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Jet ski loans and finance

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.

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, these aren’t your only options. You can also pay for your new or used jet ski using a personal loan, credit card or, of course, by saving up enough money to buy it outright.

  • Personal loan. You can usually borrow between $1,000 and $70,000 with a personal loan, with repayment terms ranging from one to seven years. You can secure a lower interest rate by offering up collateral, which is usually either your vehicle or home equity.
  • 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.
  • 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.
  • 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, or spend time applying for finance, 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.

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%
$2,000
$100,000
3 to 60 months
$376
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.
Credit One Secured Boat Loans
6.85% - 23.95%
$5,000
$1,000,000
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.
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Compare up to 4 providers

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 up 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. If you fail to make your repayments you will lose the jet ski, however.

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 low score lower than 500 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.

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 licensing, maintenance and gear into the upfront cost.

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 bureaux.

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