About lender
OpenRoad Lending, launched in 2009, is licensed as a direct lender, but it works with various lenders to pair applicants with them to offer customers used car loans with the best rates. OpenRoad is an authorized American Financial Services Association member with an A+ rate accredited by Better Business Bureau (BBB).
Auto loan refinancing and cash-out refinancing are available through OpenRoad Lending. OpenRoad offers auto loan refinancing, no matter whether it is a new or old car. Customers save, on average, over $100 a month on their loan payments. Additionally, the business provides other financing solutions: accident deductible reimbursement, vehicle servicing contracts, and GAP insurance. You also may include co-borrowers on your application.
Refinancing your car loan with OpenRoad Lending could be an excellent way to save money, especially if you can secure a lower APR. OpenRoad features affordable starting rates for those with the highest credit, but even those with bad credit who wish to get out of a bad auto loan may get acceptance here. OpenRoad Lending reviews are primarily positive, though some borrowers said they were approved for higher rates than their prequalification quotes.
Pros and cons
Pros
- The application process is one of the simplest
- Borrowers can apply either by phone or online
- Applicants often receive a pre-approved offer (or decline) in less than five minutes
- The company allows co-borrowers
- The website includes accessibility tools
- No application fee.
Cons
- Restrictions on automobiles eligible for refinancing
- The company may charge an origination fee of up to $199
- Once accepted, documentation may need to be faxed or mailed to complete the procedure
- Not accessible in every state.
Terms and conditions
OpenRoad Lending provides vehicle refinance loans and may be able to assist customers in refinancing at a reduced interest rate or lowering their monthly payments. In addition, the company sells extended service contracts and gap coverage.
The Texas-based auto finance company claims that refinancing auto loans saves customers an average of more than $100 each month. OpenRoad Lending does not provide refinancing for cars produced by Oldsmobile, Daewoo, Smart Cars, or Isuzu.
Through its customer referral program, the company pays existing customers to promote their friends and family. You can earn a $100 Mastercard gift card if you recommend someone to OpenRoad Lending.
OpenRoad Lending auto loan rates depend on the lender's criteria. You won't get the lowest interest rates if you have fair or bad credit, which means your monthly payment and total interest will be higher. However, the best rates are usually reserved for individuals with outstanding credit (a FICO score of 690 or higher).
- APR 3.24% – 17.99%;
- Loan Amounts $7,500 – $100,000;
- Term Lengths 24 – 72 months;
- Minimum income $18,000;
- Maximum vehicle mileage 140,000 miles;
- Maximum vehicle age eight years.
Funding a loan
After you submit your loan application, OpenRoad will provide you with several options for auto refinancing within minutes. If you are satisfied with OpenRoad, you can sign the loan paperwork electronically. Once authorized, you'll be able to check your loan offer promptly while still online.
If all your documentation is complete and precise, it should only take 7-10 business days to close your loan and transfer monies to your former lender. If your documentation is missing or incorrect, Open Road will contact you and require more time to finalize your loan. The company will then receive and process your completed form before sending you a Welcome Letter indicating the complete refinancing procedure. Do not wait because your approval is only valid for 30 days.
