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How to finance a jet ski

Ready to get out on the water? Check our guide to find out how to get financing for a jet ski.

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By

Leanne Escobal

&

Emma Balmforth

Updated

Fact checked

There are a number of lenders that offer loans to purchase both new and used jet ski models. With competitive rates and flexible repayment methods, there are multiple ways you can finance your next jet ski purchase.

How can I pay for a new jet ski?

Most jet ski manufacturers offer financing either directly via the company or through major banks. However, you have other ways to finance a jet ski.

1. Personal loan

You can usually borrow between $1,000 and $50,000 with a personal loan, with repayment terms ranging from 6 months to 5 years, sometimes longer. Personal loans can be secured or unsecured. With a secured personal loan, you offer collateral such as your investments or house. An unsecured loan has no collateral.

You can get a personal loan by applying through a bank, credit union or online lender. Personal loans from online lenders are easier to get approved for and have faster turnaround than banks or credit unions. Banks and credit unions tend to offer the most competitive rates, but you need good to excellent credit (above 660) in order to qualify.

Compare personal loans from online lenders

1 - 6 of 6
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Loans Canada Personal Loan
6.99% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
Go to site
View details
Spring Financial Personal Loan
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
Go to site
View details
SkyCap Financial Personal Loan
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
Go to site
View details
LoanConnect Personal Loan
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Go to site
View details
Mogo Personal Loan
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Go to site
View details
Fairstone Secured Personal Loan
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560
Go to site
View details
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2. Powersport vehicle loan through a bank or credit union

You can apply directly with a bank or credit union to get a powersport vehicle loan. Loan terms are usually up to 7 or 8 years. However, just like personal loans, you need good to excellent credit in order to qualify.

Powersport vehicle loans tend to be unsecured, so your jet ski will not act as collateral.

3. Manufacturer financing

Instead of comparing loans, you can usually directly finance your jet ski through the manufacturer. They often have deals with major banks to help them provide financing. Manufacturers sometimes offer promotional rates that could be more competitive than your typical personal loan.

4. Credit card

If you don’t need full financing or you’re purchasing a lower-priced jet ski, you can consider putting part of it on your credit card. Consider comparing low interest credit cards if you don’t plan on paying it off in one lump sum at the end of the month.

Compare credit cards to finance a jet ski

1 - 3 of 3
Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Reward
BMO Preferred Rate Mastercard
BMO Preferred Rate Mastercard
13.99%
15.99%
$0 annual fee for the first year ($29 thereafter)
N/A
Apply now
More Info
Take advantage of an introductory balance transfer offer, annual fee waiver in the first year, and low purchase and cash advance interest rates.
Get a rate of 0.99% on balance transfers for 9 months with a 2% transfer fee. Plus, get the $29 annual fee waived in the first year.
Scotiabank Value Visa Card
Scotiabank Value Visa Card
12.99%
0% for 6 months, 12.99% thereafter
$0 annual fee for the first year ($29 thereafter)
$12,000
Apply now
More Info
Get a 0% introductory interest rate on cash advances for the first 6 months. Plus, pay no annual fee in the first year. Apply by October 31, 2023.
Get a 0% introductory interest rate on cash advances for the first 6 months. Plus, pay no annual fee in the first year. Apply by October 31, 2023.
National Bank Syncro Mastercard
National Bank Syncro Mastercard
10.70% or prime + 4.00%
14.70% or prime + 8.00%
$35
N/A
Apply now
More Info
Enjoy low purchase interest, cash advance and balance transfer rates.
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5. Saving up

The cheapest way to buy a jet ski is to simply save up and pay for it upfront. You won’t have to pay any interest or fees, spend time applying for financing and you’ll own your jet ski outright. Consider setting up a high-interest savings account that you deposit funds into each month until you have enough to cover your jet ski costs.

Representative example: Jim gets a jet ski

Jim has owned a cottage in Northern Ontario for many years and has always dreamed of owning a jet ski. His neighbour is selling a one year old high-end jet ski for just $7,000.00 – which is an absolute bargain in Jim’s eyes. Jim only has $4,000.00 to spend on a jet ski at the moment, but he doesn’t want to pass up on the opportunity, so he decides to take out a loan to cover the remaining $3,000.00. Jim only has a fair credit rating, so he heads online to compare non-traditional lenders. He finds a lender willing to offer the full $3,000.00 with a 16.00% APR and a 1 year loan term.

Cost of jet ski$7,000.00
Loan typePersonal loan
Loan amount$3,000.00
Interest rate (APR)16.00%
Loan term1 year
Additional feesOrigination fee of 3% ($90.00)
Monthly payment$272.19
Total loan cost$3,356.31

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

How much do jet skis cost?

A brand new jet ski can set you back anywhere between $5,000 to $20,000, while used ones can sometimes be purchased for as low as $1,500. The price depends on the manufacturer and model. On top of the price, you might have to pay a destination charge to cover the delivery of your new jet ski. These can cost around $300 to $500 and depend on your dealer.

We’ve gathered some of the most popular jet ski prices to give you a better idea of how much you might need to spend.

Kawasaki

Depending on the model, Kawasaki Jet Skis typically range from around $10,000 to $21,000.

ModelCost of jet ski
2021 Jet Ski STX-15F$12,499
2021 Jet Ski SX-R$14,299
2021 Jet Ski Ultra LX$15,699
2021 Jet Ski Ultra 310X $23,399
2021 Jet Ski STX 160$16,799

Yamaha

This manufacturer offers more than 10 models of jet skis, which it calls wave runners. These range from vehicles designed for every day fun to professional racing and can cost between around $9,000 and $21,100.

ModelCost of jet ski
2021 Waverunner Ex Limited$13,999
2021 Waverunner VX Cruiser HO$17,499
2021 Waverunner FX Cruiser SVHO$23,899
2021 Waverunner GP1800R SVHO$20,799

Sea-Doo

Sea-Doo personal water crafts (PWC) are slightly less expensive, ranging from around $6,400 to $14,400.

ModelCost of jet ski
2021 Rec Lite Spark$6,599
2021 Recreation GTI$11,399
2021 Touring GTX$16,199
2021 Tow Sports Wake$15,199
2021 Performance GTR$15,599

Factors to consider when taking out a jet ski loan

With so many lenders offering different types of loans, you should take the time to compare the features of a variety of loans before deciding on the right one for you. Here are a few factors to consider:

  • Fund disbursement time. If you’re in a rush to find financing and get on the water, look at how long the application and approval process takes. Some lenders will disburse the funds within one business day, while others may take up to ten business days or more.
  • Interest rates. Find a lender that can offer you a competitive rate on a loan. The lender should give you a repayment schedule that shows the amount due, including interest for the term you choose.
  • Loan term. Most jet ski loans are offered from one to seven years. The longer the term, the more the loan will end up costing you. Decide if smaller monthly payments are worth paying more in interest in the long run. If not, opt for higher repayments to pay off the loan faster – and cheaper.
  • Repayments. Flexible repayments and the ability to make extra ones are features worth looking into. These can help you pay your loan off quicker, saving you money at the same time.
  • Fees. Consider any fees that you will be charged by the lender. Some lenders charge administrative fees, early repayment fees and fees for late or missed payments.

Is it worth getting a jet ski loan?

Jet skis aren’t a cheap investment. Before you dive into a new loan, weigh the pros and cons of financing your purchase.

Benefits

  • Quick financing. You can get on the water with your new jet ski in a matter of days if you take out a loan.
  • Fast turnaround. Once you choose the jet ski loan that works well for you, you may receive an approval response in less than a day. You can usually have your loan funds in hand by the next business day.
  • You don’t need additional collateral. You may be able to use the jet ski to secure the loan. This can help save money on interest. But if you fail to make your repayments, the lender can repossess your jet ski.

Drawbacks

  • Interest and fees. If you don’t need a jet ski right away and want to keep costs to a minimum, you might want to consider saving up for one. Loans are riddled with interest and additional fees.
  • Good credit required for good rates. You will need to have a good to excellent credit score to qualify for the best interest rates. Having a score lower than 660 will usually mean much higher rates.
  • You might need insurance first. When you finance a jet ski and use it to secure the loan, the lender may ask that the jet ski be insured before offering a loan. This will depend on the province or territory where you reside.

What to avoid when applying for jet ski financing

Even when you’re sure you want to buy a jet ski and know exactly what model you want to get, you should still keep the following in mind:

  • High markup. All stores will have markups, some more than others. If you come with cash in hand, you may be able to negotiate a better deal than you’d get through dealer finance and store markup.
  • Buying at the wrong time. Like many seasonal luxuries, jet skis cost more at the beginning of summer than at the end. If you want a good deal, buy near the end of the season and look for dealer rebates.
  • Making late repayments. If you don’t think you can pay back your loan entirely, don’t take one out at all. In addition, making late repayments will not only cost you more in terms of fees and charges, but it may also negatively affect your credit score if the lender reports you to one of the credit bureaus.

How to apply for a jet ski loan

Once you’ve compared a variety of lenders and loans, head to the lender’s website to begin your secure online application. Some lenders may additionally allow you to apply over the phone or in person if they have physical branch locations. You’ll need to make sure you meet the eligibility criteria and have the necessary documents on hand to apply. The process usually takes less than ten minutes.

Eligibility requirements

These may vary from lender to lender, however you’ll usually need to:

  • Be 18 years of age, or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Have proof of an income
  • Meet any credit score requirements
  • Have an active bank account
  • Meet any income requirements

Required documents

You will need the following documents on hand when applying:

  • Personal details like your name, address, Social Insurance Number (SIN), phone number and email.
  • Income details including pay stubs or bank statements.
  • Employment details including your employer’s name and contact details.
  • Banking information such as your bank’s name, address and transit number, as well as your personal bank account number.

Frequently asked questions

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