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OpenRoad Lending Auto Refinance

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OpenRoad Lending Auto Refinance

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in Auto Loan Refinancing from OpenRoad Lending

Net Recommendation Score +50% 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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APR  (Fixed APR) 1.9% - 24.9%
Credit Score Range 550 - 850
Loan Term 36 - 84 months
Loan Amount $10,000 - $100,000

OpenRoad Lending Auto Refinance Review

OpenRoad Lending 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).

How much can you borrow via OpenRoad Lending Auto Refinance?

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 Auto Refinance?

OpenRoad Lending Auto Refinance offers a fixed APR auto loan refinancing product that ranges from 1.9% APR up to 24.9% APR.

What is the maximum loan term you can get with OpenRoad Lending Auto Refinance?

OpenRoad Lending 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 Lending Auto Refinance charge an origination fee on auto refinance loans?

No, OpenRoad Lending Auto Refinance 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 Auto Refinance charge a late fee?

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

Does OpenRoad Lending Auto Refinance charge prepayment fees?

Yes, OpenRoad Lending 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 are 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 $1,500 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.

Only U.S. citizens and permanent residents can apply for a loan.

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

  • Recent pay stubs
  • Proof of income
  • 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 auto loan applications for vehicles with up to 100000 miles on the odometer.

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

Only vehicles that are 8 years old or less can qualify for an auto refinance.

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

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 can help improve your credit score.

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...

Contact

  • Headquarters
  •   5555 N Beach St Ste 4100
    Fort Worth, TX 76137 USA
  •   Visit Site

About OpenRoad Lending Auto Refinance

Availability

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

Feature Breakdown

No Origination Fee  
Application Fee $0
Origination Fee 0%
Minimum Age 24
Credit Score Range 550 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Minimum Annual Income $1,500
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Maximum Vehicle Age 8
Maximum Mileage 100,000
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Joint Loan Applications Accepted
  • Individual Applications
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
Funding Time Range (in days) 7 - 10
Approval Speed (Hours) 24
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Payment Options
  • Automatic Payments
  • Check by mail
Loan Amount $10K - $100K
Loan Term 36 - 84 months
APR (Fixed APR) 1.9% - 24.9%

OpenRoad Lending Auto Refinance Community Reviews

 

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