The regulator reviewed more than 350,000 loans across eight car finance providers and identified concerns around distributor oversight, sales practices, consumer outcomes and hardship support. One of the clearest messages for borrowers is that the advertised interest rate is only one part of the true cost. ASIC found that establishment fees could vary widely, with some borrowers paying multiple fees across lender and distributor channels. For jetski buyers, this reinforces the importance of comparing the comparison rate, upfront charges, ongoing fees, early repayment rules and any add-on products before signing.

Another key issue was suitability. ASIC raised concerns about cases where borrowers fell behind early in the loan term, which can indicate that affordability checks, product design or sales conversations did not properly match the customer’s financial position. A jetski may be a lifestyle purchase, but the loan still needs to fit around rent or mortgage payments, fuel, servicing, registration, storage, insurance and seasonal use. That is why modelling repayments before applying can be just as important as choosing the watercraft itself.

The review also examined what happens when borrowers experience hardship or repossession. In some cases, consumers still owed substantial debt after the financed asset was taken and sold. Jetskis can depreciate, and resale values may be affected by age, engine hours, maintenance history and market demand. Borrowers should understand whether the loan is secured or unsecured, what happens if repayments are missed, and whether the proposed loan term leaves them exposed to owing more than the jetski may be worth.

For buyers, the practical takeaway is not to avoid finance altogether, but to approach it with better questions. Ask for a full fee breakdown, compare more than one option, check whether insurance is compulsory, and make sure the repayment amount remains comfortable if other household costs rise. Working with independent brokers can also help borrowers look beyond a single lender or dealership offer.

As an extension of recent discussion around boat loan comparison, ASIC’s findings are a timely reminder that responsible borrowing is about transparency, affordability and support after settlement. The best jetski loan is not simply the fastest approval or the lowest headline rate. It is the finance structure that gets you on the water without putting unnecessary pressure on your budget.