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Did you know you can compare 100’s of jet ski personal loans? Browse, filter and compare on our main personal loans comparison page.
Compare and review jet ski personal loan rates
Looking to make a major purchase, go on a holiday or perhaps to consolidate your existing debts into one simple regular repayment? When comparing jet ski personal loans, there are other important things to consider and understand, in addition to the lender’s interest rates.
What type of jet ski personal loans are on offer?
At a high level, jet ski personal loans can be split into the following categories:
What’s the difference between secured and unsecured loans?
Secured jet ski personal loans use an asset you own as collateral. If you are unable to repay the loan, the lender can then repossess and sell the asset to recoup some or all of the losses from the unpaid loan. If you own a car, property, term deposit or some other valuable asset, you will likely be offered a lower interest rate in exchange for offering it as collateral. You could potentially borrow a larger sum of money if you offer security and meet the lending criteria.
Unsecured jet ski personal loans are loans where you do not put up an asset as collateral. Unsecured loans are higher risk for the lenders, because if you default on the loan, there’s a reduced possibly to recoup the loan. These types of loans come with a higher interest rate, reflecting the greater risk.
What’s the deal with fixed and variable interest rates?
Sometimes, nothing. Though other times, it impacts:
- the maximum term of the loan;
- the maximum amount you can borrow;
- the interest rate; and
- whether the loan includes a redraw facility or allows you to repay early without incurring a penalty fee.
Fixed interest rates will not change over the life of the loan, which makes it easier to budget. By agreeing to a fixed interest rate for the life of the loan, there is no risk that you will miss payments if the interest rate increased. On the flipside, if there is an interest rate cut in the future, you will miss out on any possible savings. Some lenders may not include a redraw facility on fixed rate loans or will include an early repayment fee.
Variable interest rates may rise and fall throughout the life of your loan. This could potentially mean that you will save money in the future if interest rates fall, but if interest rates rise in the future, it could become difficult to continue to meet the monthly premiums. Variable interest rate jet ski personal loans tend to be more flexible for payment terms than fixed rate loans, which gives you more options to manage your finances and tailor your payments to work for you.
Do you have a jet ski personal loans repayment calculator?
Yes. Use the filter to adjust your loan amount and term duration to calculate your approximate monthly repayments. When you apply the filter, you will see a breakdown of your approximate monthly repayments as well as the total amount of interest and fees paid.
How to apply for a jet ski personal loan ?
If you’d like to apply online for a jet ski personal loan , just scroll up and click on “GO TO SITE” to be taken to a secure online application form. Before you apply, be sure to learn about the lender’s fees and eligibility criteria. The ease of application varies between lenders, so give yourself around 30 minutes to complete the application.
What are the jet ski personal loan eligibility criteria?
Before you apply for a jet ski personal loan, be sure to understand and meet the lender’s lending criteria. Below is a high-level overview of eligibility criterias that may impact your chances of being approved for a personal loan:
Minimum requirements for a jet ski personal loan
- Minimum age: Range is between 18-21 years of age
- Minimum income: Range is between $15,000 and $50,000
- Employment status: This varies between lenders, some lender will lend to those on a pension or on benefits, whilst others require that you’re regularly employed
- Residency: (Most lenders require you to be an Australian citizen, permanent resident or have a valid visa). A handful of lender allow 457 visa holders to apply
- Credit score: Some lenders vary their interest rates based on whether you have an excellent, good, average or below average credit score
- Affordability: Lenders will look at your current income minus your outgoing expenses to determine if you have enough left over to repay the amount you wish to borrow
How much can you borrow?
This will depend greatly on your eligibility criteria. We strongly recommend reading this blog on how much you can borrow and whether or not you will be approved.
Information you’ll need to provide
Whether at the branch or online, make sure to have the following nearby:
- Proof of income: A verifiable and steady employment. You may be required to provide copies of your most recent pay slips and employer’s contact information
- A list of your assets, expenses and liabilities
- Identification Documents: Driver’s licence (if you have one) or other forms of ID
- Recent bank statements, going up to 3 months back
Are you self-employed?
If you’re self-employed, you will also need to provide:
- Financial statements for the last year (no older than 18 months)
- Your most recent personal/business tax return (no older than 18 months)
Other things to keeping mind when applying for a personal loan
- It’s advantageous to have a good credit history. For example, you have no recent defaults and no frequent requests for credit.
- Credit cards with large credit limits are seen as liabilities, even if there’s nothing owing. If you have existing liabilities, be certain you can pay them off in addition to your jet ski personal loan.
There are many additional factors to consider when completing your application, but the above are the most important. If you feel like you may not meet the lender’s eligibility criteria, it may be best to save!
What can you use a personal loan for?
With many lenders, you can borrow for almost any worthwhile purpose. No, going to the casino and putting it all on black is not a worthwhile purpose. If you’re not certain, it may be worthwhile contacting the lender before you apply.
Examples of common loan purpose will lend for:
Additional product information
Minimum and maximum jet ski personal loan amounts and terms
Minimum and maximum loan terms and amounts vary between lenders. We strongly recommend you use the filter to determine the most appropriate lender for you. Most common minimum loan amounts start from $5,000 with maximum terms up to $100,000. However, most lenders will not provide unsecured jet ski personal loans beyond $50,000.
Terms range from 6 months to 10 years, with most common terms ranging between 2 and 5 years. You should however check the minimum and maximum term ranges for your preferred lender before applying.
It’s also worth checking to see if there are early repayment fees.
Most lenders allow weekly, fortnightly or monthly repayment. However, some peer-to-peer lenders only allow monthly repayments.
Extra repayment or early penalties
All lenders allow you to repay off your jet ski personal loan early, however – you should check each product for any potential early repayment fees.
Not all lenders allow you to redraw on your repayments. Some lenders only allow you to redraw on additional repayments you’ve made, whilst other do not allow redraw at all. Often (but not always) you will find fixed jet ski personal loans will not allow redraw, but offer a lower rate, whilst variable rate jet ski personal loans may allow you to redraw additional repayments you have made, but may also charge a higher interest rate.