OpenRoad Lending Auto Loan Refinancing: 2023 Review
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Our Take
The bottom line:
Best for applicants who want to see a pre-qualified loan offer with a rate estimate for auto loan refinancing.
Full Review
Pros & Cons
Pros
Borrowers work with Loan Care Agents who receive extensive training in auto refinancing.
Applicants receive a single pre-qualification offer (or decline), which limits borrower contact from network lenders.
Most lenders pre-qualify using a soft credit check.
Applicants have the option to apply by phone or online.
Website provides accessibility tools.
Allows co-signers and co-borrowers.
Cons
Most network lenders charge an origination fee up to $199.
Provides only one pre-qualified offer.
A few network lenders may use a hard credit inquiry for pre-qualification.
Social Security number required to submit initial application.
Not available in some states.
Compare to Other Lenders
Est. APR4.29-29.90% | Est. APR4.01-21.00% | Est. APR3.99-21.00% |
Loan amount$7,500-$100,000 | Loan amount$5,000-$100,000 | Loan amount$8,000-No max. |
Min. credit score500 | Min. credit score575 | Min. credit score550 |
Full Review
Established in 2009, OpenRoad Lending works with a network of lenders to match applicants to the best loan and rate for which they may qualify. OpenRoad Lending offers auto loan refinancing and cash-out refinancing. It does not offer auto purchase loans.
When applicants submit an application, OpenRoad Lending matches them with the best pre-qualification offer from its network of lenders. In the majority of cases, pre-qualification only requires a soft credit check which will not affect the applicant’s credit scores. Applicants should be aware that a few of OpenRoad Lending’s partner lenders could do a hard credit pull at this stage, which can temporarily lower an applicant's credit scores.
If they pre-qualify, applicants receive a single offer with a rate estimate. This offer may be conditional and dependent on the verification of additional information, such as proof of residence. Applicants work with OpenRoad Lending throughout the loan process and are not contacted by the lender until after the loan is finalized.
OpenRoad Lending says it works with applicants of all credit types. Those with lower credit scores can expect rates at the high end of OpenRoad Lending’s interest rate range.
OpenRoad Lending may be a good fit for those who:
Have car refinancing questions. OpenRoad Lending offers only auto refinance loans. Loan Care Agents are auto refi experts, and the OpenRoad website provides many educational resources.
Need more flexible credit requirements. OpenRoad Lending says it helps customers with all credit types. Only a few of its lending partners have a minimum credit score requirement, and the lowest for those that do is 500 — falling into the “very poor” range on the FICO scale. It also allows co-signers, which can help applicants who would have trouble qualifying for a loan on their own.
Need an accessible website. OpenRoad Lending provides accessibility tools on its website.
OpenRoad Lending is an auto loan aggregator, meaning it works with a network of lenders to match borrowers to loans. Aspects of your loan — such as lender fees, service and how your personal information is used — will depend on the lender selected.
OpenRoad Lending at a glance
Note that OpenRoad Lending works with many different lenders, so the information provided is general and can reflect the high or low end available among its lending partners.
More from OpenRoad Lending
OpenRoad Lending offers other car-related services, such as GAP insurance, auto insurance, extended service contracts and paintless dent repair service contracts.
In addition, the OpenRoad Lending website has educational resources, including an Advice Center with articles about auto financing and refinancing.
The site also provides information about OpenRoad’s social responsibility initiative, which gives employees paid time off from their regularly scheduled workday to give back to their communities.
Many lenders quantify how much money they save customers, and OpenRoad Lending says it saves clients over $100 a month on average in car payments. NerdWallet is unable to verify these claims.
OpenRoad Lending auto loan rates
Credit requirements vary by auto lender, but OpenRoad Lending’s lowest rates are typically available only to borrowers with good or excellent credit (around a FICO score of 690 and above). With fair or bad credit, you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for an auto refinancing loan. You can check your credit score before applying for a car loan.
To review OpenRoad Lending, NerdWallet sent OpenRoad Lending a survey requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.
on OpenRoad's website
Frequently asked questions
OpenRoad Lending is an auto financing company based in Fort Worth, Texas. The company was founded in 2009 and is accredited by the Better Business Bureau, where it has received an A+ rating. It has a 98% customer satisfaction rating on TrustSpot, a business review and reputation management platform.
OpenRoad has also been named a Dallas/Fort Worth Best and Brightest Company and a Best Place to Work by the Dallas Business Journal.
Currently OpenRoad Lending focuses only on auto refinancing. However in 2021, OpenRoad announced an investment from Clarion Capital Partners and indicated it would explore the possibility of offering additional auto loan products.
The OpenRoad Lending privacy policy states that personal information may be used for marketing by OpenRoad Lending, as well as joint marketing with other financial companies and affiliates. To limit sharing of personal information, customers can visit http://www.openroadlending.com/optout/ or call 1-888-536-3024.