OpenRoad Lending Auto Refinance Loans: 2021 Review

OpenRoad Lending refinances auto loans for applicants who have recently improved their credit scores.
Philip ReedDec 4, 2020

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Our Take

The bottom line: Best for auto refinance applicants who want to compare offers from multiple lenders.

Learn More

on OpenRoad's website

Min. Credit Score


Loan Amount

$7,500 - $100,000

Pros & Cons


  • Prequalify with a soft credit check.
  • Allows co-applicants.


  • Vehicle restrictions.

Compare to Other Lenders

Learn MoreLearn MoreLearn More
Min. Credit Score


Min. Credit Score


Min. Credit Score


Est. APR


Est. APR

2.05 - 29.40%

Est. APR

1.99 - 17.99%

Loan Amount

$7,500 - $100,000

Loan Amount

$5,000 - $99,000

Loan Amount

$5,000 - $100,000

Full Review

To review OpenRoad Lending, NerdWallet collected and compared more than 15 data points with other lenders that seek the same customer or offer a similar product.

OpenRoad Lending refinances auto loans for a full spectrum of borrowers with bad to excellent credit (720 FICO and up.)

OpenRoad Lending may be a good fit for those who:

  • Have improved their credit score: The best rates are available to borrowers with excellent credit.

  • Want access to other products: OpenRoad gives borrowers access to a car buying service and other auto-related products.

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 your personal information, including your address, employer, monthly income and vehicle make, model and mileage.

Keep in mind, your final interest rate can sometimes change, since that 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, and one of those lending partners may use a hard credit check in its underwriting process.

OpenRoad Lending auto loan rates

OpenRoad’s best rates are available only to those with excellent credit.

Having fair or bad credit most likely 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.

Loan example: For a nonprime borrower (FICO score between 601 to 660), a $10,000 car loan with a repayment term of 36 months and an interest rate of 8% would carry monthly payments of $313, according to NerdWallet’s auto loan calculator.

Applying to OpenRoad Lending

  • Co-applicants allowed.

  • No application fee; late payment fees vary by lender.

  • Borrowers are not obligated to accept an offer.

OpenRoad Lending restrictions

  • Minimum monthly income: $1,500.

  • Maximum vehicle age: 8 years.

  • Maximum vehicle mileage: 140,000 miles.

  • Maximum loan to value ratio: Did not answer.

  • Loan terms: Did not answer (NerdWallet doesn’t recommend loans over 60 months).

  • Ineligible vehicles: Includes certain makes such as Oldsmobile, Daewoo, Isuzu and smart cars.

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.

Frequently asked questions