Jet ski financing in Canada

Ready to get out on the water? Learn how to finance a jet ski or Sea-Doo in Canada.

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Tim Falk

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Leanne Escobal

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There are multiple ways to finance a jet ski in Canada. You can apply for a loan with good or bad credit, and financing is available for new and used jet skis and Sea-Doos.

Keep reading to compare four jet ski financing options and find the best rates and terms for your needs.

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My Auto Approval Powersport/RV Loan
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0% - 35.00%
$5,000 - $75,000
3 - 60 months
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LendCare Powersport Vehicle Loan
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Undisclosed
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Up to 180 months
Requirements: Steady income, employed
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Where can I get jet ski financing in Canada?

There are four ways to finance a jet ski:

  1. Get jet ski financing through a loan search platform
  2. Get jet ski financing through a dealer
  3. Get jet ski financing from a bank or credit union
  4. Get a personal loan

Let’s take a closer look at how each option works to help you decide which form of jet ski financing is right for you.

1. Get jet ski financing through a loan search platform

How it works

Loan search platforms like My Auto Approval offer a simple and convenient way of comparing jet ski and Sea-Doo financing options from multiple lenders. These platforms partner with a network of lenders across the country, including providers that work with borrowers who have good or bad credit.

After you fill out a single online application, you can view jet ski loan offers from multiple lenders. If there’s an offer that suits you, apply directly to the lender of your choice.

Pros of getting jet ski financing through a loan search platform

  • Loans for good and bad credit available
  • Easy online application
  • Compare multiple loan offers in one place
  • Free to use

What to watch out for

  • Not direct lenders
  • You’re limited to the platform’s network of lenders
  • High interest rates for bad credit

2. Get jet ski financing through a dealer

How it works

If you’ve ever bought a new car and applied for auto financing at the dealership, you’ll have a good idea of how dealership jet ski financing works. Dealers partner with banks, credit unions and alternative lenders to offer jet ski financing at the point of sale.

This makes it a quick and convenient way of financing a jet ski, and the dealer can help guide you through the application process. You can also take advantage of special promo rates, such as 0% financing for a limited period for borrowers with strong credit.

Financing is available for all types of credit, but you’ll need to compare other loan offers before visiting the dealership so you know if the rate you’re offered is fair.

Pros of getting jet ski financing through a dealer

  • Easy and convenient financing option
  • Fast access to funds
  • Take advantage of special promo offers
  • Options for good and bad credit

What to watch out for

  • Make sure you compare other loan offers first
  • Feeling pressured to get financing
  • Special promo offers may only apply to specific jet ski models

3. Get jet ski financing from a bank or credit union

How it works

If you’ve got good to excellent credit (660 or higher), you can apply to finance a jet ski directly with your bank or credit union. These traditional lenders offer some of the lowest jet ski financing rates, and terms of up to 10 years are available.

But it may be slower to get financing than if you apply to an online lender, and borrowers with bad credit will need to look elsewhere.

Pros of getting jet ski financing from a bank or credit union

  • Competitive interest rates
  • Deal with a trusted and established lender
  • Flexible repayment terms available
  • Pay off your loan early without penalty

What to watch out for

  • Not an option if you have bad credit
  • May have slower approval times
  • You may need to shop at a partner dealership

4. Get a personal loan

How it works

You can usually borrow between $500 and $50,000 with a personal loan, and repayment terms range from 6 to 60 months, although some lenders may offer up to 7 years.

Personal loans can be secured or unsecured. With a secured personal loan, you offer collateral and may be able to qualify for a more competitive rate. An unsecured loan does not require 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 times 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) to qualify.

Pros of personal loans from financial institutions or alternative lenders

  • Options available for good and bad credit
  • Use funds for any purpose
  • Secured and unsecured loans are available
  • Competitive rates if you have strong credit

What to watch out for

  • Strict eligibility criteria from traditional lenders
  • High rates for bad credit
  • You may come across sketchy lenders

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—an absolute bargain in Jim’s eyes. Jim only has $4,000 to spend on a jet ski at the moment, but he doesn’t want to pass up the opportunity, so he decides to take out a loan to cover the remaining $3,000.

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 with a 16% APR and a one-year loan term.

Based on these terms, Jim will pay $272.19 per month. The interest charged will be $266.31 for a total loan cost of $3,266.31.

How much do jet skis cost?

A brand-new jet ski can set you back anywhere from $5,000 to $30,000, 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. This can cost around $300 to $500 and depend on your dealer. You’ll also need to check if the cost of a jet ski trailer is included or if this will be a separate purchase.

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 $15,000 to $27,000.

ModelCost
2024 Jet Ski SX-R 160$15,899
2024 Jet Ski STX 160LX$18,599
2025 Jet Ski Ultra 160LX$22,799
2025 Jet Ski Ultra 160LX-S Angler$23,299
2025 Jet Ski Ultra 310X$24,499
2025 Jet Ski Ultra 310LX$26,499

Prices correct as of February 2025.

Yamaha

Yamaha offers more than 15 models of jet skis, which it calls Waverunners. These range from watercraft designed for everyday fun to models for professional racing, and they can cost around $10,000 to $30,000.

ModelCost
2025 JetBlaster 2-Up$9,999
2025 JetBlaster DLX 2-Up$11,899
2025 JetBlaster DLX 3-Up$13,299
2025 JetBlaster Pro 2-Up$13,999
2025 JetBlaster LTD$14,599
2025 JetBlaster Pro 3-Up$14,999
2025 SuperJet$15,399
2025 VX Deluxe$17,399-$18,599
2025 VX Cruiser$17,899-$19,099
2025 VX Limited$19,399
2025 VX Cruiser HO$20,099-$21,399
2025 VX Limited HO$21,599
2025 GP HO$20,999-$22,199
2025 GP SVHO$23,899-$25,099
2025 FX HO$22,499-$23,699
2025 FX Cruiser HO$24,499
2025 FX SVHO$27,899
2025 FX Cruiser SVHO$28,999
2025 FX Limited SVHO$29,199

Prices correct as of February 2025.

Sea-Doo

Sea-Doo PWCs are designed for everything from recreation and touring to tow sports and fishing. They range in price from around $8,500 to $30,000.

ModelCost
2025 Spark$8,699
2025 Spark Trixx$11,399
2025 GTI$14,399
2025 GTI SE$15,399
2025 GTX$19,099
2025 GTX Limited$27,299
2025 GTR$17,799
2025 GTR-X$21,399
2025 RXP-X$23,899
2025 RXT-X$25,399
2025 Wake$17,799
2025 Wake Pro$23,099
2025 Explorer Pro$24,599
2025 FishPro Scout$18,799
2025 FishPro Sport$21,799
2025 FishPro Trophy$26,099
2025 FishPro Apex$30,899

Prices correct as of February 2025.

How to compare jet ski financing options

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

Interest rate

The interest rate you get depends on factors like your credit score, income and employment situation as well as the loan amount and term.

You may be able to qualify for a better rate if you use your jet ski as security for your loan. However, this also means you risk having your PWC repossessed if you default on the loan.

Fees

Check the loan contract for details of any origination fees or other charges that may apply. Look at the annual percentage rate (APR) when comparing loans, as this takes into account the loan interest rate and fees to give you a better idea of the full cost of a loan.

It’s also a good idea to check NSF and late fees that will apply if you miss a payment.

Loan term

Most jet ski loans are offered with terms ranging 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 interest in the long run. If not, opt for higher repayments to pay off the loan faster—and cheaper.

Turnaround 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 send the funds the same day, while others may take several business days.

Repayment flexibility

Check if the repayment schedule can be tailored to suit your income. Make sure you also find out if you’re allowed to make extra loan repayments or if you can pay it off early without penalty.

Is it worth getting jet ski financing?

Jet skis aren’t a cheap purchase, with entry-level models even pushing up towards the $10,000 mark. Before you dive into a new loan, weigh the pros and cons of financing your purchase.

Pros

  • Quick financing. You can get approved and funded the same day with some lenders, allowing you to get out on the water with your new jet ski sooner.
  • 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 repayments, the lender can repossess your jet ski.
  • Wide range of financing options. There are multiple ways to finance a jet ski in Canada, giving you the freedom to shop around for the best deal.
  • Competitive rates. If you have strong credit, you’ll be able to access low jet ski and Sea-Doo financing rates.

Cons

  • Interest and fees. If you don’t need a jet ski right away and want to keep costs to a minimum, consider saving up the full purchase price instead. Loans charge interest and additional fees, and you need to think carefully about whether it’s worth going into debt for a luxury purchase.
  • 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.

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 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 with dealer financing and store markups.
  • Buying at the wrong time. Like many seasonal luxuries, jet skis cost more at the beginning of the summer than 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. 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 jet ski financing

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 also allow you to apply over the phone or in person if they have physical branch locations. You’ll need to make sure you meet eligibility criteria and have the necessary documents on hand to apply. The process usually takes less than ten minutes.

Eligibility requirements

These vary from lender to lender, but 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 permanent resident with a valid Canadian address
  • Have proof of income and meet any minimum income requirements
  • Meet any credit score requirements
  • Have an active bank account

Required documents

You will need the following documents and information when applying:

  • Personal details like your name, address, Social Insurance Number (SIN), phone number and email
  • Income details, including pay stubs or bank statements (lenders may confirm your income online with instant bank verification)
  • 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

Bottom line

There are several loan options to choose from when you want to finance a jet ski. Compare loans to find the best rate and financing terms that suit your needs.

Frequently asked questions

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To make sure you get accurate and helpful information, this guide has been edited by Leanne Escobal as part of our fact-checking process.
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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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