Newbie needs help

[progidy]

Hi I stumbled upon this place and find it very helpful.

I would like to buy a great diamond for my girlfriend, I know she loves asschers.

My main issue is I don''t have a lot of $$, are there any places to get a loan for this sort of thing? My bank wanted collateral equal to the loan and the only loans on the internet seem to be auto, mortage or school.

THanks all!

 

[strmrdr]

Start small and upgrade dont take out a loan if at all possible.
Its not a good idea.

Whats your budget? maybe we can help you find something.

 

[progidy]

why isn''t taking out a loan a good idea? Also why start small and upgrade? I want to give her only one stone ever (so it will be special/sentimental) and I thought if you upgraded that you lose more money because when you resell your stone it is very cheap and prices continue to always rise?

I was wanting to get her a very white D-f colored, eye clean so Vs2-SI1 round 3-4 carat stone. Wouldn''t this be around 35-40K? Is there any place to get this kind of loan?

 

[gailrmv]

It''s up to you, but I''d never take a loan (jeopardize my future financial viability) for a luxury purchase. I''d buy what I could afford now and consider upgrading later, or save up til I could afford what I wanted. 3-4 carats is a huge stone. Would you be able to afford a 1 carat stone now? For many women that is a great size and much more affordable. Many of the vendors have a trade up policy where you get 100% of your purchase price. Otherwise, yes, you do take a big financial hit on a private sale.

 

[Small]

Hi, welcome to PS

I used to be a lender at a couple of different institutions and unfortunately without collateral you won''t be able to get that kind of money to buy a diamond. I also agree that it''s not smart to spend that kind of money when you are first starting out. That kind of debt will only hinder you when going to make a purchase like a house or car where you will most likely need a loan.

I''d say if you need to get a loan for a ring then try to use a credit card but be smart and know your limits. It''s always unwise to get in over your head with credit. I think your girl will love what you give her no matter if it''s .5cts or 4 cts. Afterall, isn''t it the meaning behind it that counts?

Good luck!

 

[f0rbidden]

I agree with what the others have said - you don''t want to take out a loan to finance a purchase like this - you''ll be paying it off forever, paying interest on it forever and after all, it is a luxury purchase, right?

Still, that having been said, you can check with wells fargo. I believe they do loans for purchases such as this. You might check with Chase as they have the ''billmelater'' program that you can use through certain resellers, and i belive bluenile has a financing option through a bank as well.

I''d hate to see you pay 9-10% or more on this purchase though - are you sure you wouldn''t want to consider buying something smaller and trading up later? or maybe your partner will adore what you choose so much that it will never be upgraded?

 

[progidy]

well I guess that sounds reasonable although I really only wanted to get 1 stone and not have to upgrade =(.

I know she likes asschers but don''t rounds look bigger, what would 2,500 get me if I wanted SI1 D-F color? Would like it to have lots of sparkle and fireness to it.

Also who has those upgrade policies?

 

[progidy]

oh and would I be able to get more for my $ with an asscher or a round? thanks

 

[jasontb]

Will you marry me? Look at the huge debt we''ll be starting our marriage with. Isn''t it beautiful?!

 

[jasontb]

More for your money with a round. I think most of the big vendors on here have the trade-up policy.

 

[jasontb]

If you borrow 35k over 5 years at 9% interest...you'''' be paying $725/month for that ring. And when it''s all said and done you''ll have paid almost $10k in interest to tha bank! Maybe you can afford those sort of payments...but I''d bet that if you could, you wouldn''t need a loan.