OpenRoad Lending Auto Refinance Review

OpenRoad Lending Auto Refinance is an auto loan refinance offering by OpenRoad Lending, a lending platform 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 are the key eligibility criteria for OpenRoad Lending Auto Refinance auto loan refinancing?

Applicants with a credit score of at least 550 can apply for a loan via OpenRoad Lending Auto Refinance. 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
• Proof of income

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 loan payments to credit bureaus?

OpenRoad Lending Auto Refinance may report credit data to the following credit reporting agencies:

• Equifax
• Experian
• Transunion