Buying jewelry is a great way to spoil yourself or show someone that you care. While there are pieces that are inexpensive, many fine pieces like personalized necklaces or other quality styles are more expensive. If you are wanting to buy jewelry but do not have the funds to buy the things you want, it is time to consider financing your jewelry.
Common Reasons to Finance
- Smaller payments are more manageable. Most budgets do not allow for large purchases. Breaking up the cost into smaller, more manageable payments can help your monthly budget.
- Cannot wait to purchase. Many times, there is a special occasion that you did not have time to plan for purchasing by saving. Anniversaries, birthdays, Christmas, weddings, proposals, and baptisms are common times to gift jewelry where you can plan and save for pieces. Sometimes occasions come up, like a gift of congratulations, an unexpected graduation, or a big promotion. Other times, you just forget to plan for special occasions and need a nice gift, fast.
- Build credit. If you are just starting to build you credit, financing something smaller, like jewelry, can help. This type of purchase is easier to get approved financing than a car or house, which often require more credit history. Instead, buy some smaller items and use the company’s financing options to start. Make sure you make your payments on time though to build good credit history and have a higher credit score.
- Company financing program. One of the most convenient ways to get jewelry financing is through the jewelry store. The companies have agreements with local banks to provide funds and fill out paperwork on site. It is usually as easy as filling out paperwork and then waiting for approval, which is done quickly. Many companies will offer special deals to those who finance through them, including a certain amount of time with no interest or no credit history required.
- Credit Card Financing. Buying jewelry with a credit card is a quick and easy way to buy. If you already have a credit card to use, there is no paperwork required which means there is no wait time for purchases. The two main problems to using a credit card is that there are higher interest rates and it does not build up your credit as effectively as paying off a small loan.
- Bank Loan. Getting a small loan from a bank is another option. While it is the least convenient, this is a reliable place to get funds. The paperwork can take a bit longer to fill out with a longer approval time, but every bank is different. Since it can take longer, it is usually recommended that you go beforehand and see how much money you qualify for and then go make your purchase. Other banks will require a waiting time to get the loan money transferred to your account. While this is a great option for funds if needed, it does take more time and not recommended if you are buying on short notice.
If you find yourself in a situation where you need to buy jewelry, there are options for everyone for a variety of reasons. Don’t let small problems stop you from buying the jewelry that you need.