PTI help..

[Newbie2018]

Currently my auto loan is $34k ish. When I got it I put 5k down because they said no one wanted to approve me without a down payment because of payment to income. I've had the loan for 2 months. I would like to refinance as soon as possible. My EQ score has improved significantly within the two months. 

My question is when I apply at places the denials say proportion or loan to balances are too high. I'm assuming that means PTI may be an issue too? My income is $3700 monthly. My Dti is honestly not too high either. Being realistic what are ways to fix this problem? I can't increase the income. Would I need to pay a lump sum into the loan to be able to get refinanced?

besides pen fed and dcu who pulls exclusively equifax for auto loans?? 

[increasingmyfico]

---

@Newbie2018 wrote:

Currently my auto loan is $34k ish. When I got it I put 5k down because they said no one wanted to approve me without a down payment because of payment to income. I've had the loan for 2 months. I would like to refinance as soon as possible. My EQ score has improved significantly within the two months. 

My question is when I apply at places the denials say proportion or loan to balances are too high. I'm assuming that means PTI may be an issue too? My income is $3700 monthly. My Dti is honestly not too high either. Being realistic what are ways to fix this problem? I can't increase the income. Would I need to pay a lump sum into the loan to be able to get refinanced?

besides pen fed and dcu who pulls exclusively equifax for auto loans?? 

---

  That means you owe too much in relation to the original loan amount. They want to see you pay on that loan first before picking it up.

[Newbie2018]

I see. So how many months worth of payments exactly? Or is it just depending on the new lender?

[cashorcharge]

---

@Newbie2018 wrote:

I see. So how many months worth of payments exactly? Or is it just depending on the new lender?

---

Your best bet is to pay down 20% of the loan, leaving you with 80% owed.  I know that may seem like a lot for a new loan, though that threshold is the first you would hit under normal payments that would improve your score and put you in a better light