03 Ago Financing can be tricky if your credit score isn’t up to par

If you don't qualify for the financing through Blue Nile and James Allen, the only jewelers you'll qualify for are going to be ripping you off. For example, we don't recommend applying for financing through Jared or Zales. Read all of our reviews of the major jewelers to learn more.

While many of these vendors seem like they're offering you a great deal, you'll end up paying far more for your engagement ring than you should. At the end of the day, a quality vendor is more important than one with attractive financing options.

Many of the best and most attractive credit plans will require you to have credit in very good standing. If not, the plan will revert to something a lot less attractive.

Save Up and Pay Cash

This is by far the best option to buy an engagement ring if you have bad or no credit. Many lenders will invite you with the opportunity of financing on bad credit, but they'll almost always come with exorbitantly high interest rates, that you'll be paying for well into your marriage.

That's why it's a smarter option to bite the bullet and save up until you have the amount needed to buy your ring in cash.

You may need to make sacrifices in order to do this, but it will work out a lot better in the long run than taking out a predatory loan.