In general, we’re not fans of jewelry financing programs. They tend to charge too much interest and even with specials like “no interest for twelve months” or “no payments for twelve months” there are usually hidden costs that end up on the customer’s shoulders. Nevertheless, we’ve found a program that we think mitigates some of the problem, and we make it available to our customers but urge them to use it wisely.
Jewelry Financing for Time Pressure
Sometimes jewelry financing makes sense when there is an immediate need for jewelry but cash is a bit short. For example, it’s not practical to move a wedding date because you’re two thousand dollars short on the cost of the wedding bands. Nobody wants to give a picture of the anniversary present you’re still saving for. Naturally, in those cases, jewelry financing can help acquire the items quickly so the events can go off without a hitch and as long as the buyer pays it off as quickly as possible, there’s not too much of an interest burden.
Jewelry Financing with Large Down Payment
In some cases, a very significant down payment is made for Jewelry financing and the plan is to pay off the financed amount as quickly as possible. When the financing is used responsibly, it can be a help to allow you to purchase according to your income’s purchasing power regardless of immediate cash on hand. While we warn all of our customers that there’s no need to buy jewelry outside of budget, when the credit is used responsibly it can be of great benefit.
Jewelry Financing for Other Reasons
We have helped a number of customers acquire jewelry financing because there is a greater need for them to have cash on hand or because access to the cash is restricted. For example, we’ve helped couples purchase jewelry who needed to maintain certain bank balances in order to qualify for a refinance on their home. We’ve helped others who had maturing investments and would have ready cash within six months but had special events requiring the jewelry. In those cases, the cash was there or coming quickly, and a responsible person could avoid being hurt by the debt.
At Bert Levi Family Jewelers, we’d rather not make money than hurt any of our customers to get a quick buck. Under certain circumstances, though, jewelry financing can be used in a way that benefits the customer and that’s why we provide it. Our GIA Accredited Jewelry Professionals can help you with that or a layaway or anything you’d like. Simply stop by our conveniently located downtown San Diego showroom and let us get started for you.