Jet Ski Finance

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Jet ski finance Australia

What better way to celebrate summer than gliding across the water and jumping waves on your very own jet ski? If you’re on the hunt for a Jet Ski, WaveRunner, or Sea-Doo, marine finance is your map to get there.

Can you finance a jet ski?

Yes, you can. Jet ski loans are a great way to get the cash you need for a new or used watercraft, without breaking the bank.

What’s not covered?

A jet ski loan will only cover the cost of the jet ski itself. But when you invest in a jet ski, there are a number of other items you’ll need to purchase. The cost of these items can add up quickly. Although you might not need all of them, it’s important to consider them before you apply.

Other costs can include:

• Fire extinguisher
• Life vests (personal flotation devices)
• Jet ski trailer
• Anchor
• Emergency beacon
• Tow rope
• Jet ski fishing rack
• Jet ski esky
• Speakers

What to consider before getting jet ski finance

The best jet ski finance solution for you will depend on your individual circumstances. There’s no one size fits all approach to finance, so carefully consider your options before you make a decision.

Here are some of the things to consider:

• Interest rate and fees
• Maximum age of the jet ski
• Loan terms available
• Balloon payment requirement
• Flexibility of loan repayment schedule
• Terms and conditions
• Maximum borrowing limit

How to get a jet ski loan: 5 steps

1. Choose a jet ski – whether you’re a beginner or a pro, there are a lot of options out there to suit different people and purposes.
2. Check your credit rating – it’s important to know your credit rating before you begin, as it will impact eligibility, borrowing power, and interest rates. You can get a free credit history report online.
3. Review lenders and loan options – there are many dealerships, banks, and private lenders in Australia. Compare interest rates and fees, terms and conditions, and borrowing limits.
4. Decide on a lender – review your options and eligibility requirements carefully before you make your decision. Pay particular attention to credit score eligibility requirements before applying.
5. Submit your loan application – most major banks and private lenders will have an online application available. It’s common for dealers to still require you to visit in person to complete your loan agreement.

You can also seek help from a finance broker who will review your situation, and find and apply for the best loan for you.

Eligibility

The following are the basic eligibility requirements to qualify for jet ski finance:

• Be 18 years old or over
• Have a regular income
• Have not filed for bankruptcy
• Be a permanent Australian resident or relevant visa holder

Required documents

Depending on the lender, additional documentation may be required. However, typically you will need to supply:

• Certified copy of your passport or identity document
• Proof of income and employment details
• Proof of address
• Assets and liabilities

Jet ski finance rates and fees

The rates and fees will vary depending on what lender you choose. The jet ski finance options through Oceania Finance are flexible and come with fixed interest rates.

One of our jet ski finance brokers can help negotiate to get you a low-rate jet ski loan that’s tailored to your individual circumstances.

Jet ski finance interest rates

Interest rates are calculated based on several factors, including your credit score, income, type of loan, and age of the jet ski.

Alternatives to a jet ski loan

There are a number of alternatives to jet ski financing. Some of the most common are:

• Secured personal loans – a personal loan that uses an asset as security for the loan. You could borrow more than the cost of the jet ski for this loan and use it for other purposes. For example, you could take out a secured debt consolidation loan to pay off your debts in one payment and finance your jet ski at the same time.
• Unsecured personal loans – an unsecured loan lends you the cash you need without using any assets as collateral for the loan. These loans tend to have stricter eligibility requirements and may not allow you to borrow as much as a secured loan.
• Credit card – You could use a credit card to help pay for a jet ski. Please note: credit cards tend to come with higher interest rates than other finance options.

Other types of vehicle loans

Need a personal loan for another reason? We can source and secure a number of vehicle loan options:

• Car finance
• Motorbike finance
• Caravan finance
• Boat finance