If you’re planning to buy a PWC with finance, it can be smart to have any questions around your financing answered before you commit to the purchase. Having as clear an idea as possible of the specifics of a jet ski loan - the requirements, rates and estimated repayments, can assist many buyers with the buying process. Enabling them to select a PWC model with a price tag that is aligned with their loan payments. Ensuring they don’t commit to a machine which would attract repayments that could strain their personal budget.
Knowing how and where to get the best interest rates and estimating possible repayments, may allow buyers to make more well-informed decisions on their purchase and the finances. As specialists in all types of boat finance, Jade Boat Loans answers a number of key questions around financing PWCs to assist buyers.
What is the best finance option for a jet ski loan?
There are two credit products which suit personal acquisitions such as PWCs – secured and unsecured personal loans. All models across all brands of PWCs – Yamaha Waverunner, Kawasaki Jet-Skis, Sea-Doo, etc, may be financed with these options.
Buyers of new models will typically opt for a Secured Jet Ski Loan where the machine is used as the finance collateral. This type of credit has a straightforward format which is universal across the lending market – the goods being financed are used as security against funds borrowed and the borrower repays the loan in equal monthly instalments. We arrange this type of credit with a fixed interest rate which does not change over the fixed term. This provides buyers with a fixed repayment schedule so they can plan other expenses over the term.
If a lender does not accept the PWC as suitable collateral, possibly with a much older model, an Unsecured Personal Loan can be used. Unsecured credit attracts higher rates so a secured product can be the more affordable option.
What do you need to apply for a jet ski loan?
Credit for goods like PWCs falls in the category of Consumer Credit or Consumer Finance. This sector of the lending market is regulated by ASIC with guidelines for credit providers to follow. Applicants will need to be over 18 years of age and meet income, employment, and other criteria. Holding a boating licence is not essential.
Where do you get the best jet ski loan interest rates?
The consumer credit market is extensive with many banks and finance companies active in the sector. The interest rates offered will vary with different lenders. As a broker with vast lender connections, Jade Boat Loans assists PWC buyers to secure the best jet ski loan interest rates to suit their profile. In making rate offers, lenders will be assessing the application specifics – income, assets, etc, and especially the credit score of the applicant. Good scores attract the best interest rates.
How much can you borrow to buy a PWC?
The amount that an individual will be approved to borrow to buy a PWC will be determined by the lender and known as the individual’s credit limit or borrowing power. Some buyers can be approved to borrow 100% of the purchase price, including some accessories with the machine.
Where the approved amount is not the full price, buyers will need to make a downpayment to reduce the credit required.
How can you work out estimates on a jet ski loan?
PWC buyers can obtain answers to their pre-purchase financing questions, including repayment estimates, by using the Jade Boat Loans jet ski loan calculator. This useful buying tool is available online, is free-to-use and very simple to operate. Buyers enter amounts into designated fields and the device carries out the complex computations.
Repayment estimates can quickly be obtained by entering the amount required for the loan, interest rate and preferred term to pay it off. The device then automatically displays the monthly repayment estimate based on those figures. For these estimation purposes and as a rough guide, we recommend using the interest rate we are currently displaying. A different rate can be entered if buyers would like to allow for a contingency should they not be offered our best rate for good credit profile customers.
All fields can be varied so buyers can start to develop their preferences for credit terms and if they should pay a deposit. If you are tossing up about using savings as a deposit, vary the total credit amount and see how the repayments change. Paying less per month may provide less strain on finances. Using this device is for guide purposes only but we can provide quick quotes for a clearer indication of individual credit options.
How do you apply for a jet ski loan?
The final question – applying for PWC financing. Applications can be submitted with Jade via our online platform or by phone. We’ll advise what documents you need to provide for your specific application. Many applications can be approved within 24 hours.
With your basic jet ski loan questions answered, request a quote from Jade Boat Loans 1300 000 003 to take the next step to purchasing your PWC.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.
