Buying jewellery on finance has become increasingly more popular over the last 10 years. One of the main reasons for this increase in popularity is due to the fact that buying jewellery on finance makes big purchases more manageable for people.
Not everyone has the funds to buy a piece of jewellery upfront, that’s why we offer a range of different finance options for our customers so that you can spread out the payments of your jewellery. Here at Michael Jones Jeweller, we offer interest-free credit finance options over 6, 12, 24 and 36 months.
What Are the Benefits of Buying Jewellery on Finance?
While you shouldn’t buy jewellery that you cannot afford, as that’s how you can end up in a lot of debt, you can choose an affordable piece of jewellery that you can spread payments over a fixed period of time. What are the advantages of doing this?
- You can budget around those fixed payments
- Potentially, you can purchase a higher value jewellery item
- Spreads payments into manageable chunks
- Allows you to keep more money for essentials
- You can buy without needing help from the bank
4 Things to Consider When Buying Jewellery on Finance
When buying jewellery that is high value, there are lots of different considerations to make before you purchase. Here are some important considerations to think about when buying jewellery on finance.
- What repayment period is most suitable for me?
When buying jewellery on finance, one of the first things to think about is the length of the repayment period you want. We offer finance options over 6, 12, 24 and 36 months. Choosing a longer repayment option reduces the monthly payments which may allow you to afford a more expensive piece of jewellery.
We offer interest-free credit on all our repayment periods, including 6, 12, 24 and 36 months.
- Is this definitely the piece of jewellery that I want to buy?
The second consideration when thinking about buying jewellery on finance is whether this is the exact piece that you want. It’s always advisable to take your time and not rush into any decisions, only to find a different piece that you prefer a few days later.
- Is it within my budget?
As mentioned above, one of the perks ofbuying jewellery on finance is that it allows you to be able to afford items upfront, by spreading payments over a set amount of time. While it allows you to be able to afford higher value jewellery, it is very important to ensure that you keep up with your monthly repayments.
It can help to work backwards and calculate how much you can afford each month. In turn, this will help you determine how much you can afford to spend on a piece of jewellery.
For example, an interest-free purchase on a £500 ring, over a 6 month repayment period with a 10% deposit would look like this:
10% Deposit: £50
Total amount of credit: £450
Representative APR: 0%
Interest charged: £0
6 monthly payments of: £75
Total amount payable: £500
- Am I buying from the right jeweller?
Lastly, it's important to make sure that you’re buying from a reputable and trustworthy jeweller when applying for finance.
There would be nothing worse than applying and committing to a 12-month repayment plan only to discover that you’ve bought low-quality jewellery, or the jeweller has less than desirable customer service.
When choosing a trustworthy jeweller, you can read their Trustpilot reviews, or take a look at their reviews on Facebook or Google. Finally, it is also important to check their website and read through their returns policy, jewellery repairs, and so on.
What is the Eligibility Criteria for Jewellery Finance?
In order to qualify for our finance options, you must:
- Be at least 18 years old
- Have been a UK resident for 3 years or more
- Be able to make repayments by direct debit
- Be in regular employment* (minimum of 16 hours per week), including self-employment or in a permanent residence with your spouse/ partner who is in regular employment
*If you are retired and receive a pension, or registered disabled and unable to work, V12 Retail Finance may ask for proof of sufficient income.
How Can I Apply for Jewellery on Finance?
There are two ways in which you can buy jewellery on finance here at Michael Jones Jeweller, online and in-store. Firstly, you can take a look through our website and select the products you wish to finance, then select ‘Apply for Finance’ during the checkout.
Learn more about our different finance options.
5 Year interest-free credit promotion
We are currently running a 5-year interest-free credit promotion that is subject to availability and application. This promotion is only available on full-priced watches over £2,000 with a minimum deposit of 10% required. (Not available on Rolex watches)
Browse our range of watches.
You don’t need to make big sacrifices when buying jewellery on finance, this means you can get the exact engagement ring or watch that you want under a finance agreement.
Contact Michael Jones Jeweller
If you’d like to apply for finance or to find out more, you can contact our team today by visiting our showrooms: Gold Street Northampton, Grosvenor Centre Northampton, or at our store in Banbury - our expert jewellery team will be happy to assist you. Alternatively, you can give us a call on 01604 632 548, or fill out our online contact form, and we’ll be in touch.