If there is water in a lotion or cream, then there WILL surely be a preservative in it as well. But there is another reason to avoid water in formulations.
If you are trying to get rid of fine lines and winkles you may want to stay away from skin products that contain water. Most commercial creams and lotions are predominantly (75-85%) water. Their moisture is quickly absorbed into dry, wrinkled skin. As the water enters the skin, it expands the tissues, like filling a balloon with water, so that wrinkles fade away and the skin feels smoother. But this is only temporary. As soon as the water evaporates or is carried away by the blood stream, the dry, wrinkled skin returns. No matter how hard you try, you will never be able to permanently cure dry, wrinkled skin with any body lotion or body care product that has water listed as one of its predominate ingredients.