You’ve found the perfect boat or yacht and are getting down to the purchase but you discover that the seller still has finance amount remaining. What should you do next? We’ve outlined some key things to consider before moving ahead with your potential purchase.
What do I do if the boat or yacht I am interested in is under finance?
You will need to talk to the seller about how they plan on going about paying off their finance. Once you have made a deal you are both happy with, you can proceed with the sale. Please see our Selling a boat or yacht Under Finance article for more information on what sellers should do in these circumstances.
What if I buy a boat or yacht with an outstanding finance amount without checking?
If you buy a boat or yacht with an outstanding finance amount and the seller did not disclose this information to you at the time of purchase, then you will automatically be responsible for the debt and outstanding payments of the finance contract. You will also be at risk of losing the car if you cannot afford the remaining repayments.
We encourage all buyers to purchase a BoatFacts report before buying any used boat or yacht to check the finance status.
Why is a BoatFacts report important?
It will tell you if the vehicle you are interested in buying has any finance secured or owing, and by which finance provider.
The seller is denying that there is any finance remaining on the car
If the seller hasn't advised you that there is finance or is denying that there is an outstanding amount remaining on the boat or yacht where in fact there is, they are either purposefully defrauding you or simply unaware of the finance. In either case, it's best to walk away from this deal.