Buying a Paragon is so difficult??

[JACOB11379]

I bought a 2020 GS20 in Febuary, pretty easy loan to get...

Trying to buy used Paragon for 252k and they want my first born....Applied with just myself, credit score 785, 200+k annual income submitted via personal and business taxes for last two years. Liquidity provable of 300k. Can do as much as 80k down. Only thing financed is my house and the boat im gonna trade in for P23

3 banks asked, one bank accepts and looks over financials. Comes back a few days later to say DENIED....Needs at least 500k in Liquidity

SO we add my wife as Co-sign. Her credit score is 798. First bank has denied. waiting on response from last bank still....

Im blown away at how difficult this loan is to acquire....

Finance lady says people are always pretty surprised they can buy most things with a heartbeat and a down payment but any boat over 150k is hard to get and they ask for a lot of info....

IS this the experience you had when spending over 150k on a boat?

[bird_dog0347]

Man I hope not... about to order our P23 and plan to only finance $150k. Which really shouldn't be that big of a problem I'd think?

[MN Ryan]

I apparently got into the wrong line of work.

[JACOB11379]

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It's not to late to change that

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[JACOB11379]

Man I hope not... about to order our P23 and plan to only finance $150k. Which really shouldn't be that big of a problem I'd think?

She specifically said 150k and less is easy to get loan.

And I would suspect if I had closer to half down I wouldn't be having this issue...

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[MN Ryan]

I'm good.

[Kenv]

I'm months from turning 40, have a great job, great family, beautiful home, and a lakeside cabin. I'm good.

NO NO NO...Ryan....You want money? ...You want fancy car? ....You want big house??....You want Paragon...you know you do.....BUY MY BOOK.....LOL

[JACOB11379]

I'm good.

What do you do for a living?

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[MN Ryan]

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Chemist for a med device company.

[JACOB11379]

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Way smarter than me.....

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[Tallredrider]

I think I can see where financing 170K on a used boat is going to look like a potential losing venture for a bank.

A 15 year note is going to be $1300 per month, if you get 4.5%.

It might be the understatement of the year to say that financial sectors are anxious about potential impacts of change in government leadership in the next little while.

[bird_dog0347]

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You act like this is some sort of crazy election/pandemic/polarizing year, I'm not seeing it man, just like the dog sipping coffee in the burning house, this is fine. #amiright

[Gtsum2]

That sounds about right. Banks told us once you cross 150k, the bank’s stance on boats changes a good bit. Too much uncertainty out there for banks to be comfortable with a normal 10%-15% down. I was surprised also as our income and scores were higher and we still ended up with about 20% down on our g23 as we are also buying a lake place...so 20% was about all I was willing to do. We used Huntington bank and got approved and closed in 2 days. I would imagine the paragon with its much higher msrp, and being its used, would require more down?


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[JACOB11379]

I think I can see where financing 170K on a used boat is going to look like a potential losing venture for a bank.

A 15 year note is going to be $1300 per month, if you get 4.5%.

It might be the understatement of the year to say that financial sectors are anxious about potential impacts of change in government leadership in the next little while.

Be closer to 200k with taxes and everything. Probably around $1700 a month on 20 year loan.

I'm hoping its the market/covid volatility.

A 2020 will be much cheaper in another year or two when things calm down and I reapply anyways.

But who likes waiting....

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[JACOB11379]

I think I can see where financing 170K on a used boat is going to look like a potential losing venture for a bank.

Couple people have mentioned used boat.

Do you have any clarity on how a bank views a used boat versus a new boat?

I would have thought there is less concern for a bank buying used rather then new. Especially when the MSRP was around 330k.

But maybe its viewed differently??



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