jet ski loans

Compare jet ski loans and finance the fun

Find the right jet ski loan so you can race now and pay later

There are a number of lenders who cater to the love for high speed water sports offering special loans designed for the financing of a jet ski. With some offering low rates, you can choose the jet ski that you want and pay it off in between rides.

A jet ski loan is tailored specifically to the water sport. Most lenders will allow for financing on both new and used jet skis as well as those bought privately or through a dealer. With competitive rates and flexible repayment methods, a jet ski loan offers you an option other than financing through the dealer. Skip to a comparison table of lenders that may offer jet ski loans

Prosper Personal Loan

Prosper Personal Loans

You could borrow up to $35,000 for a variety of purposes, with rates starting from 5.99%.

  • Recommended Credit Score: 640 or higher
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $35,000
  • Loan Term: 3 or 5 years
  • Turnaround Time: 1-3 business days
  • Simple online application process
  • No prepayment penalties

    How does a jet ski loan work?

    There are many lenders that offer jet ski loans. Most are full service lenders who provide funding for other personal items such as cars, boats, and bikes.

    You can find a lender that offers terms ranging from one to seven years. Some lenders may even be able to have you approved immediately and the loan settled the next day. With years of experience providing loans to consumers for a variety of large purchases, lenders know which terms will fit your circumstances and preferences.

    Compare lenders for jet ski loans

    Rates last updated November 20th, 2017

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR Requirements
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    680
    $45,000
    From 5.5% (fixed)
    Must be a US citizen or permanent resident with a valid I-551 card
    Even Financial Personal Loans
    Get matched to the best loan offer instantly from top online consumer lenders.
    580
    $100,000
    From 4.99% (fixed)
    Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
    Prosper Personal Loan
    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
    640
    $35,000
    From 5.99% (fixed)
    Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
    SoFi Personal Loan Fixed Rate (with Autopay)
    Borrow up to $100,000 with a competitive APR and no fees.
    Good to excellent credit
    $100,000
    From 5.49% (fixed)
    You must be a U.S. citizen or permanent resident, and 18 years or older.
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $25,000
    From 15.49% (fixed)
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    From 5.99% (fixed)
    You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.

    Compare up to 4 providers

    How do I tell if I’ve found a good deal?

    With so many lenders offering loans for jet skis, it is good practice to compare the features before deciding on the right one for you. Different options will appeal to borrowers depending on their circumstances, but here are a few things to look for:

    • Fund disbursement time. If you are in a rush to get the financing and get on the water, you will want to look at how long the application and approval process typically takes. Lenders that offer online applications will generally be faster than those who insist on helping with the application over the phone or in person. Check the timeframe in which you can expect to receive funds once approved.
    • Interest rates. It’s important to find a lender that is able to offer you a competitive rate on the loan. The lender should give you a repayment schedule that shows the amount due including interest for the terms you choose.
    • Terms. Most jet ski loans are offered from one to seven years. Keep in mind that the longer the terms, the more you pay overall over the life of the loan. What you need to decide is if smaller repayment amounts or a faster exit from the loan is your priority.
    • Repayments. Flexible repayments and the ability to make extra ones are features worth looking into. These can help keep you in budget to make your required repayments and possibly pay the loan off quicker, saving you money.
    • Fees. Study fees closely when comparing jet ski loans. This includes those for initiating the loan and any that are applied monthly. Also look at the fees charged for late or missed payments.

    Buying a boat? Compare boat loans

    Pros and cons of getting a jet ski loan

    Pros:

    • Fast turnaround. Once you choose the jet ski loan that works best for you, you will usually get an approval response in less than a day.
    • Collateral. You may be able to use the jet ski to secure the loan as opposed to putting up any of your other assets.

    Cons:

    • Insurance. When you finance a jet ski and use it to secure the loan, the lender will ask that the jet ski be insured. This is an additional cost to you that needs to be considered when budgeting the cost of your loan into your monthly expenses.

    What’s a secured loan?

    Things to avoid

    • Applying to too many providers. Multiple applications may count as inquiries on your credit report and may reduce your chances of getting approved for a jet ski loan, or another type of loan, in the future.
    • Penalties. Carefully check fees that lenders charge for things like late payments. In some instances these can be extremely high in comparison to your loan amount.

    How to apply for a jet ski loan

    Use the comparison table above to help you narrow down your choices. A good tool to help you compare the different rates and fees is a personal loan calculator. Once you have made your final choice, you can proceed to the appropriate lender’s website by clicking the “Go to site” button. Here you can begin filling out your application. Be prepared to answer questions about the following items:

    • Identity. Lenders will require that you provide some sort of valid photo identification to verify your identity. A driver’s license, passport or government ID is usually acceptable.
    • Income. Proof that you are earning a steady income, either with recent pay stubs or a bank statement that identifies continuous deposits from an employer.
    • Residence. You will also be asked to verify your physical residence.
    Personal watercraft insurance — aka jet ski insurance — can cost anywhere between $150 to $500 annually, depending on factors like what type of jet ski you have, any modifications you have and the number of boater’s safety courses you’ve taken.
    It depends on your model. Seadoo RXP models tend to be the fastest, with speeds topping 70 mph.
    Yes, it’s possible to get a bad-credit loan to buy a jet ski. But it’s not always a great idea. Typically, bad credit loans like payday or installment loans come with astronomical interest rates and short terms that can send you into a cycle of debt if you have trouble making repayments.

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    US Personal Loans Offers

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    Prosper Personal Loan

    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.

    Upstart Personal Loans

    This newer service looks beyond your credit score to get you a competitive-rate personal loan funded by accredited investors.