Before You Buy A Boat - Is There Finance Owing?
Buying a boat comes with risk. Doing a $2 search on the Personal Property Securities Register, or PPSR, can help you check if the boat, jet ski, tinny or other type of watercraft you’re buying has a security interest registered against it, which could mean it has money owing on it and is at risk of being repossessed. The PPSR has replaced REVS, the Register of Encumbered Vehicles, which is no longer available. A PPSR check is one of the most important steps in the buying process, alongside a thorough inspection, and our boat buying guide and encumbrance check covers how both fit into the broader process of buying safely.
What Is the PPSR?
You can do an online boat finance check at the Personal Property Securities Register, or PPSR. The New Zealand Government offers this service for checking if a vessel has money owing to a lender.
Why Does a PPSR Check Matter?
The purpose of a PPSR Encumbrance Check is to safeguard boat buyers from unnecessary financial loss and damage to your credit history. If you buy a boat without knowing it is financially encumbered, meaning money is owing on it, you could have it legally repossessed and lose your investment. Don’t risk buying a boat with costly, hidden problems. This risk applies equally whether you’re buying through a private seller or through a dealer, and it’s worth remembering that buying through a reputable boat dealer or broker can provide additional safeguards, since professional dealers operate trust accounts and understand the legal requirements of a clean sale.
What Happened to REVS?
REVS, which stands for the Register of Encumbered Vehicles, is no longer available and has been replaced by the Personal Property Securities Register.
How Much Does a Check Cost?
The cost is only $2, so don’t be fooled into paying more. It could be the best $2 you ever spend! If you are also considering financing the purchase, see our guide on 4 tips for getting your boat loan approved for advice on preparing a strong finance application.
Click here for an Online Finance Check . It could be the best $2 you ever spend!
Frequently Asked Questions
What does a PPSR check actually tell me?
A PPSR check tells you whether the boat, jet ski, tinny or other watercraft you’re considering has a security interest registered against it, meaning there could be money owing on it that puts it at risk of repossession.
How much does a PPSR check cost?
The cost is only $2. It is a small amount to pay for the protection it provides against buying an encumbered boat.
Is REVS still used to check for finance owing on a boat?
No. REVS, the Register of Encumbered Vehicles, is no longer available and has been replaced by the Personal Property Securities Register (PPSR).
What happens if I buy a boat that turns out to be encumbered?
If you buy a boat without knowing it is financially encumbered, it could be legally repossessed by the lender, meaning you could lose your investment entirely.
Does a PPSR check apply to jet skis and tinnies as well as boats?
Yes. A PPSR check applies to any type of watercraft, including jet skis, tinnies and other vessels, not just larger boats.
