Is a Marine Surveyor Needed for a boat loan?
Hiring a marine surveyor may be an extremely beneficial decision to ensure that your prospective boat is in tip top shape before following through with your purchase. Before taking boat loans for a new or secondhand boat, a marine surveyor are trained to give you proper estimate and evaluation of the boat. However, this is not a plausible case for everyone because the service can be pricey. If you are on the fence about how to proceed, you can relax. Here at Vessel Vendor, we’ve decided to put forth some useful information about marine surveyors in relation to boat loans to guide you on your quest of purchasing a new boat.
What is a Marine Surveyor?
A marine surveyor solely serves to assist the boat buyer. This expert is usually certified and authorized in his or her profession, and is therefore able to thoroughly inspect the boat and make an estimate of the value of the boat. Also, the marine surveyor is to help the buyer by making a condition and valuation survey, which helps the buyer know the precise value of the boat. Some boat loans financial institutions offer free marine surveyor evaluations, but this is not always the case.
In Which Cases do you need a Marine Surveyor for your Boat Loans?
Usually, when buying a brand-new boat for sale via boat loans, you won’t have to worry about getting your boat inspected by a marine surveyor. However, if you are buying a second-hand boat, you are most likely going to need the evaluation of a professional marine surveyor. However, it is highly dependent on the situation in determining whether using a marine surveyor is a necessary procedure. Your decision should primarily depend on the financial institution for boat loans you have chosen.
How do I prepare for a marine survey?
If you have decided to go ahead and hire a marine surveyor, there are a few things you should do to prepare for the inspection. This way, you get the most bang for your buck and can be sure it is effective. First of all, marine surveyors need the owner or owner’s representative present during the inspection who is familiar with the boat in question. This way, there is a witness who can hold the surveyor liable in case he/she inadvertently does any damage. The owner or owner’s representative is mainly there to perform operational tests and use tools to allow the inspector to access parts of the boat. Lastly, make sure the boat is clean before the survey, especially the machinery spaces. This is important so that the marine surveyor doesn’t miss anything.