Financing a Jet Ski

[kb]

Hi all. I know that finacing anything, is not a great idea, if you can afford to buy it cash, that that's the best option. However, not everyone is in a fortunate position to pay cash. So, who has their ski financed. I have "heard" that the banks give you a kak rate, cause it is seen as a leisure / recreational purchase.

Questions.

Who has a JS financed, and with who.

What sort of deposits were put down (10%, 50%)

WHat rate are you on from the banks, and

what are the monthly payments etc.

Basically wondering if I can afford it, assuming I have 30 K as a deposit, and I reckon my budget will be around 80 000 MAX.

If you are not willing to disclose financial advices / opinions, I understand 100%.

 

tks in advance,

kb

 

 

[plugger]

Cash is king. If you have an Acess Bond and you are disciplined with your repayments thats a cheap finance option, otherwise shop around Wesbank,Standard etc, I think they will want 20 or 25% deposit but you may be able to negotiate the interest rate. Make sure you can keep up the payments if (when) the interest rate climbs again.

 

[Louwrensp]

I agree it is always better to pay for your toys cash, but with some toys you will have to wait too long to save up the amount.

According to my knowledge it works the same as a car, the jet ski trailor are registered with the bank as Title Holder, and the finance are done on the same basis. The bank will evaluate your financial position and according to that they will determane the Deposit and Interest rate but I think a 20% Dep will be sufficient.

The problem will be to find a dealer to do the deal with for most bargains are private deals and only the boat and motor dealers can do deals with the banks.

Again the access bond is the cheapest for the interest rate is always lower than the HP. You will also have to insure the ski

all the best in hunting the ski,

PS Just 2 weeks and I can play with mine at St Francis Bay

 

 

[kb]

OK, the access bond idea sounds good. Obviously Cash is King, but as Lowrensp said, sometimes you need to finance, otherwise you'll never save enough.

I like the access bond idea - and then yes, you must be disiplined to repay yourself into the bond. (if you think she'll let me do it without paying back!! )

will keep saving, and hopefully soon.

Anyway - Lowrensp, good point about insurance. What insurance's do you guys have, is it only for trailoring and theft, or is it comprehensive. That said, "what can go wrong out there", and I use that statement loosely.  OK, hitting a semi submerged 40ft container is going to hurt. but seriously, what else happens to you  guys and ski's (when it comes to insurance). I know, and have no objection to insuring for trailoring.

Appreciate your time.

 

kb

 

 

[Louwrensp]

KB

We at the inland have to drive about 600km to the nearest beach and for that purpose mine are insured, I haven't heard of somebody that has had a accident at sea and claimed from their insurance to test that risk but mine are comprehensively insured for the amount is the same on my personal pollicy.

Still it's ones own choice, would be interesting to find out the other opinion and what other options there are.

:kaykak

 

 

[plugger]

Both our jetskis are comprehensively insured via Alexander Forbes but to be honest I don't realy know what exactly is covered other than theft, but I will find out. Its a separate personal watercraft policy.

 

[Johnno s gone fishin]

You can get good rates from Mc Crystal Insurance and also from Club Marine.Both specialise in marine policies.

Good Luck

Johnno