Jet SkiLoans Compared | Finder NZ

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Jet ski loans – Finance for a jet ski

How to find the right finance for your jet ski purchase.

There are a few options available to help finance a jet ski, but how do you find the right one? Lenders offer loans tailored to jet ski purchases, as well as secured and unsecured personal loans. Each of these options comes with benefits and drawbacks.

This guide takes you through your options so that you can find the best loan for you.

Compare a range of loans to fund your jet ski

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee
MTF Finance Secured Car Loan
8.20% - 20.20%
3 - 60 months
Eligibility: Must be 18+, be an NZ citizen, resident or have a work visa, and have a regular source of income.
Secured car loans from $2,000.
The Lending People Car Loan
6.95% - 26.95%
1 to 7 years
$50 - $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured car loans of up to $75,000 from a variety of reputable lenders.
Better® Secured Vehicle Finance
6.95% - 23.95%
12 - 60 months
$195 - $695 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Secured vehicle loans from $3,000.
Credit One Secured Boat Loans
6.85% - 23.95%
1 to 5 years
$195 - $995 depending on lender
Eligibility: Be 18+, an NZ citizen, permanent resident or have a work visa, and have an income of least $500 per week.
100% online secured boat loans from $5,000.
Max Loans Secured Vehicle Loan
6.99% - 29.95%
1 - 7 years
$195 to $1,500 depending on lender
Eligibility: Be 18+, an NZ citizen/permanent resident, and have an income of least $400 per week.

Compare up to 4 providers

What options do you have for a jet ski loan?

  • Specialised jet ski finance. Some specialised lenders offer tailored products that they design for the purchase of a jet ski. You may find their structure similar to dealership finance in that you are required to pay a balloon payment, and your repayments are quite low. You can find these loans online through speciality lenders or by applying for finance when you purchase your jet ski.
  • Unsecured personal loan. You can usually use funds from an unsecured personal loan for whatever purpose you need. So, if you receive approval for the correct amount you can put it towards your jet ski purchase. These loans are available for up to seven years, and you can typically apply for anywhere between $200 and $65,000. Rates vary but are between 9.95% – 29.95% p.a.
  • Secured personal loan. Some lenders may allow you to use the jet ski you’re purchasing as security for the personal loan. By doing so, you can receive a more competitive rate as the lender is more likely to recoup its losses should you default. Rates for secured personal loans can be between 7.70% – 20% p.a. and you can usually borrow between $200 and $50,000. Terms extend up to seven years.

How should you compare your jet ski loan options?

To find the right loan for you, pay attention to and compare the following features:

  • Turnaround time. Some lenders will provide the funds in one business day following approval, but others may take longer. Remember to check the turnaround time when considering your options.
  • Interest rates. What is the interest rate the lender will charge and is it competitive? You should also check the comparison rate, as it gives you a better idea of the actual cost of the loan.
  • Balloon payment or deposit. Does the lender require you to pay either of these? Paying either of these will affect your repayments, so make sure you have taken it into account.
  • Loan terms. Most jet ski loans on offer have terms from one to five years, but some will go as high as seven. Check what your repayments are based on your loan term and amount and see if this is affordable.
  • Repayment flexibility. Can you make additional payments without penalty or pay back the loan before the end of the loan term? Check this before you apply.
  • Fees. Check for upfront cost, such as application or establishment fees and ongoing charges, such as monthly or annual fees.

How much do jet skis cost in New Zealand?

The cost of a jet ski varies greatly depending on elements such as the model, age, hours ridden and whether it is new or used. At the lower end, a used jet ski could set you back as little as $3,500. A higher end, new jet ski could cost upwards of $20,000.

You then need to add the costs of licencing, maintenance and gear into the upfront cost.

Is there anything to avoid when applying for jet ski finance?

  • Over applying. There are jet ski loan providers who will work with individuals with less than perfect credit scores. Research lenders thoroughly if you have a bad mark on your credit report and find one that is willing to work with you. Multiple applications and rejections only reduce your chances of receiving approval for a jet ski loan, or any other credit, in the future.
  • Penalties. Carefully check the fees that lenders charge for late payments. In some instances, these can be extremely high in comparison to your loan amount.

How to apply

Use the comparison table on this page to sort through your options and find the right one for you. You can click through to each lender’s review page or website to check the eligibility criteria and documents that you require to complete the application. Once you have made your decision, click “Go to site” to start your application.

Eligibility criteria

Eligibility criteria differs per lender, however, most lenders require you to meet the following:

  • Be over 18.
  • Earn a steady income.
  • If the loan is secured, there may also be requirements regarding the jet ski you want to finance.

Depending on your creditworthiness and suitability, there is a wide range of options in the marketplace for you to finance a jet ski. Remember to compare the options available to you before applying with any of the lenders on this page.

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