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).

• 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 a 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

Pros	Cons
Low APRs available to qualified borrowers. $0 origination fee. Considers applicants with poor credit. Fast funding. Considers older vehicles (max. 10 years)	APRs as high as 24.9%. Available in 41 states. Do not offer pre-approval with soft credit pull. Charges prepayment fees. Charges a late fee. No co-sign option.

How much can you borrow via OpenRoad Lending 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 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 $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 are, of course, eligible for the services offered by OpenRoad Lending Auto Refinance. Permanent resident / green card holders are also eligible to apply.

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 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 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.