Gold has always been regarded as a safe-haven good, a mark of affluence, and a protection against inflation. Purchasing gold whether it is in the form of jewelry, coins, or even as a commodity, buying it in the U.S. is at times a costly exercise. However, what would happen should there be a means by which this investment could be made easier on your pocket? Enter EMI (Equated Monthly Installment) – a common way of financing consumption of goods as instalments.
In this blog, we will discuss how you can Buy Gold on EMI in the U.S., and how you can dissect the different ways which you can use to make your purchase of gold more affordable.
What is EMI?
EMI is an acronym that means Equated Monthly Installments. It enables you to divide the price of a product into small and easy to pay installments over a specific time. Although EMI is usually related to a bigger purchase such as electronics or even household goods, it can also be used to purchase gold, again depending on how the retailer or payment system is configured.
Methods of purchasing Gold on EMI in the U.S.
1. Gold Retailers Financing
There are also U.S. based jewelers and gold retailers that have financing schemes where you can Buy Gold on EMI. Verified stores and jewelry retailers can collaborate with third-party financing organizations to provide this service. As an example, such stores as Kay Jewelers, Jared and Zales could be financed such that you can pay in instalments to get gold jewelry.
Most of these stores have flexible payment schedules like 6-month, 12-month, and even 24-month plan and could involve checking their credit. Depending on your credit histories the terms and interest rates may change. There are also stores that might give a promotion of 0% interest charges on the purchases of goods, which is basically a case of purchasing with no additional expense of EMI.
How It Works:
- You decide on the gold jewelry or bullion which you would like to buy.
- The retailer will give you the possibility to pay with the help of a financing partner (Affirm, Klarna, Synchrony Financial, etc.).
- You choose the installment plan that suits your pocket.
- The debits are automatically billed out of your bank account or credit card every month.
2. Adoption of 0% Interest Financing by using Credit Cards
In the U.S., in case you want to purchase gold but are not willing to use a financing partner of a retailer, you can always use a credit card with 0% APR with an introductory period. In the U.S., there are a lot of credit cards with a 6 months to 18 months 0% APR, depending on their card and terms.
By the way, you are virtually paying the gold price during the promotion period with no interest with this approach. It should be noted though that one should be able to clear the balance before the period of promotion elapses because there will be interests once one passes the introductory period.
How It Works:
- Take out a credit card with a no interest deal.
- Make your purchase in gold with the card.
- Clear off the balance in the promotional time (usually 6-18 months).
3. Third-Party Financing Services
Other apps such as Affirm, Klarna, and Afterpay will enable you to purchase gold at other merchants and pay in payments. Such third-party financing options are provided by online purchases and in-store purchases.
- Affirm: through Affirm, customers can finance their purchases and can select one of several payment options, with a range of 3 months to 12 months. With affirm, the terms are also transparent, that is, you are fully aware of the amount of money that you will pay in the course of the loan. Affirm has a number of stores online, particularly gold retailers who co-operate with Affirm.
- Klarna: Like Affirm, Klarna is a flexible payment platform. It is common among the online stores selling gold and will enable you to buy it in 4 interests-free payments or one that has a longer term.
- Afterpay: Afterpay is not as popular in small purchases, still, you can purchase any product and pay it with 4 equal payments after every two weeks.
How It Works:
- Select a gold dealer which collaborates with either of these services.
- Choose the installment payment at the checkout.
- Purchase fully and pay monthly or bi-weekly all inclusive to the financing company.
4. Personal Loans to buy More Gold
When buying more gold, in bulk, as bullion or gold bars, you might consider seeking a personal loan with a bank or credit union. These loans have the ability to charge reduced interests than credit cards and certain personal loans are meant to finance bigger purchases such as gold investment.
How It Works:
- Purchase a personal loan with a financial institution.
- Use the money to acquire gold.
- Pay the loan in installments in a fixed monthly payment.
5. Gold as an Investment: Monthly Contributions
In case you want to invest in gold but not purchase real gold, there are certain websites that can enable you to invest minor sums of money on a regular basis. This is by using such platforms as GoldMoney or SGC (Swiss Gold Coins) which provide regular plans of gold investment. Although this is not strictly EMI, it operates in the same fashion of periodic payments.
How It Works:
- Establish a contribution program every month.
- The platform spends your money on such assets as gold.
- Fractional ownership of gold is received over a period of time.
Considerations prior to purchasing gold on installment
- Interest Rates: It is a good idea to make sure to always look at the interest rates since the interest rate may be high after the initial period.
- Fees: Watch out on the fees that may be charged to finance or late payments.
- Total Cost: Learn the total sum that you will pay during the term of the loan, plus any interest or other charges.
- Credit Score: The terms of your financing may be greatly affected by credit score. The more the credit score, the better.
Conclusion
In the U.S. it is possible to Buy Gold on EMI whether it is in the form of jewelry, coins or even investing in gold. With the help of a selected retailer or financing plan, you will be able to break the gold purchase cost into small monthly payments. Whenever committing to a payment plan, always ensure you compare the interest rates, terms and fees to make sure that the payment plan is within the budget. You will be able to invest in gold without straining your bank.
Also Read: Why did I get Extra Money from Social Security
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