jet skis circling each other in clear blue water

Jet Ski Financing To Buy Your Own Personal Watercraft

Hanna Kielar4-Minute Read

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When it’s hot out, the coolest place to be can be out on the water, and what better way to enjoy it than on your own personal watercraft (PWC), like a Jet Ski or a Sea-Doo? The freedom of riding the waves with the wind at your face can be hard to pass up for some, and even harder to afford, with most PWCs costing between $5,000 and $20,000. That price doesn’t even include the additional accessories a Jet Ski can require. Since not everybody can afford that kind of leisure out of pocket, a loan might be an option to consider.

PWC financing isn’t too different from other types of loans, such as auto loans. You’ll want to compare lenders and companies, to see who can offer you the best terms. The article below discusses the various options for Jet Ski financing and may help you narrow down your choices.

Why Get A Jet Ski Loan?

As mentioned above, Jet Skis can be expensive, and not just for their purchase price alone. Owning a Jet Ski can come with various additional costs, many of them ongoing. For example, you’ll need a trailer to transport your PWC, which can cost between $800 and $1,500 for a single-place trailer. If you have multiple Jet Skis, a double can run between $2,000 and $3,500, and a four-place trailer can cost as much as $9,000.

While a trailer is the most major accessory you’ll need, you should also consider fueling, maintenance and unexpected repairs. Not only that, but most states require you to have a license to ride a Jet Ski. To get a license, you’ll need to take a NASBLA-approved boating safety course that’ll cost between $29 and $50 to attend. That’s already quite an investment, but one that can be well worth it for the opportunity to ride a Jet Ski whenever you want.

Jet Ski And Sea-Doo Financing Options

There’s no one way to finance a PWC, and you can explore different options based on your financial situation and preferences. Below are some common means of financing that may work for you.

Personal Loan

A PWC is one of the many purchases you can make with a personal loan, and very useful if you’re buying from a private seller. With a personal loan you receive a lump sum, with which you can make your purchase, and then pay back the lender through monthly payments over a period of time.

Getting approved for a personal loan mainly comes down to your credit score and debt-to-income ratio (DTI), so the Jet Ski or Sea-Doo you want to buy wouldn’t need to undergo an inspection or other approval process. Not only that, but you can receive your funds from a personal loan within a week, or even days, of getting approved, depending on your lender.

Personal Watercraft (PWC) Loan

As with a car loan, a PWC loan can be borrowed from a bank, credit union or online lender. This would be a secured loan, however, and tied to the vehicle, so if you fail to make your monthly payments, your Jet Ski or Sea-Doo could be repossessed by the lender.

As with a personal loan, approval for a PWC loan largely depends upon your credit score and DTI.

Manufacturer Financing

Financing may be available through the manufacturer you buy your PWC from. Manufacturers may partner with lenders or have in-house Jet Ski financing companies as a selling tool, and some may offer incentives such as a 0% annual percentage rate (APR) for loan terms of 12 months. Once that term ends, though, you could get hit with potentially high interest rates.

Credit Card

Some credit cards also offer a 0% APR promotional period that can last between 12 and 18 months. As credit cards typically have high interest rates, this isn’t a recommended financing option, unless you’re confident you can pay off the loan within that introductory period. Otherwise, you could find yourself deeper in debt once that interest kicks in.

When Jet Ski Loans Are A Good Idea

You want to have fun on the water, but you don’t want to go broke over it. Maybe you have the cash on hand, but would you have anything left over to pay for your basic daily needs? If you have healthy credit and the income to afford monthly payments, borrowing a loan could get you your Jet Ski or Sea-Doo without forcing any major lifestyle changes. If you wanted to wrap a trailer purchase in with the loan amount, too, that could be one less additional expense you’d have to worry about.

How To Get Jet Ski Financing With Bad Credit

Having a low credit score can seriously limit your financing options. For instance, the preferred credit score for a personal loan is 650 or higher, and anything lower could lead to undesirable rates and terms. PWC loans may approve less than excellent credit scores, but you’ll likely pay a higher APR on your repayment plan.

The best way to qualify for the ideal rates and terms is to build up your credit. This may open up more loan options for you and make the loan approval process go more smoothly.

Final Thoughts

If you can’t wait another summer before hitting the water, consider all your Jet Ski financing options. Make sure you compare lenders and loan terms so that you can get the best deal available.

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Hanna Kielar

Hanna Kielar is an Associate Section Editor for Rocket Mortgage focused on personal finance, recruiting and personal loans. She has a B.A. in Professional Writing from Michigan State University.