Getting A Jet Ski Loan

With the sunny weather and active lifestyle of our country, getting out on the water is a fun way for family and friends to take a break from life and enjoy our beautiful beaches and lakes. Jet skiing is a very popular sport for all ages in Australia, with most lifestyle enthusiasts aiming to buy a jet ski to further enhance their sporty weekend getaways and family holidays. If you’re considering getting a jet ski, or perhaps want to add another to your collection, we’ve compiled a few important points to take into consideration when looking to add this leisure activity to your life.

1) Don’t be impulsive

It’s easy to look at a top of the range turbo charged model and picture yourself out on the water; but in reality are you able to handle a high-performance jet ski? Consider the usage of the jetski. Will you be using this for sport or pleasure? How many times a year will you be using the jet ski and what for? If you’re buying your first jet ski, aim for a smaller model with a less powerful engine, so you can familiarise yourself with how to ride one safely.

2) Stick to a budget

Create a budget for your jetski purchase and stick to it. It’s easy to get carried away in the excitement and overspend. Take into consideration additional costs that will be associated with your jetski purchase such as marine insurance, fitting a tow bar to your vehicle, registration, marine licence and safety equipment such as life jackets.

3) New or Used Jetski?

If buying a new jetski, you will have the peace of mind that most issues will be covered under the manufacturers warranty, however you could pick up a used jetski, sometimes with higher specifications than factory standard for a lower price.

When purchasing a used jetski, it’s best to inspect it prior to handing any money over. Being a marine item, you need to inspect for any damage, chips, cracks or imperfections in the hull.  Take the ski for a test ride to feel how the engine performs, if there’s any unusual noises or loss of power. If you’re not entirely sure on the mechanics of the jetski, have it inspected by an independent mechanic. It may be cheaper spending a hundred dollars for an inspection, than having to replace the motor after purchase.

4) Is the Jetski for yourself or family?

Newer model jetski’s can seat up to 4 people so consider whether you’ll be enjoying the open water yourself or have passengers.

There are various types and sizes of jet skis, including recreational, sports, luxury and high-performance models, so before purchase do your research on what you’re considering doing with the jet ski, your skill level, as well as your budget are all factors to consider before purchasing one.

5) How to pay for a PWC

Jetski’s can be an expensive purchase so many choose to purchase these items through marine finance with repayments over a set term. With interest rates currently at record lows, financing your PWC could be a cost-effective option.

iCREDIT provides low cost financing options to help achieve Jetski and PWC purchases with loan terms ranging from 1 – 7 years. We understand marine finance and can match a loan to suit your budget and lifestyle needs.

Use our quick online jet ski loan calculator to work out repayments or contact us for an obligation free assessment and quote. We’re happy to help find a solution to meet your needs.

TAGS – marine, water, jetski

 

Related Tag: Jet Ski Finance

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A soft quote is a simple, no-obligation way to explore your loan options without affecting your credit score.
When you request a soft quote, we assess your financial profile and give you an estimated rate, repayment amount, and loan term based on current lender options.

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It’s ideal if you’re still shopping around or just want to understand what your repayments might look like.

 

What Is a Full Application?

A full application is the next step once you’re ready to proceed.
This involves submitting your information to the lender for a formal assessment. The lender then completes a credit check, verifies your documents, and provides a confirmed interest rate and loan offer.

✔️ Required for formal approval
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What Affects Your Loan Rate?

Lenders consider several key factors when determining your personalised rate and terms. These include:

1. Your Profile

Credit history, employment stability, and income all play a major role in the rate offered. A clean credit file and steady employment can often lead to lower rates.

2. The Asset

The type, age, and condition of the asset (car, caravan, horse float, etc.) can influence risk and therefore the rate. Newer or higher-value assets often attract better rates.

3. Loan Term

Shorter terms generally mean less total interest paid, while longer terms may offer lower weekly repayments but higher total cost.

4. Fees

Every lender has their own structure for establishment, monthly, and exit fees. iCREDIT helps you compare these upfront so there are no surprises.

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