OpenRoad Lending Review
OpenRoad Lending offers auto refinancing with competitive rates and a simple online application process. However, the company also places some restrictions on its loans that may ultimately make other options more suitable for you.

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What we like:
OpenRoad touts “lower rates and amazing savings” for hundreds of thousands of customers.
APR | 3.24% – 17.99% |
Loan Amounts | $7,500 – $100,000 |
Loan Terms | 24 – 72 months |
Origination Fee | None |
Key Points:
- OpenRoad offers auto loan refinancing for new or used cars. Customers save over $100 a month on average on their loan payments
- The company also offers GAP protection, vehicle service contracts, and accident deductible reimbursement
- Co-borrowers are allowed on your application
If you have an auto loan, refinancing might be an option to help you lower your monthly car payment. To refinance an auto loan, you take out a new loan to pay off the existing one. The goal in refinancing is to find a new loan that has a lower interest rate, which will lower your monthly payment and save you money.
OpenRoad Lending offers auto refinancing for people who meet minimum income requirements. OpenRoad may be a good fit for people who have improved their credit scores since first taking out their loan, a credit score is a major determining factor when it comes to interest rates. OpenRoad doesn’t offer refinancing for vehicles more than eight years old or with more than 140,000 miles.
In this review:
- OpenRoad Overview
- Pros & Cons
- Eligibility Requirements
- Application Process
- What Else OpenRoad Offers
- How to Contact OpenRoad
- OpenRoad Alternatives
OpenRoad Lending Auto Loan Refinancing: At a glance
OpenRoad Auto Refinance | |
APR | 3.24% – 17.99% |
Loan Amounts | $7,500 – $100,000 |
Term Lengths | 24 – 72 months |
Minimum Income | $18,000 |
Maximum Vehicle Age | 8 years |
Maximum Vehicle Mileage | 140,000 miles |
OpenRoad offers low interest rates for those who qualify. However, they do have restrictions on what vehicles qualify for refinancing. For instance, your vehicle can’t be older than eight years and it must still be manufactured.
While their requirements for refinancing can be restrictive, for those who qualify, they offer a number of additional services like an auto buying service and Guaranteed Auto Protection (GAP).
The majority of the refinancing application process can be done online. You can receive approval within minutes.
Pros and cons of OpenRoad auto loan refinance
Pros
- You’ll get a decision about your application within a matter of minutes
- If you choose to, you can add a co-borrower to your application
- OpenRoad has an A+ rating from the BBB
Cons
- You must have an annual minimum income of $1,500 to qualify, whereas some lenders don’t require a minimum income
- The maximum vehicle age is eight years, which is less than at some other loan refinancing companies
- Self-employed persons don’t qualify for refinancing
- Their APR is relatively low, but if you are a strong applicant you may find even lower rates from other refinancing companies
Who’s eligible to get an OpenRoad auto refinance loan?
OpenRoad lending is available in all states except for Alaska, Hawaii, Minnesota, Mississippi, Montana, Nevada, New Hampshire, North Dakota, South Dakota, and Wisconsin. Borrowers in one of the eligible states must have:
- A minimum annual income of $1,500 or more, not including income from a ride-sharing or taxi service or from self-employment
- A loan payoff amount between $7,500 – $100,000
- A car that is eight years old or newer and has less than 140,000 miles
- Maximum loan-to-value ratio of 125%
There are restrictions on the make and type of car you can refinance. Ineligible vehicles include Daewoos, Smart Cars, Isuzus, commercial vehicles, motorcycles, recreational vehicles, large trucks with over ¾ ton payload capacity, and any vehicle that is no longer being manufactured.
Applying for an OpenRoad auto refinance loan
Applying for an auto refinancing loan with OpenRoad is easy and can be done online. To apply, you’ll start with an online application that includes:
- Personal information: Your name, Social Security number, email address, and date of birth
- Contact information: Your address, including how long you’ve lived at that address
- Monthly expenses: Your monthly mortgage or rent payment
- Income information: Your employer, job title, monthly income, how long you’ve worked at your job, and any other income information
- Vehicle information: Year, make, and model of your car; your current mileage, VIN number, and current lienholder
After that, the process follows these steps:
- If you’re applying with a co-borrower, you will also need to submit their personal, contact, income, and employment information.
- Once you’ve applied, you should have your decision back within minutes. If approved, you’ll receive a pre-qualified loan offer that is good for a period of time. You’ll then need to provide documentation proving your income, provide more information about the loan you’re refinancing, and sign a loan security agreement.
- Your completed documents will either need to be faxed or mailed overnight to OpenRoad.
- If all of your documents are complete, OpenRoad will pay off your existing lender within 7-10 business days. You will receive a welcome letter notifying you that your refinancing has been done.
What else OpenRoad offers
OpenRoad offers other products to its customers. These include:
- Guaranteed Asset Protection (GAP): With GAP coverage, you’ll be covered in the event that your vehicle is declared a total loss (due to theft, fire, accident, etc). If your insurance coverage is less than what you owe on your loan, GAP coverage will make up the difference so you don’t owe anything.
- Auto and Home Insurance: Answer Financial provides home and auto insurance through a partnership with OpenRoad. You can apply to get an insurance quote.
- Extended service contracts: An extended service contract can cover maintenance costs of your car, even after the warranty has expired.
- Paintless dent repair (PDR) plus Auto Deductible Reimbursement (ADR): Protect your car from dents with easy, quick dent repair. Plus, you’ll also get deductible reimbursement of up to $500 included in your PDR policy.
- Credit repair and counseling: Receive a free credit consultation from Lexington Law.
- Auto Buying Service: A free service that lets you see what previous buyers paid for a car and get a price on a car before you talk to a dealer.
How to contact OpenRoad
You can contact a loan care agent at OpenRoad Lending multiple ways:
Email: If you have questions about their products or your loan application status, you can email them at [email protected]
Phone: You can call an OpenRoad representative toll free at (888) 536-3024
Mail: 5555 N. Beach St. Ste. 4100 Fort Worth, TX. 76137
Where to find alternatives to OpenRoad
It’s always best to shop around before deciding which company will offer you the best loan refinancing option. You can find the best auto loan refinance companies rated by our Editorial Team to help you get started. If you’re looking for a new car loan, check out the best auto loans.
How we rated OpenRoad’s auto refinance loan
OpenRoad received a 4.08/5 rating from LendEDU, making it our fourth-highest rated auto loan refinance company. Ratings are based on APRs, term lengths, borrowing limits, maximum car age, maximum miles on car, BBB rating, and state eligibility. Learn more about our rating methodology here.
Author: Erica Gellerman
