Find out how to finance your jet ski this summer
Are planning on spending your summer holidays in the water, soaking up the sun? We can’t think of anything better. Owning a jet ski is an adrenaline-filled, entertaining way to unwind. Forget about life’s worries as you drive through the waves and bond with your loved ones.
Deciding whether to purchase your own is a hefty financial commitment. Sure, a jet ski is an expensive ‘toy’, but with such luxuries, leisure finance comes in handy. Many people will typically save up for these big purchases, and although that is quite praiseworthy, for those who have just reached their goals on other financial assets, leisure financing will mostly appeal to them. This type of finance is for recreational equipment, such as boats, jet skis, golf carts and bicycles. If you want to know how to finance your jet ski, follow our tips below:
Choose your model
Much like cars, jet skis have many models that differ in the features and benefits. While every jet ski is similar to the rest, offering more or less the same basic elements, a true jet ski lover will know which model they prefer. When applying for leisure finance, you have to start somewhere, and picking out what you can afford is where you should begin. Take your time and browse through a wide range of jet skis before you make your final decision.
Set a budget
When looking for any sort of financing, it is important to start by drawing up a budget. Consider your income versus your expenditures, and look at how much money is left over after all of your deducted expenses. This lump sum should give you an indication of how much you can afford to pay once you have been approved for leisure finance.
As much as we like to splurge and gift ourselves, it is important to keep your finances balanced. This means that your expenses should never surpass your income. Take your time and work out how much money you can afford to pay as a repayment value on your new toy.
Monitor your credit score
It’s easy to go about your life, forgetting to check in on our credit score from time to time. But when applying for leisure finance or any other type of loan, your credit score is used to determine whether you’re able to acquire your desired financing or not.
If you do not know how credit scores work, search online for credit score providers that operate within your country and sign up. Some credit companies will email your score monthly and give you detailed advice on how to improve and sustain a high score.
Loan terms
When applying for leisure finance, your loan term depends on the amount you will be comfortable paying. The repayment amount can be between twelve and thirty-six months.
In some cases, even longer depending on which manufacturer you are buying from.
As mentioned, the repayments are quite flexible and will allow you to pay for your asset at your own pace. Be sure to be on the lookout for fees payable, including loan initiation fees, interest rates and additional fees for late payments. One downfall to leasing equipment is that one failed payment can result in the lender repossessing your jet ski.
The perfect buying time
When buying an asset, there are always things that you should be on the lookout for, and avoid when applying for any sort of financing. When financing a jet ski, make sure that you buy it at the right time. You might be thinking, well, when is the right time? Seasonal luxury items differ in price. Make a purchase in the winter months, as your price will be lower.
Insurance
Believe it or not, leisure items such as jet skis can also be insured. When applying for leisure finance, remember to consider other additional expenses such as insurance. Insuring your jet ski means that it will be covered, should there be any major damage to the vessel.
Final thoughts
Jet skis are one of the many leisure items people wish to own but can never afford. Not being able to buy an item upfront does not mean that there is no other way to make your dream come true. Leisure finance is there to finance your summer fun. Happiness is around the corner, so, find the best financial credit provider and hit the waves with your new jet ski.