- Good Customer Rating: OpenRoad has many positive reviews and ratings on websites such as Trustpilot.
- Accepts borrowers with low credit scores: You may be eligible for an auto refinance loan with OpenRoad with a credit score of at least 500, but be aware that you may be charged a much higher rate.
- High loan-to-value (LTV) ratio: You may be able to borrow up to 180% of the original value of your car. This is helpful if you are stuck on your current auto loan.
- Does not refinance trucks: Strangely, OpenRoad Lending doesn’t offer financing for trucks—an unfortunate fact given that one out of every five new vehicles registered recently is a pickup truck.
- Does not offer pre-qualification: You will need to submit a complete loan application to check your rates, which means you will see a hard credit inquiry listed on your credit report — it’s no big deal, especially if you’re seriously rate-shopping for a loan. but it may have a slight negative effect on your credit.
- Does not allow self-employed applicants to: Another great deal for many people, OpenRoad only works with borrowers who have an employer — small business owners, freelancers and entrepreneurs need not apply.
- does not allow co-signers; Co-borrower only: If you need additional help qualifying or otherwise don’t want to go it alone on your loan, OpenRoad allows you to apply with only someone who will share primary ownership of the loan with you.
Types of Auto Loans Offered by OpenRoad Lending
OpenRoad Lending specializes in one type of loan: auto loan refinances. Although it may have offered loans to buy cars in the past, today only refinance is available to apply for.
auto loan refinance
- april: 1.99%-29.90%
- Loan: $7,500-$100,000
- Loan Terms: 36-84 months
time to receive money
OpenRoad is a relatively slow lender, taking seven to 10 business days to finalize your loan application and apply to pay off your old loan (if you’re approved). Since OpenRoad’s loan approval offer is only valid for 30 days, this means that a third of this entire period can be spent waiting on OpenRoad – be aware if the company requests any further information from your end One important thing to keep in mind.
To qualify, you must meet certain credit and income qualifications. OpenRoad is more accepting of lower credit scores than most lenders, but it has some interesting rules when it comes to your income. For example, it doesn’t count any income earned from rideshare side activities like Uber or Lyft, nor any other self-employment income.
- Minimum Recommended Credit Score: 500
- State Availability: available in 46 states
- minimum age: 18 years old
- Minimum Monthly Income: $1,800
Compared to some other lenders, OpenRoad allows you to finance higher-mileage vehicles, but has lower limits on the age of your vehicle. There are also some special restrictions on what types of vehicles you can refinance:
- Maximum Age: not disclosed
- Current Lenders: Works only with FDIC- or NCUA-insured lenders, such as banks and credit unions
- Vehicle Restrictions: Not available for trucks, commercial or business vehicles, or from certain auto manufacturers, including Daewoo, Isuzu, Smart, Oldsmobile, or any cars that are not currently being produced
- Max Allowed Mileage: 160,000
- Maximum Loan-to-Value Ratio: 180%
OpenRoad Lending Auto Loan Features
Some notable features OpenRoad offers are:
- Origination Fee: OpenRoad may offer lower rates, but you’ll need to pay an origination fee of $249 to $449 if you decide to go ahead with this loan.
- Pays creditors directly for refinanced loans: A useful feature, it saves you one extra step – OpenRoad will send the loan amount directly to your current lender.
- Due date can be changed: You can plan your monthly due date to best align with how you manage your money. For example, many people choose the due date immediately after payment is received.
OpenRoad charges a relatively hefty origination fee, but it is factored into the loan’s annual percentage rate (APR) — making APR a better comparison tool than interest rate when you’re shopping around with other lenders.
co-signer and co-applicant
OpenRoad Lending allows you to apply with a co-borrower, but not a co-signer, if you prefer. It’s a subtle distinction, but important. A co-signer is only responsible for repaying the loan if you default, and has no rights to your car. On the other hand, if you apply with a co-borrower, they will be listed on your car’s title with you – meaning they will also be the legal owner of your car.
If you’re just looking for help qualifying for an auto loan, but don’t necessarily want to share ownership of your car with someone else, we recommend finding a lender that will allow you to co-sign. Allow refinancing with
OpenRoad offers a relatively limited number of customer support options. Currently, you can email or call the company only during limited customer support hours if you need help applying for or managing your auto loan refinance.
OpenRoad has a good reputation as judged by real customer reviews on popular websites. On TrustPilot, the company maintains a 4.6 out of 5 stars rating based on over 1,800 customer reviews.
There is no apparent legal action taken by past customers against OpenRoad Lending. However, the state of California fined the company $2,500 in 2018 for allowing unlicensed contractors to process auto loan applications submitted by California residents.
How to Apply for an OpenRoad Lending Auto Loan
OpenRoad Lending does not offer pre-qualification, so you need to make sure you are truly ready to apply for a refinance loan before submitting any information. Once you’re ready, the application process is very quick, even though the actual funding will take longer.
- Get ready to apply: Check your budget to see what kind of monthly payment you can afford, and also check your credit to make sure everything is in order; Check your account statement to make sure there are no errors bringing down your credit score.
- Gather your car information: You’ll need to provide your car’s VIN, current mileage, and a list of specific features like a power sunroof, custom rims, and more. You will also need the name of your current lender.
- Collect Documents: You will need copies of your photo ID, proof of income (such as a tax return or recent paycheck stub), and proof of address (such as a utility or insurance bill). You may also need to send in your car title in some states.
- Online Application: OpenRoad’s website has a simple single-page application that you can fill out. Alternatively, you can also apply over the phone. Usually you will be informed within half an hour whether your application is approved or not.
- shop around: OpenRoad isn’t the only option for refinancing your auto loan, so it’s a good idea to check with several auto refinance lenders to make sure you get the best possible rate.
- Sign your loan agreement: If OpenRoad is the best option for you, simply sign your loan agreement to finalize the loan process. Once you are approved, all you have to do is sign on the dotted (digital) line and provide any final required documents.
- Wrap up loose ends: OpenRoad can send funds directly to your old lender to pay off your loan. However, it’s best to keep making on-time payments until your old lender confirms that your loan has been repaid. Once the loan is transferred to OpenRoad, you can set up automatic payments.
open road lending options
|open road lending||penfed||automatic payment|
|Proposed Loan Type||refinance, lease purchase||New, Used, Refinance, Cash-out Refinance, Lease Buyout,||New, Used, Refinance, Cash-out Refinance, Lease Buyout, Motorcycle|
|states available||All states and DC except AK, HI, ND, NV, WI||All States, DC, Puerto Rico||All States and D.C.|
|refinance apr range||1.99%-29.90%||Minimum 5.94%||2.99% and above|
|refinance loan amounts||$7,500-$100,000||up to $150,000||$2,500-$100,000|
|refinance loan terms||not disclosed||36-72 months||24-96 months|
|Minimum time to avail loan||3 days||same day||not disclosed|
|Recommended Minimum Credit Score||500||not disclosed||500|
|Maximum Allowed Mileage||160,000 miles||125,000 miles||150,000 miles|
|maximum allowed age||not disclosed||nobody||10 years|
|Maximum sanctioned loan-to-value ratio||180%||125%||not disclosed|
In addition to a long list of exclusions, OpenRoad Lending stands out for its ability to have very low rates and broad acceptance of most credit scores. If you’re in the market for an auto loan refinance, it makes sense to check your rates, especially if you have great credit or credit challenges. Just be aware that if you have bad credit the approved cost may be higher, although this is fairly common among lenders.
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate providers, we collected hundreds of data points from over 20 auto loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews are relevant to users. helps borrowers to take informed decisions for their credit requirements. We also conducted a survey of 1,016 auto loan borrowers to know their attitudes and opinions about lenders and the loan approval and disbursement process. See our complete auto loan review method for more information.