OpenRoad Lending Auto Refinance
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OpenRoad Lending Auto Refinance
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OpenRoad Lending Auto Refinance

in Auto Loan Refinancing from OpenRoad Lending
SuperMoney Net Recommendation Score +71  


This product is strongly recommended by SuperMoney users with a score of +71, equating to 4.4 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Community Rating Strongly recommended
Credit Score Range 550 - 850
Loan Amount $7,500 - $100,000
APR  (Fixed APR) 2.49% - 24.00%
(Verified 09/09/2022)
Loan Term (Months) 36 - 84 months
Number of Reviews 7

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

  • APRs starting at 2.49%. The starting rates for OpenRoad Lending Auto Refinance are on the lower end of the spectrum.
  • 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.
  • Vehicle requirements. Vehicles must have less than 140,000 miles and a maximum age of 10 years.
  • Refinancing for large loan amounts. You can refinance auto loans of up to $100,000 with OpenRoad Lending Auto Refinance.
  • Hard credit pull required. You can't check your rates or see if you prequalify for OpenRoad Lending Auto Refinance without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the auto refinance loan early.
  • 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.
  • Minimum income of $18,000. You will need an annual income of at least $18,000 to apply for OpenRoad Lending Auto Refinance, which is below average for the lenders in our database

OpenRoad auto refinance Pros & Cons

Pros Cons
  • Low APRs available to qualified borrowers.
  • Available in 41 states.
  • Loan options with $0 origination fee.
  • Considers applicants with fair credit.
  • Considers older vehicles (max. 10 years)
  • APRs as high as 24.00%.
  • Do not offer pre-approval with soft credit pull.
  • Charges prepayment fees.
  • Charges a late fee.

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 2.49% APR up to 24.00% 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?

Yes, OpenRoad auto refinance 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 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.

To qualify for auto loan refinancing with OpenRoad Lending Auto Refinance, applicants need a minimum annual income of $18,000 or higher. OpenRoad Lending Auto Refinance only considers borrowers who are employed and meet the minimum income requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via OpenRoad Lending Auto Refinance. Their rates fall within the limits of The Military Lending Act.

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
  • Government issued photo ID
  • Proof of identity

What is the maximum mileage to refinance with OpenRoad Lending?

OpenRoad Lending is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 140000 miles on the odometer.

What is the maximum car age to refinance with OpenRoad Lending?

Only vehicles that are 10 years old or less can qualify for an auto refinance.

What is the estimated funding time for a car loan refinance with OpenRoad auto refinance?

Auto refinance loan applications are typically approved (or denied) within 24 hours and 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 your account activity to the following credit reporting agencies:

  • 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 improve your credit.

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: 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

It’s Time to Put Your Auto Loan Payment in ReverseSM and start paying less every month. Lower your car loan payment by taking advantage of our low rate auto refinance loans. Get a quick decision with no application fees. OpenRoad Lending has simplified the auto refinance process to help you save money each month on your monthly payment. Our expertise and lending partners are here to assist you in improving your financial situation. Refinancing is a great way to lower your monthly payment. Take advantage of our low rates in case you need to free up cash each month. If you love your car but not your payment, car refinancing is right for you.

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.

  1. 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.
  2. Loan amount: The payoff amount on your current auto loan needs to fall within OpenRoad's limits. Check above for the lastest eligibility requirements. 
  3. Educational resources: OpenRoad Lending offers a car refinance learning center with a variety of educational articles on auto refinancing.
  4. 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.


About OpenRoad Lending Auto Refinance


  Available in 41 states and Washington, D.C.
  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Missouri
  • Nebraska
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wyoming

Feature Breakdown

Application Fee $0
No Origination Fee
Origination Fee (%) 0%
Credit Score Range 550 - 850
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Individual Applications
Maximum Mileage 140,000
Maximum Vehicle Age 10
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 24
Minimum Annual Income $18,000
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Recent Pay Stubs
  • Proof of Income
  • Proof of Identity
  • Proof of Insurance
  • Government Issued Photo ID
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 7 - 10 days
Payment Options
  • Automatic Payments
  • Check by mail
APR (Fixed APR) 2.49% - 24.00%
(Verified 09/09/2022)
APR Type Fixed APR
Loan Term 36 - 84 months
Loan Amount $7,500 - $100,000

OpenRoad Lending Auto Refinance Community Reviews


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This product is strongly recommended by SuperMoney users with a score of +71, equating to 4.4 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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