Layaway.
If you have some time before you need the engagement ring, layaway is a good option to consider. To put an engagement ring on layaway, you are usually required to pay 20% of the rings cost down. Then, payments are made every month for a period of time, anywhere from three months to a year. The ring can be picked up when the total bill is paid in full. Layaway is an excellent option because it is interest free.

Credit Card.
A credit card can be used to pay for an engagement ring, but buyers beware. Credit cards often have high interest rates that can increase the amount you pay for the engagement ring in the long run. Credit card rates often are not fixed and can be raised without notice.

Credit cards can be a good option if you have a credit card that offers rewards for purchases, such as frequent flyer miles or hotel bonuses. Because an engagement ring is a large purchase, it can lead to large rewards from your credit card company. Try to pay more than the minimum monthly balance. If you pay only the minimum balance, you may be paying for that engagement ring for many years.

Personal Loan.
A personal loan is an unsecured loan for a small amount of money. They usually carry a lower interest rate than credit cards and have fixed rates. Terms on these loans can vary, so be sure to ask questions of your loan officer and be sure you understand all the terms completely.

Vintage Engagement Rings.
Vintage engagement rings are increasingly popular because of their unique look. They may be family heirlooms, passed down from one generation to the next, or they can be bought at antique stores and estate sales. When purchased, vintage rings are often expensive because of their originality. If you are lucky enough to have a family ring to pass down to your fiancée, you should both consider yourselves lucky.