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Established Contributor
Posts: 853
Registered: ‎12-09-2012
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Self Employed Going for Auto Loan. Gross income or net?

Fico is TU 613 and EQ 660 range, SE Gross Income of 102,500.00 before decuctions, expenses etc.

 

When financing is looking at Income, which do they base your loan ( ability to pay) on Gross income or Net?

 

I have the down payment and Past 2 yrs Taxes, bank statements etc.

Thanks for any input!

 

12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)
1/15/14 TU 665 | EQ 648 | EX 655 ~Myfico scores
1/29/15 TU08 666 | EQ08 676 |EX08 655 } EQ04
My Wallet: Cap1 3,500K ~FH 950 Credit One 1300~Orchard Bank 2000~ Matrix 400 ~NFCU nRewards 18K~NFCU Cash Rewards signature| 8K ~Care Credit 3,500
Last Negs to fall off: 2-Cap1 CO's PD (fall off 1/17)~Foreclosure (fall off TU 6/15 EX 9/15 EX 12/15)
Valued Contributor
Posts: 3,099
Registered: ‎10-02-2012
0

Re: Self Employed Going for Auto Loan. Gross income or net?

When I apped, they just checked out bank statements.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
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