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Best way to finance a jet ski

The average jet ski costs anywhere between $5,300 to upwards of $18,000, so whether you’re looking at a Sea-Doo Spark or a Kawasaki Ultra 310LX, you’re probably also looking for the best way to finance your jet ski, and with it satiate your inner thrill seeker’s passion for the waves.

But how do you know which loan is right for you? Lenders offer specialised loans for jet ski purchases, along with secured and unsecured personal loans. Here we’ll help with a comprehensive list of the pros and cons of jet ski loans, so you can find the best deal for you.

Jet ski finance

Some jet ski loans are like car loans or home loans; they’re personal loans that are specialised around jet ski finance. Specialised jet ski loans have fixed interest rates, meaning that the interest is calculated on the unpaid balance on a daily basis.

Extra or additional payments will reduce the outstanding balance and therefore reduce the interest charges.

These specialised loans, much in the same vein as dealership loans, are often organised through the company from which you purchase your jet ski, at the time of purchase. In some cases you can even add insurance, extended warranty and loan protection cover to the loan and pay for all as one monthly repayment.

Specialised jet ski loans are often secured against the jet skis, which may mean that they are able to provide potentially lower interest rates.

Balloon payments

You may choose to or be required to pay a balloon payment at the end of your loan tenure. This has the benefit of potentially making your monthly repayments lower.

It does, however often make your total repayments higher, and you may end up paying more for the vehicle than it is worth. Also, failure to meet the balloon payment may have a negative effect on your credit score, and might require you to refinance your loan.

You might choose at the end of your loan term to sell your jet ski to meet the meet the payment, perhaps if you had less use for it or even wanted to upgrade to a newer model with a new finance plan.

To find out more about balloon payments, click here

Secured personal loans for jet skis

Many personal loans for jet skis are secured loans, where the value of your jet ski is used to guarantee the loan.

While jet ski companies can often provide specialised jet ski loans, you may prefer to shop around for other secured loans. Just because the loan being offered by the seller is tailored to the product may not necessarily mean it has the lowest rate attached.

To compare secured personal loans, click here

Unsecured personal loans for jet skis

You can also use an unsecured personal loan for a jet ski. An unsecured personal loan may mean having to pay a higher rate, as there is more risk to the lender of you defaulting on the loan. However, a benefit to you is that there is less risk to your personal property, should unforeseen circumstances mean you are late on a payment.

To compare unsecured personal loans, click here

Jet ski loans when you have bad credit

If you happen to have bad credit, getting a loan can sometimes be somewhat of an uphill struggle. However having bad credit doesn’t necessarily mean that your wave riding dreams have to take a back seat.

Did you know about the Personal Loans Marketplace?

The RatCity Personal Loans Marketplace generates personalised rates based on your eligibility for a loan. The Marketplace runs a "soft" credit check on you that won't affect your credit score, and offers you lenders that may be more willing to accept you for a loan.

There are lenders out there that may consider you if you have bad credit. Though having bad credit means that you may be more likely to be charged a higher interest rate on your loan.

Beware the payday loan

While the simple application processes and quick response rates associated with payday loans may seem enticing to some, it is worth really considering whether a jet ski is a purchase that should be made with a payday loan.

Payday loans might be useful for unforeseen emergency costs, like medical bills. It is likely not advisable, due to their higher interest rates, to use them to put towards luxury purchases.

Frequently asked questions

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is an unsecured bad credit personal loan?

A bad credit personal loan is ‘unsecured’ when the borrower doesn’t offer up an asset, such as a car or jewellery, as collateral or security. Lenders generally charge higher interest rates on unsecured loans than secured loans.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Are there emergency loans with no credit checks?

While many personal loans require a credit check as part of the application process, some personal loans and payday loans have no credit checks, which may appeal to some borrowers with a bad credit score.

Keep in mind that even if a loan is available with no credit check, the lender will likely want to confirm that you can afford the repayments on your current income.

What are the pros and cons of bad credit personal loans?

In some instances, bad credit personal loans can help people with bad credit history to consolidate their debts, which can help make it easier for them to clear those debts. This is because the borrower might be able to consolidate several debts with higher interest rates (such as credit card loans) into one single debt with a lower interest rate and potentially fewer fees.

However, this strategy can backfire if the borrower spends the loaned funds instead of using it to repay the new loan. Another disadvantage of bad credit personal loans is that they have higher interest rates than regular personal loans.

Can I get a no credit check personal loan?

Personal loans with no credit checks are available and called ‘payday loans’. These are sometimes used as short-term solutions for cash-strapped Australians. They often carry higher interest rates and fees than regular personal loans, and individuals risk putting themselves into a worsened cycle of debt.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

Can I get a fast loan with bad credit?

Some lenders offer fast loans to borrowers with bad credit. Providers of small payday loans of up to $2000 or medium amount loans of up to $5000 may have no credit checks, though these lenders will usually want to confirm you can afford its loans on your income.

Are there low doc personal loans?

Self-employed borrowers may be eligible for low doc personal loans, which require less documentation in their application process than many other personal loan options.

It’s important to remember that though low doc personal loans may require less paperwork, you may need to provide additional security, or pay a higher interest rate.

What do single parents need for a personal loan application?

Much like applying for other personal loans, applying for personal loans for single parents will likely require the following:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of assets (e.g. car, home)
  • Details of liabilities (e.g. credit cards, other loans)
  • Loan amount
  • Loan term

What are the pros and cons of personal loans?

The advantages of personal loans are that they’re easier to obtain than mortgages and usually have lower interest rates than credit cards.

One disadvantage with personal loans is that you have to go through a formal application process, unlike when you borrow money on your credit card. Another disadvantage is that you’ll be charged a higher interest rate than if you borrowed the money as part of a mortgage.

Do $4000 loans have no credit checks?

Many medium amount loans for $4000 have no credit checks and are instead assessed based on your current ability to repay the loan, rather than by looking at your credit history. While these loans can appear attractive to bad credit borrowers, it’s important to remember that they often have high fees and can be costlier than other options.

Personal loans for $4000 are more likely to have longer loan terms and will require a credit check as part of the application process. Bad credit borrowers may see their $4000 loan applications declined or have to pay higher interest rates than good credit borrowers.

What do I need to get a fast loan?

Most lenders will need to you provide the following information in your application for a fast loan:

  • Proof of identity
  • Proof of residence
  • Proof of income
  • Details of any assets you own (e.g. car, home etc.)
  • Details of any liabilities you owe (other personal loans, credit cards, mortgages etc.)
  • How much you want to borrow
  • Over how long you want to pay it back
  • Purpose of your loan

Are there alternatives to $2000 loans?

If you need to borrow $2000 or less, alternatives to getting a personal loan or payday loan include using a credit card or the redraw facility of your home, car or personal loan.

Before you borrow $2000 on a credit card, remember that interest will continue being charged on what you owe until you clear your credit card balance. To minimise your interest, consider prioritising paying off your credit card.

Before you draw down $2000 in extra repayments from your home, car or personal loan using a redraw facility, note that fees and charges may apply, and drawing money from your loan may mean your loan will take longer to repay, costing you more in total interest.

Can you get an emergency loan on Centrelink?

When many lenders assess a borrower’s income to determine whether they can afford a loan’s repayments without ending up in financial stress, they may not count Centrelink payments as income for this purpose.

Before applying for an emergency loan, it may be worth contacting a potential lender to find out if they accept applications from borrowers on Centrelink.

Is it hard to improve your credit score?

It can be hard to improve your credit score, as it usually requires sacrifice and discipline, but hard doesn’t necessarily mean complicated. Some simple ways you can give your credit score a boost include closing extra credit cards, reducing your credit card limit, pay off any loans and make loan repayments on time.

As a general rule, the lower your credit score, the more remedies you can apply and the greater the scope for improvement.

Can I get a $2000 loan on Centrelink?

If more than half of your income comes from Centrelink benefits, it may be more difficult to have a $2000 loan application approved. Many lenders will check if you can afford a loan’s repayments on the income from your job before they’ll approve an application, and many won’t count Centrelink payments when assessing your income for this purpose.

Some lenders may offer $2000 loans to borrowers on Centrelink – consider contacting potential lenders to check before applying.