A guide to buying your first Jet ski

Published on November 24th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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You may envision yourself gliding on water with a new Jet ski on the weekend or during the holiday, but with so many options on the market to finance your way to owning your own Jet ski, it can get confusing to choose one that will be suitable to your financial needs. This guide will help you through weighing your options to find one that fits you.

What is the cost of a Jet ski?

The price range for buying a Jet ski will vary depending on the model, the age of the Jet ski, and whether you are purchasing it on the new or used market. The cost for a new model can cost you anything between $5,299 for a cheap watercraft to $18,000. It can be cheaper if you purchase your Jet ski on the used market, but it is also important that you consider the costs that come with owning to know whether it will be affordable in the long run.

What options are available for me to finance a Jet ski?

Carefully considering your finance options is essential to effectively managing the cost of buying a Jet ski. You have the option of choosing a personal loan, leisure loan, or specialised Jet ski finance to secure the deal. However, it is vital that you compare your loan features to know what will best work for you. Although it is possible to get financing if you have bad credit, make sure to check the lender's criteria to avoid having multiple applications which can get rejected and reduce your chances of being approved.

How to compare your finance options?

Knowing what features to compare when looking for jet-ski finance can make it easier to find a loan that is suitable for your needs. Important features to compare are:

  • Interest rate. The interest plays a pivotal role in whether you will be able to meet repayments over the loan's term. Compare the interest rate to find the lowest rate on the market.
  • Comparison rate. Checking the comparison rate of your loan will give you the true cost of the loan in terms of fees and charges that come with it. Using a loan calculator can be useful when finding out how much you will be paying back each month and per annum.
  • Penalties. Consider reading the fine print of your loan to see if there are any penalties for late payments or paying off your loan early.
  • Deposit. Check if the loan will require a deposit so that if it does you can save up for a deposit that could reduce the loan amount.
  • Flexible repayment plans. Compare loans that offer a flexible repayment plan that will work well with your finances.

Speaking to a financial advisor or a broker can also help you find a finance option that is tailor-made for you. Always remember to ask if you are not sure of certain terms that come with your loan agreement so that you are fully aware of what you are getting yourself

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for leisure loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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