OpenRoad Lending Review
8.8
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OpenRoad Lending Reviews

8.8
Bob Phillips

WRITTEN BY

Bob Phillips

Auto loan refinance for fair/poor credit
Auto loan refinance for fair/poor credit
About OpenRoad Lending

OpenRoad Lending, established in 2009, is based in Fort Worth, Texas. The company specializes in providing auto loan refinancing services to consumers. They help individuals who are looking to lower their monthly car payments, reduce their interest rate, or change the terms of their loan.

OpenRoad Lending is not a lender; they connect borrowers with lenders and receive a commission from the lender when a loan is approved and funded. The company has been recognized by Inc. Magazine as the 37th fastest-growing private company in America and as a Best Place to Work by the Dallas Business Journal. The company also boasts of a 98% customer satisfaction rating on TrustSpot.

9.0

LS SCORE

8.1

CREDIBILITY

8.1

SUPPORT

9.0

ACCESSIBILITY

OpenRoad Lending Auto Loans Review

OpenRoad Lending provides refinancing loans at competitive interest rates. They do not fund loans themselves but connect potential borrowers with lenders.

OpenRoad Lending Auto Loans Highlights

LOAN AMOUNT

$7,500 - $100,000

LOAN REPAYMENT TERM

36 - 84

MIN CREDIT SCORE

500

APR FIXED RATE

2.49% - 28.00%

FUNDING TIME

1 days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

None

MAX VEHICLE AGE

8 years

SOFT CREDIT PULL

Yes

LENDER TYPE

Marketplace

Pros & Cons

  • A soft credit check is performed
  • Loan care agents are well-trained in refinancing and are very helpful
  • Applicants can apply online or by phone
  • Social Security number required to submit an application
  • No loans for applicants who are self-employed
  • Not available in all states

Vehicle Types

  • Car
  • Truck

OpenRoad Lending Refinance Highlights

REFINANCE AMOUNT

$7,500

OpenRoad Lending Auto Loans Terms & Requirements

Open Road Lending only offers vehicle refinancing at this time. Vehicles cannot be older than 8 model years and must have under 140,000 miles. OpenRoad Lending’s terms and requirements are industry standard and acceptable.

How to Apply

The process to apply for a vehicle loan through OpenRoad Lending is fast, with only one screen to complete, which includes personal and vehicle information:

OpenRoad step 1: Personal information
Screen 1

Personal information

Qualification Requirements

  • 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.

Required Information

Will vary by lender, but may include:

  • Proof of address
  • Last pay stub to verify income
  • Driver’s license
  • Banking information

Application Steps & Time Frames

  • Complete application (5 minutes)
  • Wait for approval or decline (usually under 5 minutes)
  • Receive funding (usually 1-3 business days, depending on the lender)

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wyoming.

Not Available - Hawaii, Massachusetts, Nevada, North Dakota, Vermont, Wisconsin.

Customer Support

OpenRoad Lending does not offer customer support after a loan is funded. Borrowers must seek service for their account directly from the lender who made the loan. However, OpenRoad Lending does have a toll-free phone number for inbound callers seeking sales support and needing questions answered before applying.

Phone Support
(888) 536-3024
Mon-Fri
8am-7pm CST
Sat-Sun
Closed

In Conclusion

OpenRoad Lending is a reputable company with an A+ rating from the Better Business Bureau (BBB). It provides quotes from different lenders within minutes of when someone submits an application. OpenRoad Lending does not fund or service the loans; they strictly match prospective borrowers and lenders.

FAQ

Does OpenRoad Lending charge an application fee?
With OpenRoad Lending, there’s no obligation to apply, no hidden costs, and no application fees. You have the flexibility to apply with us and, upon approval, receive a free, no-obligation quote so you can choose the auto loan that is right for you.
What happens after my loan is approved?
You will be able to download your refinance loan package. Your loan package will include specific instructions to complete the refinancing process. Requirements will vary by customer, but generally, you will need to sign a Loan and Security Agreement, give us information about the current loan you are refinancing and provide proof of your current income.
Do you check my credit history when I apply for a loan with OpenRoad Lending?
A soft credit pull is done when you apply with us, meaning your credit will not be affected. The lender providing you with the loan may do a hard credit check, which can have a negative impact on your credit score.
Disclosure

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WRITTEN BY

Bob Phillips

Having spent over fifteen years helping people plan their lives financially, Bob has a vast amount of knowledge concerning personal finance. During his career, Bob mastered many different financial products to help people achieve their financial goals, including life insurance, disability insurance, mutual funds, and stocks and bonds. He earned the Chartered Life Underwriter (CLU) designation and held numerous securities licenses. Bob is an internationally published poet and is now a freelance writer living in North Texas with his wife and Doberman puppy.