OpenRoad Lending Auto Loan Refinancing: 2024 Review

Full Review of OpenRoad Lending

OpenRoad Lending works with a network of approximately 20 lenders to match applicants to the best auto refinance loan and rate for which they may qualify. Some lenders in its network also offer cash-out auto refinancing, so borrowers with vehicle equity may be able to receive cash with a new refinance loan. OpenRoad Lending does not offer auto purchase loans.

When applicants submit an application, an OpenRoad Lending representative will find and present the best lender offer — which includes a rate estimate and may show options for different terms and payment amounts. In the majority of cases, pre-qualification only requires a soft credit check which will not affect an applicant’s credit scores. However, some of OpenRoad Lending’s partners could do a hard credit pull at this stage, which can temporarily lower an applicant's credit scores.

Throughout the refinancing process, OpenRoad customers work with a loan care agent specifically trained in auto loan refinancing. Borrowers are not contacted by the lender until after the loan is finalized.

OpenRoad Lending says it works with applicants of all credit types. Those with lower credit scores can expect rates at the high end of OpenRoad Lending’s interest rate range.

Table of contents

OpenRoad Lending at a glance

OpenRoad Lending may be a good fit for those who ...

Do you qualify for an OpenRoad Lending auto loan?

How to apply for an OpenRoad Lending auto loan

How auto loan rates work and how we collect them

How do we review auto loan aggregators?

OpenRoad Lending at a glance

OpenRoad Lending works with many different lenders, so the information provided here is general and can reflect the high or low end available among its lending partners.

• Restrictions

  • Maximum vehicle age: 13 years.

  • Maximum vehicle mileage: 160,000 miles.

  • Other vehicle restrictions: No exotic cars or vehicles no longer being manufactured, like Ferrari and Oldsmobile. No commercial or business use vehicles.

  • Loan amount minimum: $8,000.

  • Loan amount maximum: $100,000.

  • Maximum loan-to-value ratio: 160%.

  • Refinance time restrictions: Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred. Some lending partners require at least a $7,500 balance remaining on a loan to refinance it.

  • Bankruptcy restrictions: No open bankruptcies.

• Other loan details

  • Approval speed: Immediate in most cases. Offers are good for 30 days.

  • Initial deferred payment: Up to 30 days.

  • Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible. Otherwise by check.

  • Selected payment due date: Borrowers are not able to select their payment due date.

  • Maximum debt-to-income ratio: 60%.

  • Hardship plans: Does not know if lending partners offer hardship options.

• More lender details

  • Contact options: Phone, email.

  • Availability: Mon-Fri 8 a.m.-7 p.m. CT.

  • Online resources: Offers an advice center with a limited number of auto-related articles, an auto financing calculator, a common finance terms glossary and auto refinancing FAQs.

  • Related services: Offers gap insurance, vehicle service contracts, auto and home insurance, paintless dent repair, credit score and monitoring, credit repair. These services are offered at an additional price. Also offers TrueCar car buying service.

OpenRoad Lending may be a good fit for those who:

• Need more flexible credit requirements. OpenRoad Lending has partners with no minimum credit history requirement, and the lowest minimum credit score requirement is 480 — falling into the “very poor” range on the FICO scale.

• Could benefit from having a co-applicant. Applicants can be matched to lenders that allow both co-signers and co-borrowers. Having a co-applicant can help borrowers who might not qualify alone.

• Need an accessible website. OpenRoad Lending provides accessibility tools on its website, such as the ability to increase or decrease text size or change the site background color.

Do you qualify for an OpenRoad Lending auto loan?

OpenRoad Lending’s basic eligibility requirements to apply for an auto refinance include the following:

• Must be at least 18 years old.

Here are OpenRoad’s minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

• Minimum credit score: 480.

• Minimum credit history: At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is 12 months.

• Maximum debt-to-income ratio: 60%.

• Minimum annual income: There is a minimum income requirement in all cases, with the lowest being $21,600.

Before you apply for auto refinancing

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents and information. OpenRoad Lending requires the following to submit an initial application: Social Security number, address, time at address, phone, email, birthdate, employment status, employer name, income, housing status, housing payment amount, basic vehicle information.

» MORE: Compare auto loan refinancing lenders

How to apply for an OpenRoad Lending auto refinance loan

1. Apply to pre-qualify on OpenRoad Lending’s website. Select “Apply” to submit information like employment status, income, housing information and basic details about your current car. You will also be required to provide a Social Security number to submit an application. OpenRoad Lending also has the option to apply by phone at 888-409-1903. At this point in the process, pre-qualification is typically done with a soft credit inquiry which will not affect your credit scores. However, some lenders could proceed with a hard credit inquiry, and that may cause a slight, temporary drop in your credit scores.

2. Discuss and accept your loan offer. If you pre-qualify, an OpenRoad loan care agent will present to you what they determine to be the best offer from a single lender. The lender’s offer may show you options for different loan terms and payment amounts.

3. Stay on top of your loan payments. According to OpenRoad Lending, all of its lending partners report loan payments to the three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments if available is a good way to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).