How to get a Loan for engagement rings?

1 Feb

Having the right partner at your side is probably one of the most beautiful feelings in life. With engagement, you show your partner that you want to spend the rest of your life with him or her.

Such proof of love can also be very expensive because the right ring for the engagement should be something special. In this article, we will show you how you can master this financial challenge and what you need to consider.

How expensive should an engagement ring be?

How expensive should an engagement ring be?

When it comes to engagement, men in particular often ask themselves how expensive the right ring should be for their loved ones. Since the man still makes the application in most cases today, he should finally have the appropriate ring with him. However, it cannot be correct to state a specific price. After all, love cannot be attached to a price tag. The cost of an engagement ring is therefore always dependent on your own budget.

The emotional connection to the ring is much more important than the price of the ring anyway. Therefore, less attention should be paid to the price, rather than the beauty of the ring. There are also beautiful rings for a small budget. The following factors play an important role here, which you should consider before buying the ring:

  • The engagement ring is one of the most beautiful proofs of mutual love. This should also be expressed in the ring itself.
  • The ring will always remind both partners of the moment of the application. It should, therefore, be designed in such a way that you are always happy to look at it.
  • The external impact of the ring should also not be underestimated. After all, you want to show the mutual togetherness with the ring.

Cost of the engagement ring

The cost of an engagement ring can vary widely. Which ring you choose at the end of course also depends on your own financial possibilities. The following rule of thumb applies:

The engagement ring should cost about half to a full net salary.

If you have big savings, you can, of course, pay significantly more for the ring. However, keep in mind that in most cases the engagement ring is only worn for a certain time. At the latest at the wedding, it is replaced by the wedding ring. Money must then also be available for this.

How can an engagement ring be financed?

How can an engagement ring be financed?

Few people have adequate financial reserves to buy an expensive engagement ring straight away. In order not to have to do without the romantic proof of love, you can also finance the ring in convenient monthly installments. There are basically two options:

  1. Installment purchase directly from the provider
  2. Taking out a loan for the engagement ring

The advantages and disadvantages of these two variants can be found below.

Installment purchase directly from the provider

There are countless providers to find the perfect engagement ring. In addition to classic jewelry stores, there are also more and more specialized online shops on the Internet. Almost every one of these providers offers the option of paying off the desired engagement ring in installments. So you can split the high cost of the engagement ring into several small installments and still have the ring immediately. However, many providers charge high-interest rates for payment in installments.

Taking out a loan for the engagement ring

In order to be able to afford an engagement ring immediately, a loan can also be taken out. You have greater flexibility compared to payment by installments since you can compare different providers. You can also individually adjust the term of the loan and the resulting monthly installments. With the money of a loan, you also do not have to rely on the dealer from whom you want to buy your dream ring to offer payment in installments.

What to look for when financing an engagement ring


With the financing of the engagement ring, you can immediately fulfill the romantic dream of the engagement, even if your own budget is not sufficient at the moment. In order for this to run smoothly, you should heed the following points:

  1. Choose the right loan amount
    Before you take out a loan for the engagement ring, you should already have chosen your dream ring. So you know exactly how much money you need for it. You can then adjust the sum of the loan to be taken according to the price of the ring. You can also use an online loan to borrow more money. This makes sense if, for example, you are planning a large engagement party or would like to co-finance the upcoming wedding or honeymoon (e.g. with a wedding loan).
  2. Arrange the right term
    Taking out a loan always means entering into an obligation to the bank. Basically, you can always guess that a loan should be paid off as soon as possible. However, the speed of payment always depends on your own monthly budget and the associated monthly rate. The higher the monthly installment, the faster the loan is paid off.
  3. Calculate the feasible monthly rate
    When taking out one, it is crucial that you can also afford this loan. It is particularly important that the monthly installments can always be paid back. Compare your regular income and expenses. This will help you determine how much money is left to pay the monthly installment. A correspondingly large financial buffer for unforeseen expenses should always be planned.

Our conclusion on the financing of engagement rings

Our conclusion on the financing of engagement rings

The engagement ring is one of the most beautiful and romantic proofs of love between two people. Therefore, the ring itself should be something special. If the cost of the ring exceeds your own savings, then a loan for the engagement ring is an option.

So you don’t have to do without proof of your love for one another and can pay off the costs in convenient monthly installments. It is important that the monthly loan installments fit into your budget and that you compare different providers. So you can find the best conditions for financing your dream ring and nothing stands in the way of your happiness for two.


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