Boat Buying Guide And Encumbrance Check

Back


Boat Buying Guide And Encumbrance Check

Boat Buying Guide

When it comes to buying a boat, boat selection is about knowing your own requirements. Determine what you want the new boat to do and in what conditions it will operate, then choose a suitable vessel.

Remember that no single vessel will perfectly suit all uses. Therefore you can either buy lots of different boats or be prepared to compromise.

Ultimately you may have to compromise on price but avoid any compromise on safety.

Whether this is your first or 15th boat it is important to research your potential purchase carefully.  By continually building on your knowledge and experience you will increase your boating enjoyment and safety. Thankfully there are many sources of boat buying information including:

As with any substantial purchase use your common sense when you buy a boat:

  • Know the value of comparible boats
  • Arrange Boat Finance if required. Get your obligation free BOAT FINANCE APPRAISAL
  • If you are buying a used boat, pay for an independent inspection of the hull, engine and accessories. Check out Marine Surveyors
  • Check for encumbrances - online PPSR ENCUMBRANCE CHECK
  • Execute a legally binding Sale & Purchase Agreement with all accessories and any warranty terms listed
  • Arrange for Boat Insurance - obtain an ONLINE BOAT INSURANCE QUOTE
  • Beware of SCAM's - read more ...

Encumbrance Check

The Australian Government offers a service for checking if a vessel has money owing to a lender. REVS, which stands for the Register of Encumbered Vehicles, is no longer available and has been replaced by the Personal Property Securities Register (PPSR). You can do an online check at the Personal Property Securities Register (PPSR). The purpose of PPSR for Boats is to safeguard purchasers of boats from unnecessary financial loss. If you buy a boat without knowing it is financially encumbered (money owing on it) you could have it legally repossessed and lose your investment.