These days, buying a boat is no big deal. And no, boats haven’t become cheaper. It is just that boat loans are easily available.
Now a person who decides to buy a boat can buy a brand new one or a used boat. It is true that buying a new boat would be much more satisfactory than buying one which has already been used. But the problem is that the value of the boat would drastically decline as soon as it is purchased and delivery is taken.
It would make more sense to buy a used boat. Boat owners don’t use their boats very often and hence wear and tear will be minimal. In fact many people hardly use the boat at all. Getting a loan for a used boat is also not a problem as long as the boat is not very old, say more than 10 years. But if one is buying a used boat and has applied to the bank for a boat loan, the bank would want to have the boat to be surveyed. This is to ascertain its value accurately, as the amount of the loan is usually a percentage of the value of the boat.
So yes, the bank does verify the value of the boat. The survey of a boat is usually done by an independent surveyor. He personally visits the boat, checks the entire boat, and lists out all the features of the boat as well as its accessories. He will also note down the year of boat manufacture and the model. He will then calculate the value of the boat and add to it the value of the accessories. The survey report will be submitted to the bank based on which the bank will decide whether the loan is to be given. If the loan request is to be granted then the loan amount will also be determined on the basis of the reported boat value.