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OpenRoad Auto Refinance Review

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Founded in 2009, OpenRoad Lending is licensed as a direct lender, but also operates as a loan marketplace. The company partners with other lenders to find automobile owners the best refinancing program for their needs. Refinancing is available for vehicles as old as 15 years with mileage under 160,000 miles. Open Road Lending is headquartered in Fort Worth, Texas.
 
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How is OpenRoad Auto Refinance rated?

Breakdown

Overall Rating: 0 / 5 (N/A)

OpenRoad Lending is an auto refinancing marketplace, but the company is also licensed as a direct lender. The advantage of working with lending marketplaces is that they do the research and comparison shopping for you, saving you the time and trouble of requesting quotes from multiple lenders. But you may find that your best deal is letting OpenRoad Lending fund your loan.

OpenRoad Lending refinances vehicles as old as 15 years, so long as the vehicle has fewer than 160,000 miles on it. The company does not offer purchase loans at this time. OpenRoad Lending doesn't advertise itself as a company that caters to people with poor credit, but it does have relatively loose qualification standards> The company states that it will work with you if you have a FICO score above 550. So if your credit is just fair and you've been turned down before, OpenRoad Lending might be a good solution for you.

Auto Loans & Refinancing

Loan Details - 0 / 5

OpenRoad Lending offers a variety of loan terms, ranging from 36 to 84 months. You can borrow between $7500 and $100,000 when you work with the company. Even vehicle owners with older and high-mileage vehicles can have their car loans refinanced through OpenRoad Lending.

OpenRoad Lending advertises a lowest-possible auto loan interest rate of 2.29%. That's an exceptionally low rate for any kind of loan and is likely reserved for only the most creditworthy borrowers.

With its relatively low loan qualification standards, the company may offer drivers who have been turned down for refinancing due to their less-than-perfect credit, an alternative solution.

OpenRoad Lending refinances passenger cars, light trucks, minivans, and SUVS used for personal purposes. It does not refinance motorcycles, ATVs, or commercial vehicles. In addition, refinancing is not available for vehicles made by Oldsmobile, Daewoo, Hummer, Saab, Suzuki, or Isuzu vehicles.

Types of Loans Offered

Purchase Loans
Refinance Loans
Lease Buyout
Private Party Purchase

Loan Refinancing

Min. Loan Amount
$7,500
Max Loan Amount
$100,000
Min. APR
2.29%
Min. Term Length
36 months
Max Term Length
84 months

Loan Qualifications

Qualification - 0 / 5

OpenRoad Lending offers auto financing to customers with both prime and not-so-prime credit. The company will work with you so long as you have a FICO score above 550. Borrowers with lower credit can expect to pay higher interest rates.

Borrower Qualifications

Minimum Credit Score
550
Verification / Documents Required
Vehicle Registration
Social Security Number
Driver's License / Photo ID
Employment Information / Pay Stubs

Vehicle Qualifications

Mileage Limit
160000
Car Age
15

Application & Service

Customer Experience - 0 / 5

OpenRoad Lending's website isn't the slickest-looking site we've seen, but it does provide answers to many of the questions you might have before refinancing your vehicle. You can watch a 90-second video on the site's homepage to learn about the key benefits of refinancing through the company. According to the company, customers reduce their auto loan interest rates on average by 6.5% and their monthly payments by $100 when they work with OpenRoad Lending.

You can apply for refinancing directly from OpenRoad Lending's website or via phone. The company promises a very short lending decision waiting period: sometimes as short as a few hours. Be aware, however, that when you submit an application online, you are giving the company permission to make a hard pull on your credit, which can temporarily depress your credit score.
Fees
OpenRoad Lending advertises that, when you apply for a loan, you can do so and not pay any application or hidden fees. But because OpenRoad Lending is a marketplace and works with a variety of lenders, customers should always read their refinancing documents carefully to be aware of any potential fees charged by the specific lender they're contracting with.
Benefits/ Features
Online Rates / Application
Deferred Payments

OpenRoad Auto Refinance Reputation & Reviews

Reputation - 0 / 5

OpenRoad Lending enjoys an excellent online reputation. The company earns an A+ rating from the Better Business Bureau and has been BBB-accredited since 2013. In addition, customers who review the company on Trustpilot award OpenRoad Lending an excellent rating of 4.6 out of 5 stars.
Trustpilot Rating
4.6 out of 5
BBB Rating
A+
Date Collected
2022-08-29

Contact & Additional Information

Lender Type
Marketplace
Homepage URL
https://openroadlending.com
Company Phone
(888) 536-3024
Headquarters Address
5555 N. Beach St. Ste. 4100, Fort Worth, TX, 76137
Year Founded
2009

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Our Partner
  • Rates as low as 4.29%
  • Specializes in all credit types - Supports FICO of 500+
  • Fast, easy online application
  • Speak directly to an expert Loan Care Agent
  • No application or hidden fees
  • Cars up to 15 years/160k miles
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