LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
OpenRoad Lending: Auto Refinance Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
OpenRoad Lending At a Glance
Best for: Auto refinance borrowers of all credit profiles.
Auto Loan Refinance
A minimum FICO Score of 500
|See If You Qualify|
Refinancing your auto loan with OpenRoad Lending could be a good way to save money, especially if you’re able to secure a lower APR. OpenRoad has competitive starting rates for those with the strongest credit, but even poor-credit borrowers who want out of a bad auto loan may find approval here. OpenRoad Lending reviews are mostly positive though some borrowers said they were approved for rates that were higher than their prequalification quotes.
Pros and cons of refinancing through OpenRoad Lending
OpenRoad Lending partners with a network of lenders to offer auto refinance loans across 43 states. That means you could potentially receive multiple offers in one place with a soft credit check.
|Pros of OpenRoad Lending||Cons of OpenRoad Lending|
| All online: You could complete the entire refinance process from the comfort of your home.
Quick response: You could see loan options within minutes of submitting an application.
No fees: OpenRoad doesn’t charge any application fees to borrowers.
Soft credit pull: Partner lenders will only conduct a hard credit inquiry after you accept an offer.
| Not available in all states: OpenRoad does not offer refinance loans in Alaska, Hawaii, New Hampshire, Nevada, North Dakota, South Dakota, Vermont or Washington, D.C.
Potential marketing calls: OpenRoad’s online form asks that you agree to marketing phone calls and texts.
Rates may vary: Your final APR may be higher than your initial offer, once the lender conducts a hard credit check.
Word to the wise. OpenRoad offers several add-on products, including guaranteed asset protection (GAP) and extended car warranties. These typically cost hundreds or thousands, but they can sound inexpensive when folded into your new car payment. Our advice: Ask for the payment without the add-ons. Don’t be afraid to say no to add-ons if you don’t want them.
Who is OpenRoad best for?
OpenRoad is a good fit for borrowers with steady incomes — self-employed borrowers are prohibited — who have at least 36 months remaining on their auto loan and a vehicle that is eight model years old or newer with fewer than 150,000 miles. Those looking to refinance a motorcycle, RV or commercial vehicle should look elsewhere.
Those with excellent credit scores will most likely receive their best rates. If you’ve improved your credit since taking out your original auto loan or your financial situation has improved, refinancing to a lower rate could lower your monthly car payment. Those with less-than-stellar credit could still benefit by refinancing to a different term — if you choose a longer loan, the downside is that you may pay more interest in the long run.
Either way, one of the best ways to get the best deal for you is to compare rates from multiple refinance companies.
How to apply to OpenRoad Lending
The application process starts on the OpenRoad website where you’ll be asked to follow these steps:
1. Describe your refinance goal:
- Lower your payment
- Lower your rate
- Get an overall savings
There is an “other” option if your goal is to remove a cosigner or something else.
If your main goal is to pay less on your bills each month and refinancing looks a bit paperwork-heavy, there are other options for lowering your car payment.
2. Supply information about yourself, your vehicle and your cosigner:
- Personal info: Name, date of birth, address, email address, phone number, Social Security number
- Employment data: Income, job position, employer name — you’ll need gross monthly income of at least $1,500
- Vehicle information: Year, make, model, mileage, vehicle identification number (VIN)
- Name of your current lender: Your loan payoff should be between $7,500 and $80,000
3. Select and download your loan package
Within a few minutes of submitting your loan application, you may be presented with one or several auto refinance offers from which to choose. Compare them with other offers. Whether you have great credit or poor credit, it’s always a good idea to check out offers from your local credit union, bank or online lender as well. If you like what you see from OpenRoad, download the loan package to finalize the details and sign on the dotted line.
OpenRoad Lending versus competitors
OpenRoad Lending offers a lower starting rate than big-name banks like Capital One and Bank of America. However, other online competitors beat OpenRoad and offer more flexible terms.
|OpenRoad Lending||MotoRefi||Bank of America|
|Terms||36–72 months||24–84 months||12–75 months|
|Fees||None||$399 application fee||None|