How to find Bad Credit Jewelry Financing
Some jewelry stores are very strict on their credit policies. It is also difficult to obtain a credit card if your credit score is under 600. The interest rates alone are enough to almost double payments in some cases. A couple of options are available to obtain an expensive, or special, piece of jewelry even with less than perfect credit.
Consider Layaway Instead
Layaway is offered by most jewelry stores. This gives you an option to make payments over a short period of time to have that special item when it is needed. Even pawn shops will work out payment plans or layaway on more expensive items.
The benefit to layaway is that you avoid interest charges and only have to put a small amount down. Most plans span from between 8-weeks and 6-months. Some will stretch out the payments for 12 full months.
It is ideal to take advantage of layaway plans during major store sales. Not only does this knock down the price more, but you can put a little more down. The ability to put more than the minimum down helps you to pay off the item faster and helps to fit the payments into the budget better.
Apply for a Store Line of Credit
Some jewelers do have lines of credit; this is different than a credit card. This type of financing often carries high interest rates. For those with bad credit or those that have been turned down for store credit cards, inquiring about a line of credit directly through the store are an option.
One of the disadvantages is that if you are delinquent on payments or fail to pay entirely, the item will be repossessed and/or a judgment will be made against you. The item will have to be returned to the store and any funds paid on it are lost.
If you are unable to obtain credit of any kind for jewelry items and cannot find a jeweler that offers layaway, purchasing from a local, private seller is an option. In these cases, the seller needs cash quickly and will often meet you to get an appraisal of value. When bad credit plagues you, there are still options available to obtain a beautiful piece of jewelry for a loved one or yourself. Make sure that the fees and interest payments are feasible and that your budget for household expenses is not stretched too thin.