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
Personal loans through Prosper
You could borrow up to $40,000 for a variety of purposes, with rates from 6.95%–35.99%.
- Recommended Credit Score: 640 or higher
- Minimum Loan Amount: $2,000
- Maximum Loan Amount: 40000
- Loan Term: 3 or 5 years
- Turnaround Time: 1-3 business days
- Simple online application process
- No prepayment penalties
How can I pay for a new jet ski?
Most jet ski manufacturers offer financing either directly or through major banks. But those aren’t your only options. Here are several ways you can pay for a jet ski.
You can use most personal loans to cover the cost of any legitimate personal item, including that new jet ski. You can typically find a lender offering between $2,000 and $100,000 with repayment 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.
Not interested in spending the time looking for a personal loan before you get your jet ski? You can typically get financing through the manufacturer, which often have deals with major banks to help them provide financing, which sometimes offer promotional rates that could be more competitive than your typical personal loan.
These aren’t necessarily loans, however. Yamaha, for example, offers financing through a Yahama Credit Card issued by WebBank in addition to loans that Synchrony Bank funds. Keep in mind that you’ll have to meet the lender’s credit requirements to qualify, which could more rigid than other types of personal loans. You also don’t have the advantage of comparing your options.
Getting a jet ski on the cheaper end? Don’t need full financing? You might want to consider putting part of your jet ski expenses on a credit card. If you have good enough credit and can pay off your jet ski within a year or so, you might want to consider applying for a new credit card that has a 0% APR introductory period to get interest- and fee-free financing. Just be sure to pay it off before the introductory period is up — those interest rates can be higher than other types of financing.
Save up and pay upfront
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 get to own your jet ski right away. 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.
Compare lenders for jet ski loans
How much do jet skis cost?
A new jet ski can set you back anywhere between $5,000 and $20,000. The price depends on the manufacturer and model. Here are the costs of some of the most popular jet skis out there. On top of the price of your jet ski, you might also have to pay a destination charge, which your jet ski dealer charges to deliver your jet ski. These can cost around $300 to $500 and depend on your dealer.
Other costs to consider are title fees and licensing, which vary from state to state. You can find more information on costs and requirements by visiting you local DMV website.
Kawasaki jet skis typically range from around $10,000 to $18,000, depending on the model. Here’s how some of the top Kawasaki jet skis cost. It recommends a destination charge of $390 for most vehicles
|Model||Cost of jet ski|
|Jet Ski STX-15F||$9,699|
|Jet Ski SX-R||$9,999|
|Jet Ski Ultra LX||$11,199|
|Jet Ski Ultra 310X||$15,299|
|Jet Ski Ultra 310X SE||$15,799|
|Jet Ski Ultra 310R||$16,299|
|Jet Ski Ultra 310LX||$17,999|
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 $6,500 and $15,500. Here’s how some of the top Yamaha vehicles cost
|Model||Cost of jet ski|
|VX Cruiser HO||$11,299|
|FX Cruiser HO||$13,799|
Sea-Doo personal water crafts (PWC) are slightly less expensive, ranging from around $5,000 to $13,000. Here’s how some of the top See-Doo PWC pricing breaks down.
|Model||Cost of jet ski|
|GTI Limited 155||$12,499|
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
What can I use a jet ski for?Jet skis aren’t just for racing your friends during a beach day. You can also use your jet ski for several other purposes, including:
Is it worth getting a jet ski loan?
Weigh the benefits and drawbacks of getting a jet ski loan before you decide to get financing.
- You don’t need all the funds on hand. 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 best for you, you will usually get an approval response in less than a day.
- You don’t need additional collateral. You may be able to use the jet ski to secure the loan as opposed to putting up any of your other assets for collateral. Why should you care? Secured loans tend to come with more competitive interest rates.
- You’ll have to pay interest and fees. There’s no way around it: Getting financing is more expensive than saving up. If you don’t need that jet ski right away and are concerned with keeping costs to a minimum, you might want to consider saving up funds.
- Good credit required for good rates. All types of jet ski financing — personal loans, manufacturer financing and credit cards — require you to have good credit to qualify for the lowest rates. With personal loans, you can typically check what type of APR you might qualify for by filling out a preapplication, which typically takes a few minutes and doesn’t affect your credit score.
- You could need insurance first. 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 to avoid when applying for jet ski financing
- 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.
- Errors on your application. One of the top reasons lenders reject personal loan applicants is inconsistencies or errors on the application. Read it over at least once before submitting it.
- Applying without knowing your credit score. Not only will knowing your credit score help you narrow down lenders to those who have credit requirements you meet, it can also help you decide whether getting a loan is worth it at all.
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.
When it comes to paying for a new jet ski, you have several options, including borrowing from the manufacturer or taking out a personal loan. If you’re not in a rush, however, the cheapest way to pay for a jet ski is to save up and pay upfront.
Interested in learning more about how personal loans work? Visit our guide to help you find the best financing option for you and your jet ski.