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 requirements Credit score: 500
Hard credit check with application? Yes
Availability 40 states
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.
APPLYING TO OPENROAD LENDING
- 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.)
|Company||Minimum FICO||Minimum monthly income||Loan amount||Maximum vehicle age/mileage||Hard credit pull?|
|MyAutoloan||500||$1,100||$7,500 - $100,000||10 yrs / 125,000 mi||Yes|
|OpenRoad Lending||500||$1,500||$10,000 - $100,000||10 yrs / 150,000 mi||Yes|
|SpringboardAuto||500||$2,000||$7,500 - $45,000||10 yrs /|
|Lending Club||510||No restriction||$5,000 - $55,000||10 yrs / 120,000 mi||No|
|RateGenius||525||$2,000||$10,000 - $90,000||10 yrs / 150,000 mi||Yes|
|CarFinance.com||525||No restriction||$7,500 - $45,000||8 yrs / 100,000 mi||Yes|
|IFS||550||$1,500||$5,000 - $100,000||10 yrs / 100,000 mi||Yes|
|Consumers Credit Union||555||$500; $2,000 preferred||$250 - $500,000||No restriction||Yes|
|Capital One||560||$1,500 - $1,800||$7,500 - $40,000||7 yrs / No restriction||No|
|Autopay||600||$2,000||$5,000 - $100,000||11 yrs / 125,000 mi||No|
|LightStream||660||No restriction||$5,000 - $100,000||No restriction||Yes|
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.