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

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Established Contributor

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!

 

From MI.
12/4/12 TU 589 MyFico ~EQ 579 MyFico ~EX 577(Fako)

Myfico 8 scores
6/12/20 TU 803 ~ EQ 814~ Ex 784
My Wallet: Cap1 3,500K ~FH 2950~Credit One 1750~Credit one #2 1250~Orchard Bank 400 ~NFCU nRewards 18,000~NFCU Cash Rewards 18,500 ~Care Credit 12000~Discover 6000~Lowes 5450~ Amex 5400.00 ~ Harvest King 8000 ~ Langley~Penfed~Service CRU~red stone cru~
UTL 17%
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Valued Contributor

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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