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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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FlexMoney Personal Loan

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  • Rates from 18.90% - 46.93%
  • Loan term from 6 - 60 months
  • Pay off loan anytime
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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

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
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Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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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.

Apply for a credit union powersport vehicle loan

Name Product Loan Amount Interest Rate Loan Term Min. Credit Score Requirements Table description
Coast Capital Car Loan
$10,000 - No Max.
Varies
18 - 84 months
650
Able to service debt payment of $300/month
Competitive rates and flexible terms.
Finance new and used vehicles from one of Canada's largest credit unions. No credit union membership required. Available across Canada except SK, QC, NT, NU, YT.
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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

Name Product Purchase Interest Rate Cash Advance Rate Annual Fee Minimum Income Reward
HSBC +Rewards™ Mastercard®
11.9%
11.9%
$0 annual fee for the first year ($25 thereafter)
N/A
Earn 2 Points for every $1 spent on eligible dining or entertainment purchases.
Get 30,000 Points (up to $150 in value) when you spend $2,000 in the first 6 months. Plus, get the 1st year annual fee waived for the primary cardholder ($25 value). Apply by January 31, 2022.
BMO Preferred Rate Mastercard
12.99%
12.99%
$20
$15,000
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 3.99% on balance transfers for 9 months with a 1% transfer fee. Plus, get the $20 annual fee waived in the first year.
Scotiabank Value Visa Card
12.99%
12.99%
$29
$12,000
Save on interest for 6 months by consolidating your higher-rate balances with the balance transfer offer, and get an on-going 12.99% interest rate on purchases, cash advances and balance transfers.
Get a 0.99% introductory interest rate on balance transfers with a 0% transfer fee for the first 6 months. Apply by November 21, 2021.
BMO Rewards Business Mastercard
14.99%
22.99%
$0 annual fee for the first year ($120 thereafter)
N/A
Earn 3 BMO Rewards points for every $1 you spend on gas, office supplies, cell phone bills and internet bills, and earn 1.5 BMO Rewards points for every $1 you spend elsewhere.
Get 50,000 points and the $120 annual fee waived in the first year.
Business Platinum Card from American Express
N/A
N/A
$499
N/A
Earn 1.25 Membership Rewards points for every $1 spent on eligible purchases
Earn a Welcome Bonus of up to 100,000 Membership Rewards points ($1,000 in statement credits that you can reinvest into your business).
American Express Business Gold Rewards Card
N/A
N/A
$199
N/A
Earn 1 Membership Rewards point for every $1 spent on purchases charged to the Card.
Earn a Welcome Bonus of up to 110,000 Membership Rewards points. If redeemed for statement credit, this is $1,100 that you can reinvest in your business.
National Bank Syncro Mastercard
8.90% or prime + 4.00%
12.90% or prime + 4.00%
$35
N/A
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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