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OpenRoad Lending Auto Refinance Loans: 2018 Review

February 8, 2018
Auto Loans, Loans

Good for: refinance applicants who’ve recently bettered their credit scores

OpenRoad Lending refinances auto loans for a full spectrum of borrowers with poor to excellent credit.

OpenRoad Lending is a good fit for those who:

  • Have improved their credit in the past six to 12 months
  • Are serious refinance shoppers who don’t mind a hard credit check to see rates
  • Want access to a car buying service and other auto-related products

OpenRoad Lending at a glance

APR*1.9% - 24.9%
Loan amount$10,000 – $100,000
Minimum requirementsCredit score: 500
Income: $1,500/month
Hard credit check with application?Yes
Availability40 states
*APR is used to evaluate the true cost of borrowing money and includes the interest rate.

OpenRoad Lending review details

Founded in 2009, OpenRoad Lending specializes in auto refinance loans, but also offers an assortment of car-related financial products.

Refinance applications require a hard credit pull, which slightly lowers your credit score, to provide a rate quote. However, doing this not only “speeds up the process, but it allows for a real loan decision, not a pre-qualified loan decision,” says Don Chapman, the company’s chief marketing officer.

Still, your final interest rate can sometimes change, since it depends on verification of your car’s value. OpenRoad Lending works with several banks, credit unions and lending institutions to secure the lowest interest rate for a customer, Chapman says.

Car loan rates

While the best rate offered by OpenRoad Lending is 1.9%, this is available only to those with very good credit. Lenders can set their own requirements, but excellent credit is generally considered 720 or better, while 690 to 719 is good. The average credit score for OpenRoad Lending customers is 650.

Remember, if you have average or below-average credit you won’t get the lowest interest rate. This means your monthly payment will be more and, over time, you’ll pay more interest. If you know your credit score you can get an idea of the rate you might qualify for.


  • Co-signers allowed
  • No application fee; late payment fees vary by lender
  • Borrowers are not obligated to accept an offer


  • Maximum vehicle age: 10 years
  • Maximum vehicle mileage: 150,000 miles
  • Loan terms: 36 to 84 months (NerdWallet doesn’t recommend loans longer than 60 months)
  • Ineligible vehicles: Includes certain makes such as Oldsmobile, Daewoo, Isuzu and smart cars
  • Not available in Alaska, Hawaii, Minnesota, Mississippi, Montana, Nevada, New Hampshire, North Dakota, South Dakota and Wisconsin

How OpenRoad Lending compares

Compared to other auto refinance lenders we reviewed, OpenRoad Lending has a mid-range monthly income requirement, while its minimum loan amount is on the high end of the spectrum. The chart below shows how OpenRoad Lending compares to other auto refinance lenders. (Some companies provide loans directly, while others shop for loans for you from a network of lender partners.)

CompanyMinimum FICOMinimum monthly incomeLoan amountMaximum vehicle age/mileageHard credit pull?
MyAutoloan 500$1,100$7,500 - $100,00010 yrs / 125,000 miYes
OpenRoad Lending500$1,500$10,000 - $100,00010 yrs / 150,000 miYes
$7,500 - $45,00010 yrs /
138,000 mi
Lending Club510No restriction$5,000 - $55,00010 yrs / 120,000 miNo
RateGenius525$2,000$10,000 - $90,00010 yrs / 150,000 miYes
CarFinance.com525No restriction$7,500 - $45,0008 yrs / 100,000 miYes
IFS550$1,500$5,000 - $100,00010 yrs / 100,000 miYes
Consumers Credit Union555$500; $2,000 preferred$250 - $500,000No restrictionYes
Capital One560$1,500 - $1,800 $7,500 - $40,0007 yrs / No restrictionNo
Autopay600$2,000$5,000 - $100,00011 yrs / 125,000 miNo
LightStream660No restriction$5,000 - $100,000No restrictionYes

More from OpenRoad Lending

OpenRoad Lending also offers a number of additional products, features and services to assist borrowers. These include a car-buying service and referrals for gap insurance, home and auto insurance, extended service contracts and paintless dent repair service contracts. In addition, the site has a blog with consumer advice, a glossary of financial terms and a free credit repair consultation from a partnering firm.

Shopping for an auto loan


Updated March 5, 2018.


To review OpenRoad Lending, NerdWallet collected more than 25 data points from the lender, interviewed the company’s chief marketing officer, reviewed the online loan application and compared the lender with others that seek the same customer or offer a similar product.

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