A jet ski is one of those purchases that goes from idea to deposit very quickly, usually somewhere around the second hot weekend of the season. The finance side is straightforward, but there are a few things worth knowing before you commit, particularly if you are buying used or expecting the trailer to come along for the ride.
How jet ski finance works
A personal watercraft is financed as a secured loan against the ski itself, in the same way a car or a boat is. The lender registers an interest over it, and the loan is assessed on your income, your existing commitments and your credit file rather than on the ski alone. Our guide to secured car loans explains how security works, and the principles are the same here.
Where the ski is older, cheaper or hard to value, an unsecured personal loan is sometimes the practical route instead, priced for the higher risk that carries. Our personal loans page covers both.
Jet skis sit alongside boats in most lenders' eyes, and our boat loans page covers the wider category, including how boat finance works and how long you can finance a boat for.
The trailer, and the rest of the setup
Most skis are bought with a trailer, and people often assume it is included in the finance by default. It usually can be, but only if it is part of the same purchase.
If the trailer, cover, safety gear or accessories appear on the dealer's invoice, they can generally be financed with the ski. Bought separately afterwards, they usually cannot be added later. If you are buying a package, have it quoted as one invoice from the start. Our guide to trailer finance covers trailers bought on their own.
That also helps with the other constraint below.
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Minimum loan amounts
Skis are cheaper than boats, and plenty of lenders set a minimum finance amount that a used ski on its own can fall under. The issue is not whether you qualify, it is whether the lender writes loans that small at all.
Fewer lenders play at the lower end. Including the trailer and gear in the same purchase sometimes lifts a deal over the line, and where it does not, an unsecured personal loan is often the realistic alternative.
Registration, licensing and where you can ride
Registration and licensing for personal watercraft are set by each state and territory, and the rules differ more than people expect, including on minimum ages, licence requirements and where skis may be operated. Check with your state's maritime or transport authority before you buy rather than after.
For finance purposes, a registered ski with a hull identification number is straightforward security. An unregistered or heavily modified ski is harder, because it is harder to value and resell.
Buying used
The used market is active and skis are financed second-hand every day. Two things matter to both you and the lender:
Hours, not just age. Engine hours tell you far more about a ski's condition than the year does. A low-hour older ski with a service history is often the better buy and the easier finance.
Salt water use and servicing. Skis used in salt water need flushing and maintenance, and the consequences of neglect are expensive. Service records matter.
As with any secured asset, the maximum age applies at the end of the loan term rather than the start, so an older ski usually means a shorter maximum term rather than a refusal.
Buying privately
Private sales are common. Search the Personal Property Securities Register against the ski's hull identification number before you pay, at ppsr.gov.au. If finance is owing and is not paid out at settlement, the lender's interest follows the ski to you. Where the purchase is financed, the lender verifies the seller and pays them directly, which protects both sides. Our guide to buying privately with finance sets out how that works.
Running costs worth budgeting for
Registration, insurance, servicing, fuel, and storage if it will not fit at home. Insurers treat personal watercraft differently from boats and premiums vary with rider age and experience. Get a quote before you commit, not after, because it changes what the whole thing costs to own.
Where a broker fits
The two things that decide a jet ski deal are the loan amount and the ski's age and registration, and lender appetite varies on both. Knowing which lenders write smaller amounts, and which will take an older ski as security, saves an application that was never going to be approved. Our boat loans and personal loans pages set out what we arrange, Australia-wide.
This article is general information only and is not financial or legal advice. Registration and licensing requirements are set by each state and territory. Lender criteria vary and change.
Damo Treadgold is the director of Treadgold Finance, an FBAA-accredited finance broker on the Sunshine Coast, arranging boat, car, caravan and equipment finance Australia-wide.
Frequently Asked Questions
Can you finance a jet ski?
Yes. A personal watercraft is usually financed as a secured loan against the ski, assessed on your income and credit history. Where the ski is older or lower in value, an unsecured personal loan is sometimes the practical route.
Can I include the trailer in the loan?
Usually yes, where the trailer, cover and gear appear on the dealer's invoice as part of the same purchase. Bought separately afterwards, they generally cannot be added later.
Is there a minimum amount for jet ski finance?
Many lenders set a minimum finance amount and a used ski on its own can fall below it. Including the trailer and accessories in the purchase sometimes lifts the deal above it.
Can I finance a used jet ski?
Yes. Lenders look at hours as well as age, plus condition and service history. The maximum age applies at the end of the loan term, so an older ski usually means a shorter term rather than a refusal.
What should I check before buying privately?
Search the Personal Property Securities Register against the hull identification number before you pay. If finance is owing and is not paid out at settlement, the lender's interest follows the ski to you.
Do I need a licence to ride a jet ski?
Licensing and registration rules are set by each state and territory and differ between them, including on minimum ages and where skis may be operated. Check with your state's maritime or transport authority before buying.
