Where does OpenRoad Lending do business?

OpenRoad Lending is based in Fort Worth, TX. It was founded in 1993 and offers auto loan refinancing in50 states (and Washington, DC).

What are OpenRoad Lending’s auto loan refinancing rates?

OpenRoad Lending offers refinance loans with APRs starting at 1.9% and up to 21.9%.

What is the maximum loan term for a OpenRoad Lending refinance loan?

OpenRoad Lending offers auto refinancing loans with terms of up to 84 months.

Does OpenRoad Lending charge an origination fee?

No, OpenRoad Lending does not charge a loan origination fee for refinancing an auto loan. Some lenders charge origination fees for processing, underwriting, and funding a loan. These fees can range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does OpenRoad Lending charge a late fee?

Yes, OpenRoad Lending charges borrowers with a late payment penatly fee.

Does OpenRoad Lending charge prepayment penalties?

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

What is OpenRoad Lending’s eligibility criteria?

OpenRoad Lending requires borrowers to have a credit score of at least 550 to apply for auto loan refinancing.

To qualify, applicants must provide the following documentation:

  • Driver's license
  • Recent pay stubs

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

OpenRoad Lending will typically approve (or deny) a loan application within 24 hours and fund auto refinance loans within 1 and 7 days of approval

Does OpenRoad Lending report loan payments to credit bureaus?

Making regular payments to a lender that reports to one or more credit bureaus may help you improve your credit score. OpenRoad Lending reports credit data to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion 

  • Payment Options
    • Automatic Payments
    • Check by mail
  • Max Loan Term (Months)
  • Credit Score Range
    550 - 850
  • 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
  • APR
    1.9% - 21.9%
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 7
  • Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
  • Loan Amount
    $10000 - $100000
"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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