Repayment of loan

Your payment schedule and manner may differ depending on the lender and criteria, such as your credit history. Generally, the higher your credit score, the fewer loan payments you will have to make and the more payment processing options you will have. In contrast, the lower your credit score, the more frequent and defined your payment options are.

Once OpenRoad Lending receives the payoff cash, your current lender will return any overpayment directly to you. Once the company has received all the necessary papers from you, OpenRoad Lending will make every effort to send the payback to your previous lender within ten business days. The time it takes for each lender to issue these returns varies.

You can download your Refinance Loan Package with payment options soon after approval.

Early payoff

OpenRod Lending is a network of lenders that specializes in auto loan refinancing. Some lenders will give you a small discount if you pay your car loan early, while others may charge you a penalty. So you need to check where your lender stands on early payment. Before you make hasty prepayments, you should inquire with your lender about repayment terms and any applicable fines and reductions.