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You all know that we now offer financing to our customers and you all know that I have mixed feelings about it. I believe in being upfront and honest with my customers and this is why my customers are loyal and keep coming back. They know I won’t lie and that I won’t sell them a bill of goods.
Diamond financing is good and bad. It is my opinion that you can get into trouble when you start to delve into the world of financing anything, whether it is a diamond engagement ring, furniture, a car and even a house. Because this is a free country and we are all allowed to speak our minds, I am going to explain my point of view, and you of course, do not have to agree with it, but if you do disagree, please be respectful.
Are Your Eyes Bigger Than Your Wallet?
I’ve been in this business a long time and I have done many things to help young men afford the diamond ring of their dreams. I have worked out payment plans, trades and even some pretty interesting deals for young men who are determined to buy that first diamond for their honeys. But, what about for those young men whose eyes are bigger than their wallets?
I’m not judging anyone, after all, everyone is allowed to do anything they choose to do! The only mistake you have made is this - you are trying to run without learning to walk. If you know you don’t have the cash in the bank to buy a diamond, and want to go the route of financing your ring, then see how much you qualify for BEFORE you look at a diamond, because if you look and fall in love and then don’t qualify you can’t afford what you have now fallen in love with and the next thing you see, which will be just as beautiful, but smaller will be a disappointment to you.
It also makes it easier for US to show you things when we know what you CAN afford. I don’t know how it works at other places, but at Jonathan’s Fine Jewelers, we don’t sell you out of your budget.
Diamond Financing – What Is It Good For?
Diamond financing can be like setting a budget, and sometimes you can’t set a budget based on what you have in the bank, so you either buy your diamond on your credit card or by financing it. Now, here’s the thing. If you can’t buy a diamond on your personal credit card, chances are you aren’t going to be approved for diamond financing, and even though it doesn’t take long to fill out the paper work for the financing, it isn’t easy to get approved for that financing.
Here is something else, don’t get carried away with the amount you want to finance. Even though it “appears” to be interest free or deferred interest, the interest starts to accrue the second you take out that loan and if you miss paying it by even one day you are hit with a huge bill and then new interest on top of that.
If I Were Your Father…
I would say this to you, only buy what you can afford. Don’t look at diamonds before knowing what you can afford to spend and any rules you have heard about having to spend a certain amount of salary is BS. Spend what you are comfortable spending and if you can’t afford it, either you need to go smaller or go ask your parents for a loan. They will have much better rates than if you go with diamond financing.
