CHEAP JET SKI LOANS

From

7.50%

7.92%

Features a low rate
No ongoing fees
No early exit penalty
Can apply online

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Unsecured Personal Loan (Excellent Credit Rating) (3 Years Term)

*Comparison rate is calculated based on a loan of $10,000 over 3 years.

8.63%

9.24%*

No early exit penalty
Can apply online

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Personal Loan Fixed Rate

From

8.50%

9.06%

Can apply online
Can apply in branch
Suitable for both new or used car

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Personal Loan

Special$100 establishment fee waiver when you have an active Orange Everyday at the time of application or request to open an Orange Everyday account

8.99%

9.13%

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Can I get guaranteed approval for a bad credit personal loan?

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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.

FAQs

Few, if any, lenders would be willing to give guaranteed approval for a bad credit personal loan. Borrowers with bad credit histories can have more complicated financial circumstances than other borrowers, so lenders will want time to study your application.

It’s all about risk. When someone applies for a personal loan, the lender evaluates how likely that borrower would be to repay the money. Lenders are more willing to give personal loans to borrowers with good credit than bad credit, because there’s a higher likelihood that the personal loan will be repaid.

So a borrower with good credit is more likely to have a loan approved and to get that approval faster, while a borrower with bad credit is less likely to have a loan approved and to get that approval slower.

What is a bad credit personal loan?

What do single parents need for a personal loan application?

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

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, with 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 guarantee the loan, taking on the financial responsibility if the borrower defaults.

Can I get a $4000 personal loan if I’m unemployed or on Centrelink?

Before most providers of personal loans or medium amount loans will approve an application, they’ll want to know you can afford the loan’s repayments on your current income without ending up in financial stress. Several lenders don’t count Centrelink benefits when assessing a borrower’s income for this purpose, so these borrowers may find it more difficult to be approved for a loan.

If you’re unemployed, self-employed, or if more than 50% of your income come from Centrelink, consider contacting a potential lender before applying, to find out whether they accept borrowers on Centrelink.

Can you refinance a $5000 personal loan?

Many personal loans, much like home 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.