OpenRoad Lending Auto Refinance Loan Review 2025

OpenRoad Lending loan terms and requirements

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About OpenRoad Lending: a closer look

OpenRoad Lending works with a network of lenders to match applicants to the best auto refinance loan and rate for which they may qualify. A company representative said OpenRoad Lending has "several" lenders in its network, but declined to provide an approximate number.

When applicants submit an application, an OpenRoad Lending representative will find and present the best lender offer — which includes a rate estimate and may show options for different terms and payment amounts. In the majority of cases, pre-qualification only requires a soft credit check which will not affect an applicant’s credit scores. However, some of OpenRoad Lending’s partners could do a hard credit pull at this stage, which can temporarily lower an applicant's credit scores. Because of this, OpenRoad Lending may not be the best choice if you’re on the fence about getting a loan and only shopping rates.

To review and rate auto refinancing lenders, NerdWallet writers gather information about customer experience, transparency, loan affordability, loan requirements and flexibility. OpenRoad Lending's highest scores are for customer experience, for example having an easy online application process with the ability to prefill some information and dedicated loan agents. Throughout the refinancing process, OpenRoad customers work with a loan care agent specifically trained in auto loan refinancing. Borrowers are not contacted by the lender until after the loan is finalized.

OpenRoad Lending is also more flexible than many similar refinancing aggregators and says it works with auto refinancing applicants of all credit types. The company has a low minimum credit score requirement and partners with lenders that don't require a minimum credit history. However, borrowers with low credit scores or a thin credit file are likely to receive interest rates at the high end of OpenRoad Lending’s rate range.

Do you qualify for an OpenRoad Lending auto refinance loan?

Here are OpenRoad Lending's borrower requirements to qualify for an auto refinancing loan. Because OpenRoad Lending works with many different lenders, some requirements shown are the lowest and highest among all lending partners. Meeting these requirements doesn’t guarantee approval. Also, some lenders may be more flexible with requirements when taking into account an applicant's total financial picture.

Other OpenRoad Lending details

• Pre-qualification and preapproval. OpenRoad Lending does offer pre-qualification with a soft credit check, but in some cases a hard credit inquiry could occur. Once a loan is approved, the offer is good for 30 days.

• Upfront fees. More than half of borrowers could have a fee of up to $299 charged by the lender. This fee can be financed as part of the loan amount.

• Interest rate discounts. Less than half of OpenRoad Lending partners offer an APR discount (0.25%) for using automatic payment.

• Refinancing time restrictions. OpenRoad Lending has a waiting period before a person can refinance after completing the previous loan. The waiting period can be up to six months. Some lenders in the OpenRoad network require that 12 months and $7,500 remain on the previous loan to refinance it.

• Deferred payments. OpenRoad Lending offers deferred payments for up to 30 days at the beginning of a loan.

• Contacting OpenRoad Lending. During the application process, borrowers can reach OpenRoad Lending by phone and email. Hours are Monday-Friday 8 a.m.-7 p.m. CT.

Back to About OpenRoad Lending

OpenRoad Lending may be a good fit for those who:

• Need more flexible credit requirements. OpenRoad Lending has partners with no minimum credit history requirement, and the lowest minimum credit score requirement is 450 — falling into the “very poor” range on the FICO scale.

• Want a simple application process combined with one-on-one assistance. Applying is simple and can be completed 100% online, including document upload and prefilling of vehicle information. A trained loan care agent assists throughout the process.

• Want to refinance a vehicle with high mileage. OpenRoad Lending can match applicants to lenders with maximum mileage limits up to 160,000 and vehicle age up to 16 years.

Before you apply to OpenRoad Lending

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents and information. OpenRoad Lending requires the following to submit an initial application: Social Security number, address, time at address, phone, email, birthdate, employment status, employer name, income, housing status, housing payment amount, basic vehicle information.

How to apply for an OpenRoad Lending auto refinance loan

1. Apply to pre-qualify on OpenRoad Lending’s website. Select “Apply Now” to submit information like employment status, income, housing information and Social Security number (required). OpenRoad Lending will attempt to automatically pull and populate vehicle information for you. If it's unable to do so, you will be asked for basic vehicle details, such as make, model, mileage and VIN (vehicle identification number). OpenRoad Lending also has the option to apply by phone at 888-409-1903. At this point in the process, pre-qualification is typically done with a soft credit inquiry which will not affect your credit scores. However, some lenders could proceed with a hard credit inquiry, and that may cause a slight, temporary drop in your credit scores.

2. Discuss and accept your loan offer. If you pre-qualify, an OpenRoad loan care agent will present to you what they determine to be the best offer from a single lender. The lender’s offer may show you options for different loan terms and payment amounts. Accepting and moving forward with a loan offer will result in a hard credit inquiry (if one wasn't already done).

Back to About OpenRoad Lending

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating aggregators and our process, read our full methodology.