If you want to reduce your monthly car payment and pay less interest, OpenRoad Lending company may steer you in the right direction. The company specializes in auto loans and has helped tens of thousands of car owners save an average of $100 per month.
To date, OpenRoad customers have saved more than $100 million by refinancing existing car loans. In this review, you’ll learn more about OpenRoad Lending auto loans to help you determine if it’s right for you.
About OpenRoad Lending
Founded in 2009, OpenRoad Lending is based in Fort Worth, Texas. The company was started by a group of auto finance veterans who decided they could provide consumers with an easier, more satisfying auto refinance experience.
According to Don Chapman, OpenRoad Lending’s chief marketing officer (CMO), the company leadership has more than 75 years of experience in the auto finance space collectively.
Our mission is to help people save money on their car payments. We specialize in auto financing. This focus allows us to create the best customer experience possible. We have the technology and processes in place to be nimble.”
Says Chapman, “At OpenRoad Lending, our mission is to help people save money on their car payments. We specialize in auto financing. This focus allows us to create the best customer experience possible. We have the technology and processes in place to be nimble.”
OpenRoad Lending reviews are primarily five stars. The company has been in Inc.’s top 5,000 companies. It was also heralded as one of the “Best Places to Work” by the Dallas Business Journal.
OpenRoad Lending auto refinance loan details
OpenRoad Lending primarily does auto refinances, although they also sometimes provide financing for new vehicles. The company offers competitive interest rates that enable auto owners to save an average of $100 a month on payments. There are no application fees or other hidden costs.
As an auto loan specialist, OpenRoad Lending has access to a wide variety of loans. This results in the company being able to service a range of borrowers—from subprime to superprime (low to high credit).
Typical savings with OpenRoad Lending auto refinancing include a reduced monthly car loan payment or a shortened auto loan term.
Who are OpenRoad Lending auto loans for?
OpenRoad Lending auto loans are designed for borrowers looking for a better interest rate, a lower monthly payment, and a shorter repayment term. The primary goal is often a lower monthly car payment.
The auto financing company services everyone from subprime borrowers with low credit scores to prime borrowers with excellent credit scores. For OpenRoad Lending, bad credit isn’t a barrier.
According to Chapman, the lowest FICO score the company will consider is usually 550. At the same time, they offer excellent rates to borrowers with good credit.
Says Chapman, “In general, good candidates at OpenRoad Lending are borrowers who have improved their credit scores over the last six to 12 months—no matter where they started on the credit spectrum. Such folks who have shown that they’re paying off debt and serious about improving their financial situation are good candidates for a refinance.”
What is the OpenRoad Lending loan process like?
The OpenRoad Lending loan process features an easy, one-page application and speedy notification about whether or not you qualify for a loan. Their customer service is well-known for being excellent and easy to use.
Says Chapman, “All of our loan care specialists are trained experts in auto financing. We’re stateside and easily available via phone to talk to customers and help them figure out the best auto finance solutions.”
If customers don’t want to communicate via phone, OpenRoad Lending is happy to accommodate them via email or text. Says Chapman, “Our intent is to serve consumers however they want to be served. Some want hand-holding, while others would prefer to transact electronically using an OpenRoad Lending login.”
OpenRoad Lending loan application process
The OpenRoad Lending loan application is streamlined and easy to complete. The one-page online application can be completed quickly, and you will get an answer soon after.
Says Chapman about the application process, “We believe in making applying easy and straightforward, which is why there’s just one page to complete online.”
If you do decide to apply, keep in mind that filling out and turning in the application will initiate a credit check, and this could affect your credit score.
OpenRoad one-page online application
Simply fill out this one-page application, and you can expect a quick answer as to if you qualify for auto refinancing.
FAQ on OpenRoad Lending
What you need to know about OpenRoad Lending refinance loans?
OpenRoad Lending offers auto refinance loans and may be able to help people refinance at a lower interest rate or reduce their monthly payments. The company also sells extended service contracts and GAP coverage.
What to consider when refinancing loans through OpenRoad Lending?
Here are some of the things you need to know about OpenRoad Lending auto refinance options if you want to apply.
- Minimum income requirement: To apply for an auto refinancing loan, you must have a minimum gross monthly income of $1,500. Income from Uber or other taxi services does not qualify.
- Loan amount: The payoff amount on your current auto loan needs to be between $7,500 and $100,000.
- Educational resources: OpenRoad Lending offers a car refinance learning center with a variety of educational articles on auto refinancing.
- State Restrictions: Auto refinancing is not available to people in every state. Make sure to check if it’s available in your state before taking the time to apply.
How to apply for a loan from OpenRoad Lending?
OpenRoad Lending has a one-page online application. If you apply, OpenRoad Lending will run a soft inquiry to check your credit reports, which won’t affect your credit scores. You’ll also need to decide if you’re applying with a co-borrower.
Does refinancing hurt credit?
If you have determined that refinancing your auto loan is the right move at the right time, it is wise to understand the impact an auto loan refinance will have on your credit report. In the short term, the hard credit inquiries registered by new finance sources will lower your score by a few points.
Can I refinance my car if I’m upside down?
Yes, you technically can refinance an upside-down car loan, but it’s generally not a good idea. There are other ways to remedy your situation, and refinancing an upside-down car loan will probably only worsen your financial position in the long run.
OpenRoad Lending Review and Summary
With competitive interest rates and the ability to service borrowers with a wide range of credit scores, OpenRoad Lending is a good choice if you’re looking to refinance your auto loan. If you wish to reduce your monthly car payment amount or shorten the life of the loan, this is a good choice.
The OpenRoad Lending application is quick and easy. Within just a few minutes, you can determine if you qualify for a new loan. One downside is that applying will cause a credit check, and this may affect your credit score.
Click here to learn more about OpenRoad Lending and see if you qualify.
Julie Bawden-Davis is a widely published journalist specializing in personal finance and small business. She has written 10 books and more than 2,500 articles for a wide variety of national and international publications, including Parade.com, where she has a weekly column. In addition to contributing to SuperMoney, her work has appeared in publications such as American Express OPEN Forum, The Hartford and Forbes.