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 into.