition of its importance and financial responsibility.

In case you are not able to pay cash for the engagement ring, think about the best way to finance your purchase. These tips will guarantee you will make the reasonable decisions about financing your engagement ring.

Financing the engagement ring

Credit cards
One of the ways is the credit card. Figure on the APR how much your card charges for daily purchases. In case it gives a good rate and allows you to pay more than the minimum monthly payment, it might work ideal for you. If you chose to go this way, ensure to secure the lower interest card and have enough money on the card for the big purchase.
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Personal loans
Consider taking the personal loan at the bank. Research the few banks to figure what kind of interest rate they provide for you to get the short-term personal loans. The website bankrate.com gives the information on the interest rates in the different banks in your area. There are no doubts you will get the lower interest rate than the one provided by the jeweler.
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Jeweler-financed credit card
Find out about the jeweler-financed credit card. A lot of contemporary jewelers propose the revolving credit cards that work just like the regular credit cards. The major part of these cards doesn’t have an interest rate during the certain period, but offer the highest rates for the promotional period. So, in case you plan to pay off the cost and the additional interest during the interest-free period, go for it.
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Employee discounts
The jewelry stores tend to offer their employees the discounts. So, one of the ways is becoming an employee of such a store. In fact a lot of jewelry stores provide their employees with 15 or more discount percent. Don’t forget to figure what percent you will be able to get and how long you should work for the store before being allowed to use the discount opportunity.
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Paying off the debt
It is important stepping into the new life without anything suppressing you including the debts so try to pay off the cost of your engagement ring as soon as possible. Don’t forget to pay off your debt each month. In order not to be up to your eyes, you may find the part time job, start a small business, reduce your expenses etc. In order to have the smaller debt, try to put as much money as possible on the down payment during the engagement ring purchase.
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