Last Updated: 04/18/2025
OpenRoad Lending Auto Refinance
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Last Updated: 04/18/2025
SuperMoney User Recommendation Score +50
Strongly recommended8 total votes
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Highlights
Community Rating
Strongly recommended
Amount Range
$7,500 - $100,000
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APR (Fixed APR)
5.90% - 29.00%(Verified 12/09/2024)
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Credit Score Range
550 - 850
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Loan Term (Months)
36 - 84
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Number of Reviews
OpenRoad Lending Auto Refinance Review
OpenRoad auto refinance is an auto loan refinance offering by OpenRoad Lending, based in Fort Worth, TX. Founded in 2009, OpenRoad Lending offers auto refinance loans in 41 states (and Washington, DC).
Key Takeaways
- Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 550 are considered for OpenRoad Lending Auto Refinance.
- Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with OpenRoad Lending Auto Refinance.
- No origination fee. OpenRoad Lending Auto Refinance does not charge an origination fee for processing your loan application.
- Long loan terms. OpenRoad Lending Auto Refinance offers loan terms of up to 84 months. Most auto refinancing loans have a maximum term of 60 months.
OpenRoad auto refinance Pros & Cons
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OpenRoad auto refinance FAQ
How much can you borrow via OpenRoad auto refinance?
Auto refinance loan amounts start at $7,500 and go up to $100,000.
What are the auto loan refinancing rates offered through OpenRoad auto refinance?
OpenRoad auto refinance offers a fixed APR car loan refinancing product that ranges from 5.90% APR up to 29.00% APR.
What is the maximum loan term you can get with OpenRoad auto refinance?
OpenRoad auto refinance offers auto refinancing with terms ranging from 36 to 84 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.
Does OpenRoad auto refinance charge an origination fee on auto refinance loans?
No, OpenRoad auto refinance does not charge a loan origination fee for refinancing a car 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 auto refinance charge a late fee?
Yes, auto refinance loans via OpenRoad auto refinance are subject to late payment penalty fees .
Does OpenRoad auto refinance charge prepayment fees?
No, there is no prepayment penalty.
What do you need to qualify for OpenRoad Lending Auto Refinance?
Applicants with a credit score of at least 550 and up to 850 may be eligible for OpenRoad Lending Auto Refinance. The minimum age to be eligible is 24 or the state minimum, whichever is higher. OpenRoad Lending Auto Refinance does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by OpenRoad Lending Auto Refinance.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of income
- Proof of insurance
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of identity
What is the estimated funding time for a car loan refinance with OpenRoad auto refinance?
Auto refinance loan applications are typically funded within 7 to 10 days of approval.
Does OpenRoad Lending Auto Refinance report your account activity to credit bureaus?
Yes, OpenRoad Lending Auto Refinance reports to the following credit bureaus:
- Equifax
- Experian
- TransUnion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does OpenRoad Lending perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. OpenRoad auto refinance allows you to check your rates with a soft credit pull.
Is OpenRoad Lending a legit company?
OpenRoad Lending was founded in 2009, it is a well-established company that has been in business for 17 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
OpenRoad Lending Auto Refinance Disclosure: "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."
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from OpenRoad auto refinance
Message from our editor
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.
Average saving on monthly payments with an OpenRoad Lending refinance loan
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 fall within OpenRoad's limits. Check above for the lastest eligibility requirements.
- 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.
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