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.
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
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:
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
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.
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.
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