jet skis circling each other in clear blue water

Jet Ski Financing To Buy Your Own Personal Watercraft

Hanna Kielar4-Minute Read
November 23, 2022

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When the weather is hot, the coolest place for you can be out on the water. What better way is there to enjoy the water 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 – but even harder to afford, because PWCs typically cost 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.

Let’s take a look at the most common Jet Ski financing options and see why a loan may be the right choice.

Why Get A Jet Ski Loan?

As mentioned above, Jet Skis tend to be expensive – and not just in their purchase price. Owning a Jet Ski can lead to 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. In addition, most states require you to have a license to ride a Jet Ski. To get a license, you’ll need to take a National Association of State Boating Laws Administration (NASBLA)-approved boating safety course that’ll cost between $29 and $50 to attend. This all adds up to quite an investment but one that can be well worth it for a Jet Ski you can own and ride as your heart desires.

PWC financing isn’t too different from most other types of loans. You’ll want to compare lenders and companies to see who can offer you the best terms.

Jet Ski And Sea-Doo Financing Options

There’s no one way to finance a PWC, and you can explore 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. With a personal loan, you receive a lump sum. This is what you’ll use to make your purchase, and then pay back the lender through monthly installments over a period of time.

Getting approved for a personal loan mainly depends on your credit score and debt-to-income ratio (DTI), so the Jet Ski or Sea-Doo you want to buy shouldn’t need to undergo an inspection or other approval process. Depending on the lender, you may receive your funds from a personal loan within a week, or even days, of approval.

For certain applicants, Rocket Loans℠ can offer same-day funding.*

Personal Watercraft (PWC) Loan

Like a car loan, a PWC loan is available through 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, the lender could repossess your Jet Ski or Sea-Doo.

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

Manufacturer Financing

Financing may be a possibility through the manufacturer from which you buy your PWC. Manufacturers may partner with lenders or have in-house Jet Ski financing companies as a selling point, and some manufacturers 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 high interest rates.

Credit Card

Some credit cards also offer a 0% APR promotional period that can last 12 – 18 months. Since 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 interest kicks in.

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FAQs About Jet Ski Financing

Should I get a Jet Ski loan?

If you have healthy credit and the income to afford monthly payments, a loan could get you your Jet Ski or Sea-Doo without you draining your finances. And if you wanted to wrap a trailer purchase in with the loan amount, that could be one less additional expense you’d have to worry about.

What credit score do I need to finance a PWC?

The preferred credit score for a personal loan is 650 or higher, and anything lower could lead to less favorable rates and terms. PWC loans may be available for people with less than excellent credit scores, but you’ll likely pay a higher APR on your repayment plan.

Can I get PWC financing with bad credit?

Having a low credit score can seriously limit your financing accessibility. 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.

How long can I finance a PWC for?

Lenders and manufacturers typically have loan terms that run from 6 months to 7 years, depending in part on your loan amount. The length of your loan term can also depend on where you live, your lender and any manufacturer promotions that might arise.

Final Thoughts

With Jet Ski financing, you can have a PWC to own and ride whenever you get out on the water. Consider all your financing options and choose the one that makes the most sense for your situation. Make sure you compare lenders and loan terms so you can take advantage of the best deal.

If you think a personal loan will work best for you, start the approval process today with Rocket Loans.

*Same day funding is available for clients completing the loan process and signing the Promissory Note by 1:00 p.m. ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary, and your bank may have rules that limit our ability to credit your account. We are not responsible for delays that may occur due to an incorrect routing number, an incorrect account number or errors of your financial institution.

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Hanna Kielar

Hanna Kielar is a Section Editor for Rocket Auto℠, RocketHQ℠, and Rocket Loans® with a focus on personal finance, automotive, and personal loans. She has a B.A. in Professional Writing from Michigan State University.