Investopedia’s Rating 3.8 Our Take OpenRoad Lending has a long list of qualifications to be eligible for a refinance loan. If you are able to bob and weave around those requirements, however, you may qualify for a great interest rate on refinancing your auto loan—if you have equally great credit, that is. If you don’t have good credit, OpenRoad is more willing to work with you than most other lenders, although you’ll pay a premium for it. Pros and Cons Pros Good customer ratings Accepts borrowers with low credit scores High loan-to-value (LTV) ratios Cons Doesn’t refinance trucks Doesn’t offer pre-qualification Doesn’t allow self-employed applicants Doesn’t allow co-signers; only co-borrowers Key Takeaways Company Overview OpenRoad Lending is based in Dallas, Texas, and has been around since 2009. It offers auto loan refinancing in most U.S. states and it has an overall good reputation among its customers, even if its website and the technology it uses to process loan applications can seem a bit antiquated at times. Table of Contents OpenRoad Lending Auto Loan Review 2024 Pros Explained Cons Explained Loan Types Time to Receive Funds Borrower Requirements Vehicle Requirements Loan Features Customer Service Customer Satisfaction How to Apply Alternatives Final Verdict Methodology OpenRoad Lending specializes in one type of loan: auto loan refinances. Although it may have offered loans to purchase cars in the past, only refinancing is available to apply for today. OpenRoad is a relatively slow lender, taking from seven to 10 business days from the time you apply to finalize your loan application and pay off your old loan (if you’re approved). Since OpenRoad’s loan approval offer is only valid for 30 days, that means a third of this entire period may be spent just waiting on OpenRoad—an important thing to keep in mind in case the company requests any more information on your part. In order to qualify, you’ll need to meet certain credit and income qualifications. OpenRoad is much more accepting of low credit scores than most lenders, but it has some interesting rules when it comes to your income. It doesn’t count any income you earn from rideshare side hustles like Uber or Lyft, for example, nor any other self-employment income. Compared with some other lenders, OpenRoad allows you to finance higher-mileage vehicles but has a lower cap on your vehicle’s age. It also has some particular sticky restrictions on which types of vehicles you can refinance: OpenRoad offers a few notable features: OpenRoad charges a relatively steep origination fee, but this is accounted for in a loan’s annual percentage rate (APR)—making the APR a better comparison tool than interest rate as you shop around with other lenders. OpenRoad Lending allows you to apply with a co-borrower if you prefer, but not a co-signer. It’s a subtle difference, but an important one. A co-signer is only liable to repay the loan if you default, and has no rights to your car. If you apply with a co-borrower, on the other hand, they’ll be listed on your car’s title along with you—meaning they will also be a legal owner of your car. If you’re just looking for help in qualifying for an auto loan but don’t necessarily want to share ownership of your car with someone else, we would recommend finding a lender that allows you to refinance with a co-signer instead. OpenRoad offers a relatively limited number of customer support options. Currently, you can only email or call the company during limited customer support hours if you need assistance with applying for or managing your auto loan refinance. OpenRoad has a good reputation according to actual customer reviews on popular websites. There aren’t any glaring legal actions taken against OpenRoad Lending by past customers. However, the state of California did issue the company a $2,500 fine in 2018 for allowing unlicensed contractors to process auto loan applications that California residents had submitted. OpenRoad Lending doesn’t offer pre-qualification, so you’ll need to make sure you’re truly ready to apply for a refinance loan before you submit any information. Once you are ready, the application process is pretty quick, even if actual funding takes longer. Aside from a long list of exclusions, OpenRoad Lending stands out for the potential for a very low rate and a wide acceptance of most credit scores. This makes it worth checking your rates if you’re in the market for an auto loan refinance, especially if you have very good credit or credit challenges. Just be aware that costs may be high if you are approved with poor credit, although this is fairly typical among lenders. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate providers, we collected hundreds of data points across more than 20 auto loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. We also conducted a survey of 1,016 auto loan borrowers for attitudes and opinions about lenders and the loan approval and disbursem*nt process. See our full auto loan review methodology for more information. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. OpenRoad Lending. "Refinance Your Vehicle." Trustpilot. "OpenRoad Lending." Experian. "Consumer Preference Shifted Towards Full-Size Pickup Trucks in Q3 2022." OpenRoad Lending. "Auto Refinance Questions | FAQs." OpenRoad Lending. "Ready to Lower Your Car Payment?" OpenRoad Lending. "New or Used Car Loans." OpenRoad Lending. "What Are the Minimum Requirements?" Upsolve. "Co-signer Rights, Responsibilities, and Considerations." State of California Department of Business Oversight. "Desist and Refrain Order Pursuant to Financial Code Section 22712." Pros Explained
Cons Explained
Types of Auto Loans Offered by OpenRoad Lending
Refinance Auto Loans
Time to Receive Funds
Borrower Requirements
Vehicle Requirements
OpenRoad Lending Auto Loan Features
Co-Signers and Co-Applicants
Customer Service
Customer Satisfaction
How to Apply for an OpenRoad Lending Auto Loan
Alternatives to OpenRoad Lending
OpenRoad Lending PenFed AUTOPAY Loan Types Offered Refinance, lease buyout New, used, refinance, cash-out refinance, lease buyout, New, used, refinance, cash-out refinance, lease buyout, motorcycle States Available All states and D.C. except AK, HI, ND, NV, WI All states, D.C., Puerto Rico All states and D.C. Refinance APR Range 1.99%–29.90% As low as 4.74% 4.67% and up Refinance Loan Amounts $7,500–$100,000 Up to $150,000 $2,500–$100,000 Refinance Loan Terms Not disclosed 36–72 months 24–96 months Minimum Time to Receive Loan 3 days Same day Not disclosed Recommended Minimum Credit Score 500 Not disclosed 500 Maximum Accepted Mileage 160,000 miles 125,000 miles 150,000 miles Maximum Accepted Age Not disclosed None 10 years Maximum Accepted Loan-to-Value Ratio 180% 125% Not disclosed Final Verdict
Methodology
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