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Planning to buy that special someone a breathtaking piece of jewelry to last a lifetime? Or, perhaps, you are that special someone. Regardless, we all deserve the best of the best, or so we think. Jewelry can range in price, but most quality jewelry comes at a price, and one that might be over your budget. That is, until you explore the option of jewelry financing. Read on to learn more about jewelry financing and how to get prequalified before hitting the jewelry store.

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Can you get a loan on jewelry?

There are a few different options that might be available for financing jewelry. These can include financing offered by the retailer, personal loans, or credit cards. Your qualification, price point of the jewelry, ideal monthly payment, and other criteria can help you define what financing option makes the most sense. There are two ways to approach jewelry financing; You have already picked out the jewelry you want to purchase, or you are starting by setting a budget. Both approaches work, but before getting prequalified, it can help to know how much you need to borrow. During most application processes, the lender or facilitator will ask how much you want to borrow. Getting prequalified for the appropriate amount can help the process go smoother. Before we dive into details about getting prequalified, let’s discuss how jewelry loans work.

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How do jewelry loans work?

As we mentioned, there are a few different ways to finance jewelry: financing offered by the retailer, credit cards, or personal loans. While you may have additional options, we will cover these three in more detail. 

  1. Jewelry financing offered by the retailer: Some retailers may offer in-store or online financing options. To do so, retailers usually partner with a lender or financial institution. While you can apply through most retailers, you will end up dealing with another company for the financing. In most cases, you will buy the jewelry, the lender will pay the jewelry store, and you will make payments to the lender. Since the arrangement can benefit the jewelry store (more sales and higher sales amounts) and the lender (more loans), they usually want to encourage consumers to take advantage of this option. They may offer promotional financing offers such as zero percent interest for a specific period of time, such as 6 or 12 months, which can vary depending on what you spend and what you qualify for. If you choose this avenue, you may be closed in on retailers that offer jewelry financing. Do your research to determine if there’s a retailer that can deliver the jewelry you desire and a financing option that works. 
  2. Credit cards: Perhaps you have an existing credit card, or intend to open a new account to finance an upcoming jewelry purchase. While credit cards can offer a way to finance jewelry, this might be a costly option that’s potentially harder to manage, compared to other options. In some cases, financing offered by a retailer is in the form of a credit card. If promotional financing is offered with the credit card through the retailer, you will want to calculate how much you need to repay monthly in order to satisfy the balance before interest starts accruing. If you can pull this off, promotional financing with a credit card can make sense. 
  3. Personal loan: Personal loans are funded as a lump sum and usually repaid in fixed monthly installments. With few spending restrictions, you could use a personal loan to finance jewelry, and something else too, like a honeymoon or the perfect proposal day.  By using a personal loan, you open the opportunity to purchase the jewelry just about anywhere as well since you will have the funds available once the loan is approved and funded. At Acorn Finance, you can check personal loan offers up to $100,000, depending on credit score. Checking offers at Acorn Finance has no impact on your credit score. Plus, you can return at a later date and review offers again that are still valid. This allows you some time to find out what you might qualify for and shop for the jewelry before taking out the loan. 

What type of jewelry can I finance?

While you might face some restrictions based on what you qualify for and or if the lender has any restrictions, but for the most part you can finance any kind of jewelry. Some examples include engagement rings, watches, promise rings, tennis bracelets, birthstones, and more. 

What credit score do you need for jewelry loans?

Credit score requirements can vary by lender, and they can also vary depending on how much you wish to borrow (and for how long in some cases). Offers are more likely to be returned to borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

Is financing jewelry good for credit?

There can be benefits for your credit score if you borrow responsibly. Borrowing money, and making on-time and regular payments can help establish a good credit history. It can also boost the length of your credit history, which is factored in your score. Another benefit is diversifying your credit portfolio, which again, can benefit your credit score. Lastly, paying off the loan on-time can also leave a positive mark on your credit history. 

Remember, though, not all jewelry financing options are reported to credit bureau(s). If they’re not reported, the loan may not help you if you are trying to build credit. At Acorn Finance, all of our lending partners report loans to major credit bureaus. 

Can you get a jewelry loan with bad credit?

Bad credit can mean different things depending on your perspective. However, to lenders, it’s usually pretty black and white. A borrower with bad credit usually has a history of not making on-time payments and or defaulting on loans. However, these may not be the only things bringing your credit score down. Credit scores are made up of a calculation of payment history, total amounts owed, length of credit history, mix of credit types, and new credit. 

Most consider bad credit to be a score of under 580. 

Does financing a ring hurt credit?

There are a few ways financing a ring (or anything for that matter) can impact your credit score negatively. First, when you take out a loan the lender usually needs to do a hard credit pull, which can cause your score to drop a few points. Secondly, when you take out a new loan, the amount of money you owe increases, which again can impact your credit score. Lastly, if you default on the loan or miss payment or make late payments, these too, can impact your credit score. On the flipside, if you make on-time payments and repay the loan as promised, financing a ring can improve your credit score. And, the initial credit drop from taking the loan can be overcome. 

Do you have to pay off an engagement ring before you get it?

It depends on the financing arrangement. If you use a personal loan, you can receive funds upfront and purchase the ring, taking it home with you. Options such as layaway may require you to pay for the ring in full before taking it home. 

Check personal loan offers for jewelry without lifting a finger. . . visit Acorn Finance today!

See also: Personal Loans For Weddings

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