If you\u2019re ready to add to your collection or you\u2019re looking to give a special piece to an extra special someone, knowing your financing options could get you better rates and make that purchase more affordable.<\/p>
These five financing options are a few ways people pay for pricier pieces:<\/p>
Some jewelry stores partner with third-party lenders to provide financing. You pay equal installments during the loan term, which is usually between 3 and 24 months. If your credit score is good to excellent above 660, you won\u2019t have to pay interest if you get 0% financing. But the risk with 0% financing is if you miss a payment or do not pay off the balance by the deadline, you could get stuck with a high interest rate over 30%. Also watch out for annual fees and one-time admin fees.<\/p>
With layaway you provide a deposit to the store, such as 20% of the purchase price, and the store will set aside the jewelry for you. You\u2019ll have a period of weeks or months to pay it off with no interest, and once that\u2019s done, you can pick up your jewelry. People with bad credit and no credit can qualify for layaway plans. Watch out for extra fees like restocking fee, cancellation fee and service fee.<\/p>
Layaway is uncommon compared to other financing options, and not all stores will offer this.<\/p>
With deferred plans you get your jewelry now and and make no payments during the loan term except for applicable insurance premiums and taxes. However, you\u2019ll need to pay off the balance in full before the end of the term. Otherwise, you\u2019ll be charged interest, which can be over 30%. Like layaway, this isn\u2019t as common.<\/p>
If you\u2019ve already shopped around and know the estimated cost of your jewelry, you can apply for jewelry financing online with a personal loan. People with good credit and bad credit can qualify for a personal loan. However, if you have bad credit, be prepared for loan offers with steep interest rates. If you can hold off for least six months, improve your credit score first.<\/p>\n \n\n