Credit Card or Loan for engagement ring

inigo_montoya_2

Thank you for your opinions and advice

cos_2

Delay the renovations, or limit them, and you won't need either a credit card loan or bank loan.

From what you say I surmise her mother will die soon, so you should be able to look at amending the house renovations for that short time.

redpete

1. You don't need an engagement ring to get engaged.
2. You don't need to be engaged to get married.
3. You don't need to spend £5k on an engagement ring.

BugsyBrowne

I suppose if you ever go skint and need a short term loan from a pawnbrokers the 5k ring could come in handy.

CaroUK

No need to lash out on an expensive ring now!

When we got engaged, we were both pretty broke and couldn't afford much so I got a modest 1/3 ct solitaire diamond in platinum, as we couldn't afford the ring I really wanted, a 3 stone diamond set in white gold......

For our 10th wedding anniversary, my husband - by then earning a LOT more than he was back then, bought me a near enough copy of the 3 stone ring I had wanted back then.

I now have 2 lovely rings, and we didn't need to go into debt for either of them!

As others have said, you don't need a ring to be engaged - if you have asked and she has accepted (or vice versa in these days of equality), you are already engaged - a ring is just a symbol of the fact.

I'm sure her mother would much prefer to see her daughter married and settled rather than just engaged...... And it only costs £100 or so for a trip to the Registry Office...... Have the party when you can afford it!

Prothet_of_Doom

I'm gonna get shot down in flames, but couldn't you ask the dying future mother in law to lend you hers ?

Note: I paid for my wife's engagement ring using a tax rebate, when I was a student, and was later chastised by my future wife some months later, for having a student overdraft of all most the same amount. How dare I get into debt when SHE was saving for our wedding? No amount of explaining that if I hadn't bought the ring I'd be fine.

Atidi

inigo_montoya wrote: »

I need to buy an engagement ring as my partner would like to get married before her mother passes away. It has fallen at a bad time as we are in the process of renovating a house and most of my savings have already been allocated. I would like to spend upto 5k on a ring with the intention of paying it back over 2 years. How would i be best doing this ? via credit card or loan ? I currently have no credit cards or debt.

I think it would be best to buy a ring you can afford to pay for with your own money

But if you want some cashback too, this article gives details of the best cashback credit cards currently available to new applicants:
http://www.moneysavingexpert.com/credit-cards/cashback-credit-cards

ecraig

£5000 buys an ok engagement ring on the high street. A lot of high street retailers would offer interest free credit if you went down that route. You'll probably have to order the specific size. There will be a lead time.
£5000 at an internet based retailer buys an amazing ring. 77diamonds, Samara James, Diamond Geezer etc. Or the £5000 on the high street will cost you £3000 from one of the above. The leadtime will be similar to the high street. I have a positive experience from using one of the above.
Buy a better setting. Be clear on the material you want. You can always upgrade/change a cheaper or smaller stone, but the actual band is designed to last forever.
Bear that in mind.

I'm sure an interest free credit card would be better for the purchase though as I'd expect the 0% months to be longer. Use moneysupermarket or an alternative website to do a pre-application search to see if you are likely to be accepted for one of these cards.

I agree with some of the above comments though - I think it's foolish to get into debt to buy the engagement ring and not the best way to start engaged or even married life together.

Also, whilst you are shopping, try to get a deal - mens wedding bands can be quite expensive. If you want platinum, they are really steeply priced compared with gold etc. Make sure you put enough money aside for this. Better still, negotiate for both to be purchased at the same time.

[Deleted User]

If you're adamant on spending thousands on the engagement, ask her what she'd prefer:

A) a £5000 ring
Or
a £1000 ring and a £2000 holiday to the Bahamas.

Don't take this the wrong way (well, take it however you want to take it lol) but in my eyes, anyone who spends more than a few hundred on an engagement ring is a bit disconnected from reality.

carlford56

redpete wrote: »

1. You don't need an engagement ring to get engaged.
2. You don't need to be engaged to get married.
3. You don't need to spend £5k on an engagement ring.

I differ, you do need an engagement ring but, I somehow agree that you do not need to spend £5k on an engagement ring. You could definitely go with an inexpensive ring which fits your budget. As a matter of fact, there are a variety of rings available with extremely good quality and with less amount of money. I'll be sure to let you know one from one of my friends. I am not so much good with diamonds but of course my friend suzy is, will take her help and let you know.