Complete Guide to Loans for Jet Skis

Updated on April 9, 2024

At a Glance

  • Manufacturer financing may offer incentives like 0% APR for the first year, followed by a low APR for 72 months.
  • Credit cards, especially those with 0% APR, can be a convenient payment option for financing a jet ski.
  • Personal watercraft loans typically have lower APR rates, while personal loans offer versatility but may have higher rates.

Jet skis are great to have during the summer days to explore the waters. Although most people would prefer a boat, jet skis are easier to maneuver and much smaller. They are not cheap, though, and that’s often an obstacle for anyone who wishes to own this modern watercraft.

But what you may not know is that there are multiple forms of financing you can use to pay for a jet ski when you’re on a low budget. You can get a loan for a jet ski or a different financing option which can be used to pay for the new watercraft.

So, read on to find out how you can finance your dream jet ski.

4 Best Ways to Finance a Jet Ski

There are various financing options that can help you pay for a jet ski. Let’s explore them together with their benefits:

Use Manufacturer Financing

Manufacturer financing has become more common in the last few years. Instead of going to a separate lender and borrowing money to pay for a product, people can now borrow directly through the manufacturer. Jet ski manufacturers offer this method as well.

Manufacturer financing can be extremely beneficial, as it might bring some incentives like 0% APR for one year, then a low APR for the following 72 months. The incentives apply for a limited time, but it’s great when you want to pay less toward the debt.

Pay with a Credit Card

Credit cards represent a very common way to pay for goods and services today. If you’re on a low budget, you can simply pull out the card and use it to purchase your desired item, even if that item is a jet ski.

To make the best of this method, you should look for a 0% APR credit card to avoid paying high fees for your debt. Also, make sure the dealer accepts credit card payments, as not all of them do.

Some cards that offer 0% APR for a limited time are the Citi Simplicity Card, U.S. Bank Visa Platinum Card, and Citi Diamond Preferred Card.

Get a Personal Watercraft Loan

What better way to finance a jet ski if not with a special personal watercraft loan? Think of it as an auto loan, except it’s used for watercraft instead. You can find a personal watercraft loan at online lenders, but also credit unions or banks.

Compared to normal personal loans, this type of financing brings lower APR rates. Some great options for PWC loans include the U.S. Bank, Navy Federal Credit Union, and LightStream.

To qualify for these loans, you must complete an application that you submit to the lender. The lender will take a look at your income and credit score and determine whether you are eligible for a loan or whether you’re a risky borrower.

Take Out a Personal Loan

Personal loans are unsecured loans that allow you to pay for almost any expense. They can be obtained from various lenders, whether that’s a bank, credit union, or online lender. Your credit score and income will influence your personal loan.

Typically, people with better scores have access to better terms and rates, which is why it’s recommended to boost your rating before taking out this loan. At the same time, there are lenders who offer bad credit loans for emergencies.

There are a few lenders that provide good personal loan deals. Best Egg requires a 700 FICO score and enables you to borrow up to $50,000. Their APR starts at 5.99%.

On the other hand, Happy Money requires a minimum FICO score of 640 and lets you borrow up to $40,000. Their APR starts at 7.99%.

Another great option is Upgrade, and the best thing about them is that they have no penalties for prepayments. With loan amounts going up to $50,000 and an APR that starts at 7.46%, they may be beneficial for many people.

Personal loans are generally recommended if the jet ski you are interested in comes from a private seller and has been used before.

Which Financing Option Is Best for You?

How can you tell which financing option is good for you? The best way to finance a jet ski will vary from one individual to another. To figure out the best financing type, you must consider a few aspects, such as your credit history, income, and which method offers the best rates.

Manufacturer financing comes with the lowest APR rates, whereas personal loans have the highest ones. But if you do not have the best credit, PWC loans are more suitable as they only require less than excellent credit, while having a higher AP.

All financing types have different purposes. Personal loans work for anything, and OWC loans are amazing for people who want fixed terms and rates. Credit cards are great if you know you’ll be able to pay off the debt in the intro period. On the other hand, manufacturer financing is better for individuals with excellent credit scores.

Think about your situation and what you want from the loan to choose the best option for you.

How Much Does a Jet Ski Cost?

Jet skis can be expensive, depending on the model. For the most part, they are affordable, but not everyone wants to pay out of their own pocket for one.

The type of jet ski, as well as its features and the brand will influence the cost of the product. Yamaha, for instance, has 18 models manufactured in 2019 that cost between $5,399 and $14,799. One of their most popular models, the FX Limited SVHO one, has a Super Vortex High Output Yamaha Marine engine with 4 cylinders and strokes. It has three seats and an information display with multiple functions.

Kawasaki also has a few different models that range from $9,699 to $17,999. The Ultra 310LX jet ski has a supercharged engine with a 1.5-liter capacity, as well as a Deep-V hull. It features 1890 thrust pounds, a 3-blade stainless steel impeller, and a load capacity of 496 pounds.

So, as you can see, not all jet skis will cost the same. You can find some cheaper models, but prices rise if you go for newer jet skis or watercraft with advanced features. Sometimes, you might also get a discount that lowers the purchase price.

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Final Thoughts

When it comes to financing a jet ski, you can go for different options. For instance, you can get a loan for a jet ski or opt for a personal loan. However, you can also pay through manufacturer financing or a credit card. Analyze each method and see which one benefits you the most without getting you into debt.

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Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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