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Purchasing/Financing advice?

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
I am new to the forums and would love some advice on my engagement ring purchase: I have been engaged for a few years, and my fiance wants to go ring shopping...We have decided on a $6,000 limit. He has basically said other than that, it's up to me. I would like to use Blue Nile, but they only finance interest-free for 6 months. There's a local shop however that will finance it interest-free for 24 months but it generally most expensive. As for the rings, I feel I could probably afford a nicer rock from BN, but I don't want to set my FH up for a higher interest rate.

My question is: Do you think it is worth it in the end to pay a higher price for a ring that is better financed?
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
24 months is a long time to finance a ring. have you considered waiting until you can pay for the ring in 6 months?
 

minmin001

Ideal_Rock
Joined
Mar 21, 2011
Messages
2,047
probably the best to save half of the money and then pay the rest over 6 months
 

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
Yeah I don't know... I know he could pay it all up front but doesn't want to. Maybe I could talk to him about the 6 month deal. In any case, do you all know any other great online vendors that have more financing options?
 

Haven

Super_Ideal_Rock
Joined
Feb 15, 2007
Messages
13,166
No, I don't think it's worth it to pay more for a ring just to get a longer financing deal, ESPECIALLY if your FI has the money to pay for the ring right now.

Maybe it would help to see which ring you would purchase at Blue Nile and which ring you would purchase at your local store so you could have some concrete comparisons to make between the two.

That being said, as a PSer I would recommend you contact some of our preferred PS vendors to see who can provide you with the best cut stone for your budget, and go from there. Even if it means waiting six months for the ring, I think some extra waiting time now is completely worth it to have a killer cut stone forever.
 

maplefemme

Brilliant_Rock
Joined
May 12, 2011
Messages
874
I'd try to stay with 6 months interested free financing, 24 months is a long time, especially if you're saying he has the money to pay it all up front now and you have already been engaged for years already.
I'd "maybe" consider 12 month financing only if it were for a stone that was particularly unique and hard to find something similar, like a vintage stone, and it was out of my budget but attainable in 12 months of realistic budgeting. Otherwise I'd buy what I could afford on 6 months financing and go with a vendor who has a good exchange policy for upgrading down the road.

I'd talk to him about the 6 month financing and see what he says...
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
if you have enough to pay it up front then I would recommend doing that. some of the PS vendors have 6 month financing also so that is something you could look into if you would prefer to finance
 

dreamer_dachsie

Super_Ideal_Rock
Joined
Dec 16, 2007
Messages
24,364
Why not just pay now?

I would not pay more up front for longer financing, anyways.
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
21,105
Many vendors will give a cash discount if you pay up-front as well.


I'll probably get chewed out for this, but here goes... if you *have* to finance it (as in, you don't have the money up-front and aren't choosing to finance just to build credit or something) well - you *can't* afford it. Luxury non-essentials like diamonds and spiffy new electronics are in the 'far wiser never to finance under any circumstance' category IMO.
 

minmin001

Ideal_Rock
Joined
Mar 21, 2011
Messages
2,047
many online dealer give you 3-5% discount if you pay up front through wire transfer so you guys can save few hundred instead of have to pay more over 6 months?
 

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
Thanks for the great advice, guys. I have told him that getting the same quality ring/diamond at the brick-and-mortar store would end up being at least $1,000+ more over the long run, even if it is financed.

Yssie: I totally understand your logic. I agree with you in theory, but I know he has the money to pay it all up front. For some reason he'd rather pay a bit over a few months to keep a nice cushion, etc. He is planning on paying around half up front though, so we aren't talking about much to be paid off.

On a related note, I am trying to decide what to go for, given our budget. I have a size 6.5-7 finger, so I'd like as much finger coverage as possible. I am thinking a pave halo would be a great option for that. I am also committed to a Platinum setting. I am getting the FH a Platinum band, so I want us to match. I also LOVE asschers, but I know they don't face up as large... :((

a. an Ideal (according to Blue Nile) cut .90 Round Brilliant in a simple Halo setting

or

b. going with a smaller looking Asscher and searching around for a tasteful setting that would make it seem larger.

Any thoughts?
 

Eilonwy

Shiny_Rock
Joined
Dec 22, 2009
Messages
140
Google and find a diamond size chart and see which cut gives you the most coverage. I think ovals and pears are best, and round brilliants. From what I've seen the square cut stones look pretty small and I *think* that it would be the same for asscher.

I'm definitely loving the idea of a halo for finger coverage and perhaps a thicker band than the norm.
 

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
Here is an asscher halo I tried on in the store... I don't know if they carry any other square-halo settings in my price range, but my thought was that this particular setting overpowered the asscher too much.

what do you all think? good contender?

IMG-20110604-00005.jpg
 

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
Here is another asscher I tried on... 7 asscher ring. I really loved this, but I might like a more traditional E-ring style rather than an anniversary band look. I can't decide! Aaargg the waiting is killing me!

IMG-20110604-00003.jpg
 

Bosie

Shiny_Rock
Joined
Aug 21, 2006
Messages
324
To the OP:

A little confused here. Do you mean you have $6K to put down and then will finance the rest? So if the ring is $10K, you will finance $4K.

If that is the case, I for one am not for financing these kinds of things. Think of it this way, marriage is tough enough, why start in debt?

Would you consider this: Buy a ring within your current means. Buy from one of the vendors on PS who have an upgrade program, then when money is available in the future, you can upgrade to a higher priced ring. Just a thought. Best of luck whatever you do.
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
56,135
I think it is fine to finance an engagement ring (with no or low interest) as it is something you will wear the rest of your life, hopefully. If he can pay half down, you shouldn't have to pay much interest especially if you can pay a lot of it off in 6 months. Good Old Gold offers 6 months interest-free and I highly recommend them.

I also highly recommend sticking with the round stone since you are interested in maximizing size. Asschers face up so much smaller for the same weight. Plus you have to go with higher clarity because round brilliant cuts make it harder to see the inclusions.

One more tip, unless you future husband will only wear his ring on special occasions, I wouldn't recommend platinum because it will look very scratched and dented since it is a softer metal. Another idea if you really want him to have a platinum band is for him to wear it on special occasions and have a tungsten band for daily wear because it is very hard and scratch-resistant.

I think if you want a platinum halo setting, you will likely be needing around $2000 for that leaving $4000 for your stone. So you will more likely be looking in the .80 range.
 

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
I think I might go back to the store and check out what they have in my budget. I know I'd probably spend more, but all the options online + not being able to "see" the stones is driving me crazy! I keep changing my mind on vendors and settings, and nothing in my budget looks very breathtaking on a computer screen. I have spent hours looking online and don't feel any closer to a decision. And yes, as stated before, the total budget is < $6,000.

As much as I *love* Asschers, it seems I am going to find a RB halo-stone combo with more fire and face for the money.
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
if you love an asscher...I would by all means get one. also, some vendors (such as GOG that DS mentioned earlier) offer videos of their diamonds, which is really helpful in deciding!
 

Amys Bling

Super_Ideal_Rock
Joined
Jun 25, 2010
Messages
11,025
my advice is to finance interest free, if finance at all. I understand not wanting to have to shell out that kind of money all at once- it can be quite shocking- but why pay a penny more for a stone when you can afford to pay for it all upfront??
 

Amys Bling

Super_Ideal_Rock
Joined
Jun 25, 2010
Messages
11,025
slg47|1307936888|2944481 said:
if you love an asscher...I would by all means get one. also, some vendors (such as GOG that DS mentioned earlier) offer videos of their diamonds, which is really helpful in deciding!

I agree with slg, if you LOVE asschers, I think you will regret not getting one. Online vendors will take videos for you and additional pictures. I got a RB and love, love, love, it... but somewhere deep down I really wish I could have an asscher even though it will be smaller- it's something I love. So go with the cut you LOVE and then get the biggest in your budget.

I also agree with the others that you should get a stone in your budget now- and then go with a company with a great upgrade policy where you get 100% of the purchase price and you do not have to spend double that to upgrade with them. THis will allow you to upgrade in the future and get the stone you want, but also not go into debt- stress-financing now...
 

hr1978

Rough_Rock
Joined
Jun 7, 2011
Messages
32
Thanks for all the great replies! You all are very helpful! :mrgreen:

I also agree with the others that you should get a stone in your budget now- and then go with a company with a great upgrade policy where you get 100% of the purchase price and you do not have to spend double that to upgrade with them. THis will allow you to upgrade in the future and get the stone you want, but also not go into debt- stress-financing now...
Can you recommend any vendors that offer this?

Part of me thinks that a future upgrade isn't very likely. I don't see either of us wanting to spend too much on jewelry after we get married and start a family. We have both decided we should splurge a bit now to have something I will be happy with for the rest of my life...
 

Amys Bling

Super_Ideal_Rock
Joined
Jun 25, 2010
Messages
11,025
hr1978|1308245195|2947585 said:
Thanks for all the great replies! You all are very helpful! :mrgreen:

I also agree with the others that you should get a stone in your budget now- and then go with a company with a great upgrade policy where you get 100% of the purchase price and you do not have to spend double that to upgrade with them. THis will allow you to upgrade in the future and get the stone you want, but also not go into debt- stress-financing now...
Can you recommend any vendors that offer this?

Part of me thinks that a future upgrade isn't very likely. I don't see either of us wanting to spend too much on jewelry after we get married and start a family. We have both decided we should splurge a bit now to have something I will be happy with for the rest of my life...

Whiteflash, BGD, and GOG are three of those vendors. You have to buy their "in-house stones", or "lifetime quarantee" stones, so you have to confirm that the stone you are purchasing is indeed one of those elliglble stones.

scroll down to GOG policies-
http://www.goodoldgold.com/About_Good_Old_Gold/Policies/

whiteflash "lifetime tradeup"
http://www.whiteflash.com/about-diamonds/faq/lifetime-upgrade.htm

BGD
look under policy and special programs
http://www.briangavindiamonds.com/home/need-help-faq/
 

canuk-gal

Super_Ideal_Rock
Premium
Joined
Apr 19, 2004
Messages
21,153
HI:

If anyone hasn't suggested paying, in full, now and taking advantage of upgrade policies for the "future"; then I'll do it now. But I think another PS'er has likely already done so... Many vendors here allow for "upgrading".

cheers--Sharon
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
Amys Bling|1308270701|2947892 said:
hr1978|1308245195|2947585 said:
Thanks for all the great replies! You all are very helpful! :mrgreen:

I also agree with the others that you should get a stone in your budget now- and then go with a company with a great upgrade policy where you get 100% of the purchase price and you do not have to spend double that to upgrade with them. THis will allow you to upgrade in the future and get the stone you want, but also not go into debt- stress-financing now...
Can you recommend any vendors that offer this?

Part of me thinks that a future upgrade isn't very likely. I don't see either of us wanting to spend too much on jewelry after we get married and start a family. We have both decided we should splurge a bit now to have something I will be happy with for the rest of my life...

Whiteflash, BGD, and GOG are three of those vendors. You have to buy their "in-house stones", or "lifetime quarantee" stones, so you have to confirm that the stone you are purchasing is indeed one of those elliglble stones.

scroll down to GOG policies-
http://www.goodoldgold.com/About_Good_Old_Gold/Policies/

whiteflash "lifetime tradeup"
http://www.whiteflash.com/about-diamonds/faq/lifetime-upgrade.htm

BGD
look under policy and special programs
http://www.briangavindiamonds.com/home/need-help-faq/

also check out crafted by infinity stones at highperformancediamonds.com
 
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