You’ve met the person of your dreams. Being together for some time, the thought of marriage is front and center. That is when reality sets in, marriage isn’t cheap and many turn to financing options.
When it comes to weddings and marriage, the list of items to consider seems endless.
Engagement rings
Wedding rings
Venue, food, and beverage
DJ
Decorations
Clothing
Lodging
Parties….and the list goes on
Just to build a bit more perspective, the average cost of a wedding venue ranges from $12,343 up to over $14,000. Engagement rings can easily climb above $5,000. Then stack on photographers and the list above, you can soar past $10,000 in no time.
These costs can be overwhelming, and financing may be the only option. However, if you are someone with less than average credit, there’s no need to worry. Thanks to advances in financial technology and specialized lending, there are options for you.
But first, let’s lay out a plan to ensure you’re maximizing your borrowing options.
Determine your budget
This can involve a spreadsheet or good old-fashioned pen and paper. List out everything you’re going to need for your wedding. Make the list detailed because you do not want to miss anything.
From there, add a list of wants. These are items you wish to have be aren’t essential for your perfect day to go on without a hitch. Dividing these two within your budget can help make eliminating items should the need arise.
Saving
How much, if any, do you plan on paying out of pocket?
Luckily, the interest rate environment is favorable for borrowing, but it may save you some money using your own cash. Many couples pay a portion of their wedding in cash, then finance the rest. This enables you to keep your personal income freed up and not allocating every penny to your special day.
Borrowing Amount
Here is where you can determine your borrowing amount. This is when you will begin filling out the application for the final sum of money to finance your wedding. Keep in mind, that even if you have below-average credit, you can still find a lender.
Paymywedding.com can send your application to 500 lenders that include LendingTree and Quicken Loans. After your approval, you will receive the terms of your loan and some paperwork to sign. With a few easy steps, you will have comfort knowing your most important day is now financially covered.
A few ways to make efficient use of your borrowing can include cleaning up any existing debt or pay it off altogether. If you have any items in collections, look to settle, and pay those off. These simple steps can raise your score and provide you with an even more competitive interest rate.
Don’t let the fear of a low credit score ruin your dream wedding. Start the application process today, it can take as little as 5 minutes!