How To Finance An Engagement Ring in 2022: A Stress-Free Guide to Getting Your Perfect Ring

If you’ve come across this “how-to” guide, chances are you’ve found your perfect ring style - or styles! - that make your heart skip a beat. Whether you’re into our timeless pieces (like our pavé engagement rings) or classic designs (like our three stone or solitaire styles) and you’re planning on popping the question soon, you may be doing some engagement ring research before the big event. No matter the reason for learning about how to finance an engagement ring in 2022, you’re in the right place. Keep reading more about affording the diamond ring of your dreams - without the financing nightmares.

What are my options for financing an engagement ring in 2022?

We’re not going to sugar-coat it: splurging on a luxury, big-ticket item like an engagement ring can be scary. After all, much like cars, engagement rings are big financial commitments (and your perfect ring may even be the priciest investment you’ve made so far). The plunge to purchase one requires not only hours of browsing but also stressful conversations about what you and your partner can realistically afford.

Victoria Solitaire by Erika Winters, exclusively at Savvy+Sand

On the plus side, arbitrary spending rules — such as the infamous three months’ salary rule — are considered archaic these days. Most jewellery and wedding industry experts, along with forward-thinking couples themselves, think the spend on an engagement ring should be whatever they feel is comfortable for their unique financial situation. At Savvy+Sand, we one-hundred percent agree with that too. For this reason, we encourage all couples to consider their unique budget and research the different financing options available these days.

Previously, there were very few manageable alternatives to saving up for an engagement ring and purchasing it outright. While we always recommend that couples brainstorm a savings strategy that covers at least a part of their anticipated engagement ring expenses, we also believe everyone should have access to life’s sparkling luxuries and have options for purchasing the engagement ring they truly want. So that’s why our engagement rings are available with high-quality, lab-grown diamond center stones that shimmer with all the brilliance of natural diamonds — at a fraction of the price. More importantly, our belief in accessible luxury informs the financing options we offer at Savvy+Sand, too, so we’re outlining below your easiest how-to on financing the engagement ring of your dreams.

Luna Engagement Ring

What is the best approach to financing an engagement ring in 2022?

Previously, couples looking to finance their dream ring purchases turned to either credit cards or personal loans to cover such expenses. Traditional jewellers may also offer financing plans — but such plans are often bogged down with hidden fees, charges, or questionable interest rates.

However, at Savvy+Sand, we provide our clients with a trusted, modern approach to financing their ring — no credit line increase or anxiety-inducing calls with a financing provider necessary.

Thanks to our partnership with Novuna, you can pay for your dream ring through interest-free monthly payments - financing an engagement ring in 2022 has never been easier!

Additionally, we offer our clients the flexible option to pay for their engagement ring with a 50% deposit up front and the remaining 50% prior to delivery). For those that are interested in this option outside of financing, simply contact us for assistance.

How can I finance my engagement ring through Novuna? 

It’s as easy as falling in love — no, really. If you’ve already settled on your dream ring, go ahead and contact us and we will email you an instant quotation. From there, follow the link and provide some basic information and get a real-time credit decision to split your purchase into monthly interest-free payments.

We’re excited to offer 0% APR with payments over a period of up to 10 months. There are no hidden fees and you will know the exact terms of your finance options — including monthly payment amounts. Also, you don’t make any financing payments until you’ve collected your ring!

Harley Engagement Ring

Still crushing on a few different designs and aren’t yet ready to make things official with the engagement ring of your dreams? No worries — you can still see if you qualify for Novuna before committing to a particular design.

Once a particular engagement ring does win you over, just follow the steps above. Once approved by Novuna we will begin creating your dream ring!

(Next steps? Saying yes to a matching wedding band).

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