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

Out with the old and in with the new — a twinkling new engagement ring, that is. If you’ve stumbled on this how-to guide, chances are you’ve likely already set your sights on a few dream ring styles that make your heart go pitter-patter, whether you’re into timeless and romantic pieces (like our Seamless Halo® engagement rings) or classic designs (like our three stone or solitaire silhouettes). And, if you’re the one planning on popping the question soon (you got this!), you might just be trying to get ahead of things by doing some engagement ring research before the big event. But, no matter your reasoning for studying up on how to finance an engagement ring in 2022, you’re in the right place. Keep reading to learn more about affording the diamond ring of your dreams — without any of the classic financing nightmares. 

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

We’re not going to lie: splurging on a luxe, big-ticket item like an engagement ring can be scary. After all, much like cars or real estate, engagement rings are tremendous financial commitments (and your dream ring may even be the priciest investment you’ve made so far). The plunge to purchase one requires not only tons of meticulous window-shopping and Pinterest-board-making (yay!) but also stressful conversations (nay!) about what you and your partner can realistically afford. (FYI: as of 2021, the average American couple spends about $6,000 on a dream ring, according to The Knot.)

On the plus side, arbitrary spending guidelines — such as the infamous two-to-three months’ salary rule — are considered totally archaic these days. Most jewelry and wedding industry experts, along with forward-thinking couples themselves, think lovebirds should spend on an engagement ring whatever they feel works for their unique financial situation. At Jean Dousset, we one-hundred percent agree with that sentiment, too. Simply put: We believe investing in a beautiful engagement ring should be as effortless as the romance it represents. For this reason, we encourage all couples to consider their unique budget and research the numerous different financing options available these days — because the options are limitless! (Okay, well maybe they’re not limitless. But they are more plentiful than ever.)

Just years ago, there were very few manageable alternatives to saving up for an engagement ring and purchasing it outright. And, 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 Oui engagement rings feature high-quality, lab-grown diamond center stones that glimmer with all the glamour of natural diamonds — at a fraction of the price. More importantly, our belief in accessible luxury informs the financing options we offer at Oui by Jean Dousset, too, so we’re outlining below your easiest how-to on financing the engagement ring of your dreams.

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 jewelers may also offer financing plans — but such plans are often bogged down with hidden fees, charges, or questionable interest rates. However, at Oui, we provide our clients with a trusted, modern approach to financing their ring — no credit line increase or anxiety-inducing calls with a loan provider necessary. Thanks to our trés magnifique partnership with Affirm, you can pay for your dream ring through hidden-fee-free monthly payments and 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 (applicable to engagement rings under $100,000). For those that are interested in this option outside of financing, simply contact us for assistance.

How can I finance my engagement ring through Affirm? 

It’s as easy as falling in love — no, really. If you’ve already settled on your dream ring, go ahead and proceed to add it to your cart, making sure you enter your shipping information and select “Monthly Payments with Affirm” under the ‘Payment & Review’ section. Once you complete your billing details, click the ‘Pay With Affirm’ button and you will be taken through the steps to get qualified for an Affirm payment plan.

Provide some basic information and get a real-time credit decision to split your purchase into monthly payments. Rates range from 0% to 30% APR with payments over 3, 6, 12, 18, 24, or 36 months (visit our site for more details). There are no hidden fees and you will know the exact terms of your loan options — including APR and monthly payment amounts — before you decide on a plan, so you can choose the plan that works for you and your beau.

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

Once a particular engagement ring does win your heart over, just follow the aforementioned checkout steps. Then, once you’re approved by Affirm and checkout is complete, we will process and ship your order within our standard processing times. Violà!

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

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