Where does OpenRoad Lending do business?

OpenRoad Lending is based in Fort Worth, TX. It was founded in 1993 and offers auto refinance loans in 50 states (and Washington, DC).

How much can you borrow via OpenRoad Lending?

Auto refinance loan amounts start at $10,000 and go up to $100,000.

What are the auto loan refinancing rates offered through OpenRoad Lending?

APRs for auto refinance loans through OpenRoad Lending range from 1.9% to 21.9%.

Does OpenRoad Lending charge an origination fee on auto refinance loans?

No, OpenRoad Lending does not charge a loan origination fee for refinancing an auto loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does OpenRoad Lending charge a late fee?

Yes, auto refinance loans via OpenRoad Lending are subject to late payment penalty fees.

Does OpenRoad Lending charge prepayment fees?

Yes, OpenRoad Lending does charge borrowers a fee if they pay their loans early. Consider prepayment fees when you choose a lender because prepayment feees can reduce or even cancel the interest savings of repaying a loan early.

What are the key eligibility criteria for OpenRoad Lending auto loan refinancing?

Applicants with a credit score of at least 550 can apply for a loan via OpenRoad Lending. The minimum age to apply for a loan is 24 or the state minimum, whichever is higher.

To qualify, applicants may need to provide the following documentation:

  • Driver's license
  • Recent pay stubs

What is the estimated funding time for an auto loan refinance with OpenRoad Lending?

Auto refinance loan applications are typically approved (or denied) within 24 hours and funded within 1 to 7 days of approval

Does OpenRoad Lending report loan payments to credit bureaus?

OpenRoad Lending reports payment behavior to one or more of the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion 

  • Credit Score Range
    550 - 850
  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Joint Loan Applications Accepted
    Only Individual Applications
  • Maximum Mileage
  • Maximum Vehicle Age
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Minimum Age
  • Minimum Annual Income
  • Supported Income Types
    • 1099 Misc. Income
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
  • Verification Documents Required?
    • Recent Pay Stubs
    • Driver License (or other photo ID)
  • No Origination Fee
  • Approval Speed (Hours)
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Funding Time Range (in days)
    1 - 7
  • Payment Options
    • Automatic Payments
    • Check by mail
  • Loan Amount
    $10000 - $100000
  • APR
    1.9% - 21.9%
"Advertised rates depend on the individual’s credit and key financing characteristics, including but not limited to the Amount Financed, term, a loan-to-value (LTV) ratio of less than or equal to 80%, and other vehicle characteristics."
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