OpenRoad Lending Car Loans
OpenRoad Lending is a Texas-based marketplace that connects consumers to the company’s partner lenders via their online platform. Whether you are shopping for a new or used car or want to refinance your existing loan, OpenRoad’s lending partners may be able to help. The company helps people find loans, even if they have bad credit or limited credit history. Applicants with good credit get better interest rates. There are no application fees with OpenRoad Lending.
The entire application process, from pre-qualification to funding the loan, is online. There’s no need to go into a physical bank branch to sign paperwork or pick up a check.
OpenRoad Lending Loan Types and Terms
|Loan types||New and used auto financing
New and used auto refinancing
|Loan amount||$7,500 – $80,000|
|Repayment terms)||36-84 months|
|Minimum credit score||500|
|Good for:||People who have recently improved their credit and
want to refinance their auto loan to get a lower interest rate
OpenRoad Lending Pros
- Since OpenRoad Lending is a marketplace applicants can receive multiple loan offers with a single application
- Some applicants receive approval with credit scores as low as 500
- Depending on the vehicle’s age and condition, loans go as low as $7,500 and up to $80,000
- Prequalify with just a soft credit check
OpenRoad Lending Cons
- Applying for an auto loan refinance could result in multiple hard credit inquiries as OpenRoad Lending attempts to find a suitable lending partner
- Vehicle restrictions could narrow the choices when car shopping
- OpenRoad Lending does not refinance auto loans in Alaska, Hawaii, New Hampshire, Nevada, North Dakota, South Dakota, Vermont, or Washington, D.C.
If you decide to fill out an application, you’ll need the car’s make, model, year, mileage, and vehicle identification number (VIN). The application also requires your personal information:
Social Security number
Date of birth
It asks for your employment information, as well:
Monthly gross income
Other income (child support, alimony, etc)
Time at your current job
Work phone number
OpenRoad Lending partners will not approve an application if your sole source of income is from self employment. When you fill out the application, you must agree to let OpenRoad’s Lending partners perform a hard pull on your credit. The initial application requires only a soft pull of your credit.
Terms & Requirements
Car Loan Requirements
Must be at least 18 years old
Must have a minimum gross monthly income of $1,500 from an employer (income from self-employment doesn’t count)
Must have a valid Social Security number and a U.S. address
OpenRoad imposes certain limits on the type, age, and mileage of the cars they finance, as well.
Maximum mileage: 100,000
Maximum age: 10 model years
Light duty trucks and personal cars, only (no motorcycles, RVs, etc)
Maximum loan-to-value: 125% (according to the National Automobile Dealers Associated Used Car Value Guide for your state)
Automobile must currently be in production (no Hummer, Oldsmobile, Saab, Daewoo, etc)
Car Loan Refinancing Requirements
OpenRoad Lending started as an auto loan refinancing company, and the still provide refinancing to help consumers lower their monthly car payments. There are no application fees for a refinanced auto loan, and applicants receive a decision in just a few minutes.
Your ability to refinance your auto loan and get lower monthly payments with OpenRoad Lending depends on a few factors:
The car’s age and current mileage
The term of your current auto loan
Your credit profile
OpenRoad imposes the following limits on refinancing:
Your car must be eight model years old or newer
Your car must have 150,000 miles or fewer on the odometer
While refinancing your auto loan makes the most sense shortly after you’ve improved your credit scores, you may be able to get a lower payment with decent credit simply by extending the term of your loan, even if you can’t get a lower interest rate. Of course, refinancing your auto loan at the same interest rate with a longer term means you’ll pay more money in interest charges over the life of the loan.
OpenRoad Lending advertises that you may be able to “skip a payment” when you refinance your existing auto loan with OpenRoad. You may be able to go more than 30 days without making a loan payment as your auto loan transfers from your former lender to an OpenRoad lending partner, depending on when your last payment to your former lender is due. Your first payment to your new lender may be up to 30 days after they fund your loan.
Car Loan Terms
OpenRoad Lending is a marketplace, to the terms of your auto loan or auto loan refinance vary depending on their requirements. The lowest possible interest rate is 2.99% and depends on your credit score. The minimum loan amount if $7,500 and stretches to $80,000.
Since OpenRoad Lending’s partner lenders require collateral for their auto loans and auto refinance loans, the vehicle must have a market value of less than 125% of the total loan amount.
Loan terms range from 36 months to 84 months. A 84-month loan can be risky due to how quickly cars depreciate. There’s also a risk that the car loan will last longer than the car. The types of expensive repairs that tend to accompany older vehicles plus a regular car payment creates financial problems for many drivers.
In general, it’s best to avoid a six-year auto loan, especially if your car is already a few years old. Plus, you may get a better interest rate on a loan with a shorter term, which means you pay less money in interest over the life of the loan.
Privacy & Security
Since OpenRoad Lending is a marketplace lender, they share your personal information with their partner lenders to find the best deal on an auto loan or auto loan refinance. This information may include:
Your Social Security number
Your credit history and credit scores
Your transaction history and assets
You can access OpenRoad Lending’s customer service department if you need help with your loan application status by emailing them at LoanHelp@OpenRoadLending.com. You can also call them Monday through Friday between 8 am and 7 pm CST at (888) 536 – 3024.
After you accept loan terms from one of OpenRoad Lending’s partners, you’ll address any inquires about your loan to that lender instead of contacting OpenRoad Lending directly.
OpenRoad Lending offers an easy way to find out if you can get a car loan with an application that provides instant information about your pre-approval. Like any marketplace lender, OpenRoad Lending shares a great deal of your personal information with a number of lenders. You’ll get the convenience of filling out a single application and the platform will do the shopping for you. You’ll also receive numerous marketing messages via text, phone call, and email.
OpenRoad Lending’s partners work with people who having limited or poor credit. Applicants with credit scores as low as 500 could still qualify for an auto loan or auto loan refinance if they can meet the income, employment, and collateral requirements. There’s no application fee, but watch for origination fees or prepayment penalties.
No matter your credit status, it’s smart to check with your local credit union or bank if you already have bank accounts, a credit card, or other loans with them. If you don’t have an existing relationship with a bank, a marketplace like OpenRoad Lending may be able to help you find a car loan among many lenders with a single application.
5555 N Beach St
Fort Worth, TX