OpenRoad Lending Auto Loan Refinancing: 2022 Review

OpenRoad Lending specializes in auto loan refinancing and works with a network of lenders to match applicants to the lowest-rate loan offer.

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Our Take

The bottom line:

Best for applicants wanting fast preapproval for an auto refinancing loan. Bad- or fair-credit borrowers may qualify.

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Learn more

on OpenRoad's website

Pros & Cons


  • Borrowers work with loan care agents who receive extensive training in auto refinancing.

  • Applicants typically receive preapproved offer (or decline) in five minutes or less.

  • Applicants have the option to apply by phone or online.

  • Website provides accessibility tools.


  • May charge an origination fee up to $199.

  • Social Security number required to submit initial application.

  • Not available in some states.

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Full Review

Established in 2009, OpenRoad Lending is licensed as a direct lender, but it 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 will match them with lenders in its network to see if they pre-qualify. 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, if the applicant is matched to one of these lenders. A hard credit pull can temporarily lower an applicant's credit scores.

If a pre-qualification match is found, OpenRoad Lending proceeds with processing the application to return a preapproved offer, which may be conditional and dependent on the verification of additional information, such as proof of residence.

OpenRoad Lending also offers cash-out refinancing of up to $2,000, meaning borrowers with vehicle equity may be able to receive cash with their refinance loan. Borrowers should weigh the pros and cons of cash-out auto refinancing.

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.

  • Want a preapproved offer:  Like other lenders, OpenRoad Lending prequalifies with a soft credit check, but it then determines the best, single lender match and returns a preapproved offer, or decline, in minutes.

  • Need an accessible website: OpenRoad Lending provides accessibility tools on its website.

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.

Application process
  • Origination fee: Yes, up to $199. Varies by lender.

  • Personal information needed: Social Security number or ITIN, address, time at address, phone, email, birthdate, employment status, employer name, housing status, housing payment.

  • Pre-qualification available: Yes, but borrower does not receive multiple pre-qualification offers for comparison. If they pre-qualify, OpenRoad then provides a preapproved offer with the lowest rate.

  • Online, in-person or both: Application online, some documentation mailed.

  • Approval speed: Preapproval typically in five minutes or less.

  • Funding: One day or less after loan closing.

  • Minimum FICO credit score: 500.

  • Minimum credit history: Four months.

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: Did not disclose.

  • Bankruptcy-related restrictions:  Discharged bankruptcies are OK.

  • States covered: Not available in HI, MA, NV, ND, VT, WI.

  • Maximum vehicle age: 12 years.

  • Maximum vehicle mileage: 150,000 miles.

  • Other vehicle restrictions: Makes no longer manufactured aren’t eligible, such as Pontiac or Oldsmobile. No work vehicles.

  • Loan amount minimum: $10,000.

  • Loan amount maximum: $75,000.

  • Refinancing time restrictions: Varies by lender, but most lenders will refinance after four to six payments are made.

  • Loan terms: 36-84 months.

  • Automatic payment: Offered by most partner lenders. Not required.

  • Rate discount: No rate discount offered.

  • Greater-than-minimum payments: Yes. Can be made through automatic payment. Surplus is automatically applied to loan’s principal.

  • Bi-weekly payments: Accepted but not by automatic payment.

  • Late payment fee: Yes. Depending on the state could be $0 to 5% of the unpaid scheduled installment payment.

  • Prepayment penalty: None.

  • Co-borrowers allowed: Yes.

  • Co-signers allowed: Yes and can complete application at the same time.

  • Payment options: Mailed-in check, phone, online, ACH. Varies by lender.

  • Selected payment due date: Yes, after signing a loan agreement.

  • Cash-out refinancing: Yes, up to $2,000 depending on vehicle equity.

  • Hardship plans: None.

  • Assistance provided: Customer service is staffed with loan care agents who receive extensive, ongoing training in auto financing.

  • Availability: Mon-Fri 8 a.m.-7 p.m. CT.

  • Contact options: Phone, email, online chat.

More from OpenRoad Lending

OpenRoad Lending boasts of a 98% customer satisfaction rating on TrustSpot, a business review and reputation management platform.

It also 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.

OpenRoad Lending auto loan rates

Lenders set their own requirements, but the lowest rates are typically available only to borrowers with good or excellent credit (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 a car loan.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 501-600, a $10,000 car loan, repayment term of 36 months, interest rate of 12% and $0 down payment would have monthly payments of $332.

To review OpenRoad Lending, NerdWallet sent 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.

Learn more

on OpenRoad's website

Frequently asked questions