If you don’t qualify for the financing through Blue Nile and James Allen, the only jewelers you’ll qualify for are going to be ripping you off. For example, we don’t recommend applying for financing through Jared or Zales. Read all of our reviews of the major jewelers to learn more.

While many of these vendors seem like they’re offering you a great deal, you’ll end up paying far more for your engagement ring than you should. At the end of the day, a quality vendor is more important than one with attractive financing options.

Many of the best and most attractive credit plans will require you to have credit in very good standing. If not, the plan will revert to something a lot less attractive.

Save Up and Pay Cash

This is by far the best option to buy an engagement ring if you have bad or no credit. Many lenders will invite you with the opportunity of financing on bad credit, but they’ll almost always come with exorbitantly high interest rates, that you’ll be paying for well into your marriage.

That’s why it’s a smarter option to bite the bullet and save up until you have the amount needed to buy your ring in cash.

You may need to make sacrifices in order to do this, but it will work out a lot better in the long run than taking out a predatory loan. These sacrifices may be money (giving up some luxuries like eating out while you save up) or time (working a little extra, such as a side job, or waiting a little longer to get married).

Lower Your Budget

If you have bad credit and little cash up front, you may have to be realistic about your budget. You probably can’t afford an expensive, lavish ring, but that doesn’t have to be your only choice. By shopping smart and going through reputable vendors, it’s possible to find a beautiful, meaningful ring that won’t cost the earth.

Financing Through a Jewelry Store

Jewelry stores will do a credit check too, so if your credit is really bad, this still may not work for you. However, many are a little more lenient in offering credit, compared to other credit card issuers. You may be able to qualify for a store credit card such as Blue Nile’s just be careful to read the terms on your deal, and pay your balance within the promotional period.

Credit Cards with No Down Payment

Many credit cards can important link be opened with no down payment and an introductory period with 0% interest. While financing on a credit card is not a great idea, due to the interest rates accrued on a large purchase like an engagement ring, if you’re certain you can pay the amount off within the promotional period, this can be a decent solution.

Buy Second-Hand

If your finances are not in a good situation, it’s not going to help if you run out and spend a ton on an expensive ring. It will be best for you and your fiance to keep costs down and buy second-hand instead of splashing on a new ring. Discuss this with your fiance to see if this is right for the both of you.

Best Financing Options for Engagement Rings

Ideally, you should save up enough to pay for the ring up front. Any time you finance a purchase as big as an engagement ring, it’s risky. Many people before you have wound up paying for the ring well into their marriage, due to finance plans that add a ton of interest on top of the purchase (which is already expensive). All it may take is to delay the purchase a little while you save up.