George Boyle
Wedding dresses are expensive, with the average cost of a wedding dress in 2019 being $1,600, and costs can go much higher. With such a hefty price tag, many brides-to-be may need to consider their options for financing their dream dress. There are several ways to pay for a wedding dress, including taking out a personal loan, using a credit card, or applying for a specialised wedding dress loan. Some bridal shops also offer in-house payment plans, allowing customers to pay in instalments over time.
| Characteristics | Values |
|---|---|
| Average cost of a wedding dress | $1,600 |
| Range of costs | $5,000 to $10,000+ |
| Financing options | Personal loans, credit cards, layaway plans, wedding dress loans |
| Payment methods | Cash, credit card |
| Factors influencing cost | Designer, alterations, accessories, shoes |
| Deposit amount | 50% to 60% |
| Payment plans | Monthly installments, single transaction |
| Credit score impact | May affect credit score |
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What You'll Learn
Using a credit card
If you are thinking about applying for a new rewards card, a wedding dress can make a great first purchase. However, before you swipe your credit card, you'll have to sign a wedding dress contract. This will include the designer, the size, and when the dress will arrive, as well as any extras such as alterations to the original design. You'll also need to leave a deposit, which is usually around 50-60% of the total cost, with the remainder of the balance due once the dress arrives.
Some shops offer their own credit cards, such as David's Bridal, which offers a card with no interest for 6 months. However, be aware that some shops will not order your dress until it is paid for in full. It is also worth considering a personal loan, as these often charge lower interest rates than credit cards, and give you a limited timeframe to pay back the loan.
There are other ways to save money on your wedding dress. You could shop at online bridal sites, go vintage, or look for samples or rentals. Wearing a dress that belonged to your mother or grandmother can also save money, but restoring and altering it can cost a few hundred dollars.
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Taking out a personal loan
Personal loans can be a convenient way to get money for your wedding. Wedding venues and vendors often expect upfront deposits, which can add up quickly, especially when you factor in the cost of a wedding dress and accessories. A personal loan can give you the cash you need to cover these deposits. They are also easy to get, with many lenders offering an online application process that only takes minutes to complete.
Personal loans often have lower interest rates than credit cards, and they give you a limited timeframe to pay back the loan, so you don't end up with long-term debt. You can also borrow only what you need, rather than taking out a larger loan and spending more than you intended.
However, it's important to carefully consider your financial situation before taking out a loan. While a loan can increase the amount of money you can spend on your wedding, it will also affect your financial decisions in your marriage later. It's a good idea to talk with your partner about whether you want to deal with the financial burden of a loan after the honeymoon.
There are also other ways to save money on your wedding dress, such as shopping at online bridal sites, going vintage, or looking for samples or rentals. Wearing a dress that belonged to your mother or grandmother can also save money and carry sentimental value, although alterations may still cost a few hundred dollars.
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Shopping online
Another option is to use a service like Klarna, a global payment solutions provider that works with online retailers to offer alternative payment options. With Klarna, you can split your purchase into four interest-free instalments, charged every two weeks from the date of purchase.
You can also explore pre-owned marketplaces, such as Nearly Newlywed or Stillwhite, which offer wedding dresses at discounted prices, often up to 50% off or more. These sites also allow you to sell your dress after the wedding to recoup some of your expenses.
Additionally, some online boutiques may offer rental services, allowing you to wear a designer dress for a fraction of the purchase price. Sites like The Dress Outlet and Rent the Runway provide a range of fashionable dresses for rent.
Remember to review the payment terms and conditions carefully when shopping online to make an informed decision that suits your financial needs.
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Buying vintage
If you're looking for a brick-and-mortar store, you can try vintage boutiques that offer a wide variety of second-hand selections from different decades. Prices can range from $38 to $1,098, which is much more affordable than a brand-new dress.
Wearing a vintage dress that belonged to your mother or grandmother can also be a sentimental choice that saves you money. However, depending on the age and condition of the dress, you may need to pay for restoration and alterations, which can cost a few hundred dollars.
To finance your vintage wedding dress, you can use a credit card, take out a personal loan, or use a specialised wedding dress loan. If you have good credit, you may be able to take advantage of introductory 0% APR offers on a new credit card. Personal loans often have lower interest rates than credit cards and give you a set timeframe to pay back the loan. Wedding dress loans, such as those offered by MyWeddingLoans, can also be a convenient way to finance your dress without affecting your credit score.
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Using a payment plan
Wedding dresses are often very expensive, with the average cost of a wedding dress in 2019 being $1,600, and costs can go much higher. A wedding dress may be the most expensive dress you ever buy, so it's important to be aware of the different payment options available to you.
When using a payment plan, it's important to read the fine print carefully and understand all the terms and conditions. Make sure you know when payments are due and what fees or penalties may apply if you miss a payment. It's also a good idea to get a clear breakdown of the total cost, including any alterations or additional services.
If you're considering a payment plan, it's worth shopping around and comparing the options offered by different bridal shops. Some shops may have more flexible plans or lower deposit requirements. You can also ask the sales staff about their payment plans and get a clear understanding of the process before making a decision.
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Frequently asked questions
Wedding dresses are often very expensive, but there are ways to save money. You could shop at online bridal sites, buy a vintage dress, or look for samples or rentals. You could also wear a dress that belonged to your mother or grandmother, which would save you money and add sentimental value.
You could take out a personal loan to cover the cost of your wedding dress. MyWeddingLoans.com offers wedding dress loans. Alternatively, you could use a credit card, especially if you can take advantage of introductory 0% APR offers.
A wedding dress contract is a document that includes all the information about your dress, including the designer, size, and arrival date. It will also include the deposit amount and when the remainder of the balance is due. It's important to read the contract carefully and check that all the information is correct before signing.
