Do o/o and l/o put down their gross income when applying for credit/loans etc

Discussion in 'Questions From New Drivers' started by DAX_, Jan 24, 2021.

  1. DAX_

    DAX_ Medium Load Member

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    Or do they put down what they make after truck payment and fuel?
     
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  3. SoulScream84

    SoulScream84 Road Train Member

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    I suppose that depends on the question on the paperwork, as I've been asked for both in different places.
     
  4. sventvkg

    sventvkg Light Load Member

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    Use your Gross income. I have always used that. An Employee uses their gross income on loan appllications etc when applying for loans as well. No one gives their net salary for a mortgage.
     
  5. DUNE-T

    DUNE-T Road Train Member

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    Hmm, everyone does. They look at your net before giving you a mortgage or a loan.
    A w2 employee and a business owner are not the same in the eyes of a lender
     
  6. Accidental Trucker

    Accidental Trucker Road Train Member

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    Gross revenue, maybe, but "after truck payment and fuel" will never apply anywhere. As a matter of fact, gross income is pretty much irrelevant for most lenders, and they will want to see tax returns with taxable (=net) income.
     
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  7. Chr1s

    Chr1s Bobtail Member

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    Business finances and personal finances are two different animals. In personal finance, spending less and saving more looks appetizing for lenders. In business, spending more and having stable cash flow matters more than a 401K. When I applied for lines of credit with Chase (I have my business accounts there), they asked for tax statements, revenue, net gross, and bank statements. I got declined because there was a lack of consistent cash flow and expenses coming through (I took a whole month off), despite having over $20K in my accounts and statements showing I had higher than average profit margins within my industry (they look at that too). I would have been better off getting approval if I actually spent more of my money.
     
  8. Opus

    Opus Road Train Member

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    my bank simply wanted copies of my taxes......
     
  9. Rideandrepair

    Rideandrepair Road Train Member

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    Loans that require income verification use your net income from tax returns. The bottom line you pay taxes on. The only thing I know of that’s allowed to be added back in is the amount of depreciation taken for equipment. There may be other things, I don’t know. I used a P&L statement to get my last Mortgage, since I hadn’t filed taxes yet for the year. Since they did the lending reform, it can be hard to get a Mortgage. Have to show adequate income to get a so called confirming loan.
     
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