Compare jet ski loans and finance the fun

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. You can also pay for your new or used jet ski through a personal loan, credit card or by building up your savings.

Personal loan

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 to $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.

Manufacturer financing

Not interested in spending the time looking for a personal loan before you buy your jet ski? You can typically get financing through the manufacturer, which 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.

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 be more rigid than other types of personal loans. You also won’t have the advantage of comparing your options to see if you can find a better deal.

Credit card

Buying a jet ski on the cheaper end of the spectrum? 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 — once it ends, credit card 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 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.

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. On top of the price, you might have to pay a destination charge to cover the delivery of your new jet ski. These can cost around $300 to $500 and depend on your dealer.

You should also consider 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.

We’ve gathered some of the most popular jet ski prices to give you a better idea on how much you might need to spend to get the personal watercraft of your summer dreams.

Kawasaki

Depending on the model, Kawasaki Jet Skis typically range from around $10,000 to $18,000. The company recommends a destination charge of $390 for most vehicles.

Yamaha

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.

Sea-Doo

Sea-Doo personal water crafts (PWC) are slightly less expensive, ranging from around $5,000 to $13,000.

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 different borrowers depending on their circumstances, but here are a few things to look for:

• 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.
• 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 you pay over the life of the loan. Decide if smaller monthly payments are worth paying more in interest in the long run.
• 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.
• 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.

Is it worth getting a jet ski loan?

Jet skis aren’t a cheap investment. Before you dive into a new loan, weigh the pros and cons of financing your purchase.

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 know a few of the downsides before agreeing to a loan.

• High markup. All stores will have markups, some more than others. If you come with financing 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.
• Multiple fees. There are some fees that just can’t be avoided, like delivery fees, but others you may be to write out of your contract. See what a dealer is flexible on and try to get your fees added to your loan package to save money.

How to apply for a jet ski loan

Use the comparison table above to help narrow down your choices. Once you decide on a lender, click Go to Site. Be prepared to answer questions about the following items:

• Identity. Lenders require that you provide some sort of valid photo identification to verify your identity. A driver’s license, passport or other 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.
• Contact information. You will need to verify your address as well as supply the lender with a way to contact you by phone or email.

Bottom line

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, the cheapest way to pay for a jet ski is to save up and pay without borrowing, but comparing your financing options may benefit you in the long run by allowing you to build your credit.

Frequently asked questions

Written by

Aliyyah Camp

Contributor

Aliyyah Camp is a SEO content strategist and former publisher at Finder, specializing in consumer and business lending. Her writing and analysis has been featured in CentSai, the Dough Roller and the Chicago Tribune. She holds a BA in communication from the University of Pennsylvania. See full bio