When you purchase a home, the home is the collateral, it can be taken away from you and the bank has their money. When you purchase a car, the same is true. But a ring can be hocked the day after you purchase it, is this true? Do you have to have collateral to finance a ring, if say, you are putting 20% -30% down?
2006-09-12 00:11:45 · 9 answers · asked by rjax79 1 in Family & Relationships ➔ Weddings
The jeweler doesn't finance you, the credit card companies do. You have to apply for a credit card. If you "hock" the ring, fine, but you still have to pay the balance on the card.
2006-09-12 00:14:18 · answer #1 · answered by just browsin 6 · 0⤊ 0⤋
Your intention is good, but to get in debt in order to buy an engagement ring is a very sad choice! Why not to save enough for something more affordable and pay cash for it?? If she is a wise girl, she would never apreciate you to finance a ring you cannot buy.More important that to get an expensive ring is to be engaged to someone that avoids debt like a plague. Remember that "overspending is always a sure sign of an imature person". If she is really special, she would rather have what you can afford to give her rightnow. Your relationship needs to have a solid foundation from the start, or you both will always be a broken and unhappy couple, forever imature and in debt. "Personal experience is a very painful teacher''!!
2016-03-26 21:37:45 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Ask your jeweler. Many have in-house financing, if you put 20-25% down, you can pay off the rest monthly, like a credit card, and walk out the door with your ring. If you default on the loan, they'll just take you to court. Or, just lay-a-way the darn thing til you can afford to pay cash, if you don't qualify for financing. They will not ask for nor accept "collateral".
2006-09-12 02:43:27 · answer #3 · answered by Randi L 5 · 0⤊ 0⤋
Here's what my husband did - with my rings his mom paid for them in full and then he paid her back in the course of a year. Together they cost $8,000 so that was great for him to pay them off so quickly - but he was very diligent about it - he would rather do that then risk not paying them off and getting stuck with the huge interest fees from the jeweler. Also, once you buy the rings you need to take insurance out on them should anything happen.
2006-09-12 03:04:42 · answer #4 · answered by Rachel 7 · 0⤊ 0⤋
Most stores have 12 months interest free financing, but the ring stays at the store. If you want to take it out of the store, you have to get a loan for it. The jewelry stores have certain places they get loans from.
2006-09-12 01:22:24 · answer #5 · answered by sundragonjess 5 · 0⤊ 0⤋
The engagement ring does not have to be a very expensive one as it is more a token of your sincerity and committment to the alliance---it is not the wedding.
If you cannot afford even an engagement ring and need to take a loan for it---then you are not yet ready for marriage.
2006-09-12 00:15:34 · answer #6 · answered by itsmehuh 2 · 0⤊ 0⤋
if you are paying the ring off, it stays at the Jewelers, while you are doing so, so if anything happens the shop is covered with insurance.
once you bring it home, it you feel unsure and unsafe, have the ring insured, the jewlery store can give you a valuation and you take it and have the ring insured.
2006-09-12 00:15:31 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It is on a line of credit like a credit card.
2006-09-12 01:22:43 · answer #8 · answered by Samantha M 3 · 0⤊ 0⤋
credit cards or cash...or you can put a ring on lay-a-way and it becomes yours when you pay it off.
2006-09-12 01:50:48 · answer #9 · answered by intelligentbooklady 4 · 1⤊ 0⤋