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If you're looking to purchase a jet ski, there are a number of loan options available. Some lenders offer loans specially designed for jet ski purchases, but there are also other secured and unsecured options.
The cost of a jet ski varies greatly depending on the model, age, hours ridden and whether it's new or used. At the lower end, a used jet ski could cost around $2,000. A higher end new jet ski could cost up to $17,000. And then there are a number of other expenses you need to consider. These include registration, insurance, personal watercraft trailers, accessories such as life jackets, clothing and gear, ski covers, anchors, etc. All this could set you back a pretty penny, not counting ongoing costs such as servicing, maintenance and repairs.
There are a number of ways you can buy a jet ski on credit. These include:
A balloon payment is a lump sum you pay the lender at the end of your loan term. This money will cover the remaining cost of your loan. With balloon payments, your monthly repayments are small. In return, you make a balloon payment at the end, which may be a percentage of your total loan amount. If you're opting for a balloon payment, make sure you check if it will end up costing you more in the long run. It may be cheaper to pay higher monthly payments than a lump sum at the end. Additionally, it's a big payment, so you need to make sure you have the finances for it. You can read more about it here.
To find the right loan for you, keep an eye out for the following:
When it comes to loans, most lenders prefer borrowers with clean credit histories. Depending on the type of loan you apply for, there may be some wiggle room. Some lenders, like P2P lenders, are more lenient. You may also be able to secure the loan with the jet ski and so qualify for the loan. Do keep in mind that bad credit personal loans generally cost more. If the lender offers risk based financing, that means they will adjust their interest rates based on how risky they think you are. If you have good credit, your rates are likely to be lower. Bad credit borrowers can expect higher interest rates.
🤔 Work out what type of finance you need, how much you need to borrow and what you can afford.
🔎 Start comparing lenders and loan products. Don't forget to compare interest rates, fees and eligibility criteria. You can use Finder's comparison table to help you.
✅ Select a lender. Click "Go to site" to be directed to the lender's page, or "More info" if you want to read about the lender.
🖨️ Organise and prepare the required documentation. This will make the application process easier.
📱 Apply. Most lenders have their applications online.
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