Many or all companies we feature compensate us. Compensation and editorial
research influence how products appear on a page.
Auto Loans

OpenRoad Lending Review

Best for bad credit

4.5 /5
LendEDU Rating
Auto Loan Refinancing
  • Competitive interest rates
  • Flexible loan terms
  • No prepayment penalties
  • Mileage rules to qualify
Rates (APR)4.29%17.99%
Repayment terms24 – 72 months
Loan amounts$7,500 – $100,000

OpenRoad Lending started in 2009. It specializes in auto refinancing loans and offers a streamlined way to lower your current car loan payments. By focusing on refinancing, OpenRoad Lending has carved out a niche for people looking to improve their finances through better loan terms.

But that’s not all it does. OpenRoad also provides loans for new and used vehicles. This way, customers can get all the financial help they need for their vehicles.

Our take on OpenRoad Lending’s auto loan refinance

If you’re thinking about refinancing your auto loan, OpenRoad Lending offers some great perks that might grab your attention. OpenRoad Lending is known for putting its customers first, and it could help you reduce your monthly car payments. 

We recommend OpenRoad Lending’s refinancing options if you have a stable monthly income and want to decrease your payment amounts or shorten your loan term. It’s especially good for people whose credit scores have increased since they took out their original auto loan. 

However, if your credit score hasn’t changed or your original loan already has the best rates, refinancing with OpenRoad Lending might not help much. 

Rates, terms, and more

OpenRoad Lending is known for lower rates and flexible financing options. Compared to other auto lenders, OpenRoad Lending stands out for its customer satisfaction, quick loan decisions, and hassle-free applications. Here’s how OpenRoad’s auto loan refinance compares to three other companies:

  • LightStream: Offers fixed-rate auto loans. It has a wider range of loan products beyond refinancing. LightStream caters to customers with good to excellent credit scores.
  • Capital One: Provides new and used auto loans as well as refinancing options. Capital One serves a wider range of credit profiles compared to OpenRoad Lending.
  • RateGenius: Similar to OpenRoad, but it operates through a network of lenders. It offers lower rates through competitive bidding.

Here are more details about OpenRoad Lending’s auto loan refinance:

RatesStarting at 4.29%
Loan amounts$7,500 – $100,000
Repayment terms24 – 72 months
RestrictionsNo commercial vehicles and/or vehicles for business use. Not available in AK, HI, ND, NV, WI
FeesNo application or refinance fees
Maximum LTV (loan to value)120% of the wholesale value of the vehicle

How do you repay an auto refinance loan from OpenRoad Lending?

According to OpenRoad’s customer service agents, you can choose repayment terms ranging from 24 to 72 months. This lets you adjust the time based on what you can afford each month. Companies like LightStream and Capital One also let you choose from various terms to pay back your loan.

How long you take to repay the loan affects how much it ultimately costs. Longer terms mean smaller monthly payments but more interest. Shorter terms mean bigger monthly payments but less interest, saving you money.

Who’s eligible for OpenRoad Lending’s auto loan refinance?

OpenRoad focuses on customers with an auto loan but who want to refinance for a lower monthly payment or different terms. If you’re thinking about OpenRoad Lending, here’s what you need to know:

Minimum borrower age18 years old
Maximum vehicle age8 years
Maximum vehicle mileage140,000 miles
BrandDoes not refinance Oldsmobile, Daewoo, Smart Cars, and Isuzu
DealershipThe vehicle must be purchased from a franchised dealership within your state of residence
Minimum credit scoreNot advertised 
Minimum incomeMinimum gross monthly income of $1,500 (income from Uber or other taxi services doesn’t qualify)

Pros and cons of OpenRoad Lending’s auto refinance loans


  • Low credit scores welcomed

    OpenRoad Lending does not advertise credit minimums online. However, it does say it will help people with various credit backgrounds, including those with low scores.

  • Quick loan decisions

    You can apply online or over the phone with no cost or obligation

  • No prepayment penalties

    OpenRoad Lending lets you pay off your loans early without a prepayment penalty. This helps you clear your debt sooner.


  • Vehicle restrictions

    OpenRoad Lending has set rules about how old and many miles a car can have to qualify for a refinance. So, if your car’s too old, you might be unable to refinance it with them.

  • Income restrictions

    A $1,500 minimum gross monthly income is required. Income from certain types of employment, like Uber, is excluded. These rules may limit access for some potential applicants.

  • Limited to franchised dealerships

    The rule that vehicles must be bought from a franchised dealership can limit those who prefer private sellers or independent dealers.

If OpenRoad Lending’s options don’t quite work for you, you might want to check out places like Capital One or LightStream. 

Capital One can help you finance a wider variety of vehicles, even older ones with more miles. LightStream is another choice that offers auto loans without needing any collateral, making it open to more people and vehicles.

Is OpenRoad Lending a reputable company? 

SourceCustomer ratingNumber of reviews
Better Business Bureau4.68/5952
Collected on April 13, 2024.

OpenRoad Lending is A+ accredited by the BBB. This shows its commitment to solving consumer complaints and maintaining high business standards. Customer reviews on TrustPilot are also mostly positive. Many reviewers acknowledge how much money they save and say the customer service is really helpful.

However, some reviews mention concerns about the loan terms and how they handle personal info. Most reviews suggest ways OpenRoad Lending could improve. Overall, OpenRoad Lending is trustworthy and a good option for anyone looking to refinance their auto loans, cut their payments, or adjust their loan terms.

Does OpenRoad Lending have a customer service team?

OpenRoad Lending’s customer service team is located in Fort Worth, Texas. The team is ready to answer any questions you have about the application, explain loan terms, and handle any hiccups. The team can also guide you on how to manage your accounts and set up a smooth repayment process. 

Need to chat with OpenRoad Lending’s customer service team? No problem! You can shoot them an email for loan or tech help, ring them up on the toll-free line during business hours, or drop them a letter at their mailing address. The team is available Monday through Friday from 8 a.m. to 7 p.m. CST.

  • Email: [email protected]
  • Phone number: (888) 536-3024
  • Mailing address: 5555 N. Beach St. Ste. 4100 Fort Worth, TX, 76137

How do I apply with OpenRoad Lending?

Here’s how to refinance your car loan with OpenRoad Lending:

  1. Fill out an online form: Go to OpenRoad Lending’s website and complete the form with your personal info, car details, and employment info. This step usually takes about 5-10 minutes.
  2. Get prequalified: Prequalification gives you instant feedback. At this stage you will review loan offers and pick the best one for you. This might take a few minutes to a couple of hours, depending on how you decide.
  3. Access your loan package: access your loan package online and verify your documents. Verification could take a few days.
  4. Get approval and say goodbye to your old loan: Once everything checks out, you’ll sign the final papers electronically. OpenRoad Lending will then pay off your current loan, and you’ll start paying them based on the new terms. The whole process, from start to finish, can take around two to three weeks.

What if I’m denied an auto loan refinance with OpenRoad Lending?

If OpenRoad Lending turns down your request to refinance your auto loan, don’t sweat it! You can reapply. Here are some typical reasons for getting denied:

  • Insufficient income: Try reapplying with a co-borrower.
  • Poor credit history: Work on boosting your credit score by paying bills on time and cutting down on debt. OpenRoad also allows coborrowers to help boost your credit. Consider adding one to your next application. 
  • Car value doesn’t cut it: Your vehicle might be too old or have too many miles on it.

It’s a good idea to wait until you’ve tackled the reasons for your first denial before reapplying to increase your chances of approval. You could also chat with a financial expert for a more tailored solution. 

Once you’ve tackled these common reasons for getting turned down, you’ll be in better financial shape and could secure that refinance down the road.


What credit score do I need to qualify for OpenRoad Lending auto loan refinance?

Generally, to qualify for an auto loan refinance with OpenRoad Lending, you need a credit score of 500 or higher. This isn’t a hard rule because it factors in other considerations, such as your income and current debt situation. 

How long does the application process take with OpenRoad Lending?

The auto loan refinancing application process is typically quick. Once you submit your application, OpenRoad Lending may review it and make a decision within a few business days.

Can I refinance my car loan with OpenRoad Lending if I’m underwater on my current loan?

Yes, it is possible to refinance your auto loan with OpenRoad Lending even if you’re underwater. Your application will be subject to approval based on factors such as your credit score and payment history.

Are there any fees associated with refinancing my auto loan through OpenRoad Lending?

OpenRoad Lending doesn’t charge application or refinance fees. However, depending on your loan terms and state of residence, additional third-party fees might be associated with the loan processing and documentation.

How much can I save by refinancing my auto loan with OpenRoad Lending?

The savings you would experience by refinancing your auto loan with OpenRoad Lending depend on your current loan’s interest rate and term. On average, OpenRoad Lending claims it can reduce borrowers’ monthly payments by up to $100.

Can I apply with a co-applicant or cosigner for an OpenRoad Lending auto loan refinance?

Yes, OpenRoad Lending allows you to apply for an auto loan refinance with a co-applicant or cosigner. This can be an option if you want to boost your chances of qualification, especially if you have a lower credit score or irregular income.

OpenRoad Lending auto loan refinance recap

ProductBest forLendEDU rating
Auto loan refinanceBest for bad credit4.5/5