Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Auto Loans OpenRoad Lending Review Updated Jun 13, 2023   |   5-min read Reviewed by Jeff Gitlen, CEPF® Reviewed by Jeff Gitlen, CEPF® Expertise: Student loans, personal loans, home loans, insurance, credit cards Jeff Gitlen, CEPF®, is the director of content operations at LendEDU. He graduated from the Alfred Lerner College of Business and Economics at the University of Delaware. Learn more about Jeff Gitlen, CEPF® Learn MoreEditorial RatingEditorial RatingWhat we like:OpenRoad touts “lower rates and amazing savings” for hundreds of thousands of customers.APR3.24% – 17.99%Loan Amounts$7,500 – $100,000Loan Terms36 – 84 monthsOrigination FeeNoneSee how this company compares to top-rated auto loansCompare Auto Loans 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 with a lower interest rate, lowering your monthly payment and saving 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 for interest rates. OpenRoad doesn’t offer refinancing for vehicles over 15 years old or with more than 160,000 miles. In this review: OpenRoad OverviewPros & ConsEligibility RequirementsApplication ProcessWhat Else OpenRoad OffersHow to Contact OpenRoadOpenRoad Alternatives OpenRoad Lending Auto Loan Refinancing: At a glance OpenRoad Auto RefinanceAPR3.24% – 17.99%Loan Amounts$7,500 – $100,000Term Lengths36 – 84 monthsMinimum Income (monthly)$2,000Maximum Vehicle Age13 yearsMaximum Vehicle Mileage160,000 miles OpenRoad can offer low interest rates for those who qualify. However, they do have restrictions on what vehicles qualify for refinancing. While their requirements for refinancing can be restrictive, for those who qualify, they offer several 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 a monthly minimum income of $2,000 to qualify, whereas some lenders don’t require a minimum income Self-employed people don’t qualify for refinancing APR is low, but strong applicants 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, Nevada, New Hampshire, and Wisconsin. Borrowers in one of the eligible states must have: A minimum monthly income of $2,000 or more, not including income from a ride-sharing or taxi service or from self-employmentA loan payoff amount between $7,500 and $100,000A car that is 13 years old or newer and has less than 160,000 miles 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 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 birthContact information: Your address, including how long you’ve lived at that addressMonthly expenses: Your monthly mortgage or rent paymentIncome information: Your employer, job title, monthly income, how long you’ve worked at your job, and any other income informationVehicle 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 must either be faxed, mailed, or sent via DocuSign to OpenRoad.If all of your documents are complete, OpenRoad will pay off your existing lender within 7 to 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: Branch 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.