Financing and Insurance

[susana0207]

Does anyone know if large stores like Tiffany&Co. and DeBeers have financing options for paying for jewelry? How does this work? Do you just pay in full all at once?

Also, do they insure the diamong and setting?

 

[susana0207]

Do other stores finance? How is it normally done?

 

[coda72]

I don''t know if Tiffany has financing options, but my guess is no. Some jewelry stores do have financing options; I was in one last week that had 1 year no interest financing, but I''m sure that''s on a store by store basis.

As far as insurance goes, there have been many discussions about that on here. Do a search for insurance and you''ll find them. It''s always best to buy your own insurance, as I doubt Tiffany is not going to replace your center stone or your ring for free if you lose it or break it. I personally have Chubb, and I''m happy with them, but some people have had problems gettting a policy through them.

 

[f0rbidden]

ok. i''m sure you''re going to see a lot of the same answer here, so let me be the first.

NEVER go into debt to buy a ring. NEVER take out a loan for a luxury item.

that having been said. there are several stores that offer great layaway options that will allow you to pay off your purchase - interest fee, in most cases - over a short period of time. Otherwise, my suggestions, and I think others here will agree (since I''ve seen them say it so many times now!) is buy what you can afford - you can always upgrade later!

 

[coda72]

I personally don''t think the 1 year no interest financing is a bad thing to do. I''ve done this many times for items I wanted, and I''ve always paid it off when the year was up with no problem. I wouldn''t take out a home equity loan or something like that for luxury items, but the 1 year no interest financing is a good deal if you have the means to pay it off in a year''s time.

 

[mrssalvo]

Pearlmans now offers financing..

it's best to have your own insurance policy, either as a rider on your homeowners or renters policy or a stand alone policy from Chubb or Jewelers Mutual..

 

[f0rbidden]

My dad used to say ''anyone can spend money, the art is in spending someone else''s''

still, i think the idea of buying a luxury item and racking up debt to do it - is a really bad idea. after all it is a luxury item, even though most of us wouldn''t want to live without our rocks

(myself included!)

down the line, this would still show as an inquiry on your credit report and an open account - even if you never use it again, which may cause trouble if you want to make a major purchase, ie: house.

Still - there are always options:

blue nile offers financing through one of the ''big'' banks - sorry, i cannot for love or money remember the name of the bank.

GE consumer finance offers personal finance options for purchases such as this.

and, your own personal bank may be willing to write a personal loan for you.

 

[jasontb]

Financing jewelry

Overpriced jewlery insurance

 

[vs]

Hi!

Tiffany''s has one year interest free financing.
I think you have to put down at least 25% in
order to secure the interest free financing.
Coda72 is right, it is not a bad way to go
if you can pay it off on time.

As far as insurance goes, I think you will
need to contact an outside source, such
as Chubb''s.

Good luck!

 

[kevinyonker]

0% financing for 1 year is a good way to go if you have the dicipline to pay it off in 12 months. Read the fine print on these offers. Miss making just 1 payment on time and your 0% rate could jump up in the teens. If you think about it, it''s no more expensive than a layaway plan but you get it up front. You just have to be honest with yourself...do I have the dicipline and means to pay it off in 12 months?

 

[coda72]

On the 1 year no interest financing, not only does the interest rate jump up to the teens or higher if you miss or make a late payment, you also owe all the back interest all the way back to when you started the financing. I''ll admit, this is not a plan for everyone. I have always managed my credit well, and to me this is just another way of instant gratification. Instead of having to save for a year to buy what I want, I can get it now and save the money over a year''s time and pay it off then.