2025 OpenRoad Lending Auto Loan Review
OpenRoad auto refinancing at a glance
| Refinance auto loans | |
|---|---|
| Starting annual percentage rate (APR) | 5.49% |
| Loan terms | 36 to 84 months |
| Loan amounts | $7,500 to $100,000 |
| See Auto Refinance Rates |
OpenRoad Lending is a Texas-based company that matches consumers to auto refinance loans through its network of lending partners. While it does offer competitive rates to borrowers with good or excellent credit, OpenRoad Lending is also willing to work with credit scores of all kinds.
- Competitive rates: OpenRoad Lending offers APRs that start at just 5.49%.
- Accepts bad-credit applicants: OpenRoad Lending accepts credit scores as low as 460, well below what some other auto lenders may accept.
- No application fees: With OpenRoad Lending , you won’t have to pay any application fees.
- Option for co-borrowers: If you don’t have great credit or much experience with credit, having a co-borrower on your auto loan can improve your odds of approval and help you land lower rates.
- Best for those with low credit: If your credit is poor, you might have trouble getting approved for an auto refinance loan. However, OpenRoad Lending works with all types of credit scores to connect you with a refinancing option that works for you.
OpenRoad auto loan requirements
Depending on where you live, OpenRoad Lending offers loans ranging from $7,500 to $100,000 along with repayment terms of 36 to 84 months. You’ll need to pay any car title fees, which can range from $0 to $100. OpenRoad will cover the fee up front and add it to your loan.
Borrower requirements
OpenRoad auto loans aren’t available for self-employed applicants, and you’ll need a gross monthly income of at least $1,500. Your income can’t come from Uber or other rideshare companies.
Vehicle requirements
To qualify for an OpenRoad Lending auto refinance loan, your car will need to meet the following requirements:
- Must have an existing loan with another lender
- Must not have more than 140,000 miles on it
- Model must be eight years old or younger
- Vehicle’s maximum loan-to-value (LTV) ratio can’t be more than 120% of the wholesale value (some exceptions up to 175% may be made)
- Vehicles must be for private use, not for commercial or business use
OpenRoad Lending does not refinance the following types of vehicles:
- Commercial vehicles
- Motorcycles
- Recreational vehicles
- Oldsmobile
- Daewoo
- Smart Cars
- Isuzu vehicles
- Trucks or vehicles larger than three-quarters of a ton
- Vehicles that are no longer manufactured
OpenRoad pros and cons
OpenRoad Lending has attractive features such as competitive interest rates and flexible loan amounts. However, there are downsides you should consider before agreeing to refinance your auto loan with this company.
| Pros | Cons |
|---|---|
| Starting APR is competitive Accepts applicants with low credit scores Doesn’t charge application fees Allows for co-borrowers to apply Vehicles with up to 140,000 miles may be eligible | Does not offer loans to self-employed applicants Funding can take seven to 10 business days May charge an origination fee |
With rates starting at 5.49%, OpenRoad Lending offers low starting rates to qualifying borrowers. However, even if you have poor credit, you may still qualify to refinance your auto loan with this company.
To qualify for the lowest rates, you can add a co-borrower to your loan application. Keep in mind, your co-borrower will take on equal responsibility to repay your car loan, so be sure you’re solid enough financially to keep up with payments.
Auto refinance loans are also not available to those who are self-employed. Be sure to keep an eye out for origination fees. They can be as high as $299.
OpenRoad company overview
OpenRoad Lending is an auto finance company based in Texas. It specializes in auto refinance and claims that its customers save $100 each month on average when they refinance their car loans. OpenRoad has helped hundreds of thousands of customers since it opened in 2009.
OpenRoad auto loan types offered
OpenRoad only offers auto refinance loans and add-on products like GAP insurance and extended warranties.
How to refinance a loan with OpenRoad
You can begin an application on OpenRoad’s website.
Fill out an application
To make the application process easier, you’ll want to have the following information handy:
- Social Security number
- Vehicle’s current mileage
- Vehicle identification number
- Your employment information
OpenRoad Lending will ask you about your refinancing goals at the beginning of the application process. You can write any number of responses, such as lowering your monthly payment, finding a lower rate or changing your repayment terms.
You’ll have to provide your contact details as well as information about your current employment and monthly gross income. Next, you’ll have to give details about your vehicle, including make, model, year, mileage and your current lienholder. Once you’re finished, you’ll submit your application.
Match with a lender
OpenRoad Lending can match you with lenders within 30 minutes. Keep in mind, however, that when you submit your application, you agree to allow OpenRoad’s lending partners to check your credit reports.
While some may offer soft credit pulls, others may not, and you could end up with multiple hard credit inquiries. While these will likely only be counted as one inquiry on your credit report, this can still cause your credit score to drop by a few points.
Once you receive your offers, you can go through and compare them. Be sure to pay attention to rates, fees, terms and borrowing amounts. You can use an auto loan refinance calculator to compare your current loan to these new offers.
Close on your auto refinance loan
Once you choose a lender, you may have to verify the information you provided in your application. For instance, you may have to provide a government-issued photo ID to confirm your identity as well as recent pay stubs or bank statements to show your income.
Your lender or OpenRoad may also offer you services such as GAP insurance or extended warranties. Do your research to see if these are products you actually need — in some cases, they are not necessary purchases.
In the final stages of the application process, you’ll need to sign your loan agreement. Be sure to read the fine print so you understand the entirety of the contract. Once you close, it can take seven to 10 business days for OpenRoad to pay off your former lender.
Is an OpenRoad auto loan right for you?
OpenRoad Lending may be a good fit for you if you’re looking to refinance an auto loan with bad credit. If you have good credit, OpenRoad may still be a competitive option with its low starting APRs.
However, no matter who you choose, be sure to avoid common car refinancing mistakes like accepting the first offer that comes your way. It’s important to do your research to land in an even better financial position with your car loan.
How OpenRoad auto loans compare
Even if you believe OpenRoad is a good fit for you, it’s still smart to compare offers from several different auto refinancing companies. Make sure to ask your current auto loan lender, as well as your current bank or credit union, if they offer refinancing.
Here’s how OpenRoad compares to other auto refinance loans from competitors.
| OpenRoad Lending | Gravity Lending | myAutoLoan | |
|---|---|---|---|
| Starting APR | 5.49% | 4.99% | 4.99% |
| Loan terms | 36 to 84 months | 48 to 96 months | 24 to 72 months |
| Loan amounts | $7,500 to $100,000 | $15,000 to $150,000 | Starting at $5,000 |
| Minimum credit score | 460 | 660 | 600 |
If you need to refinance your car but have bad credit, OpenRoad is likely your best bet — its minimum credit score is one of the lowest on the market. But if you have good or excellent credit, you’ll find lower starting rates with lenders like Gravity Lending and myAutoLoan.
Frequently asked questions
You may be able to qualify for OpenRoad auto refinancing with a credit score as low as 460. To qualify for the best rates with any lender, however, you’ll need a higher credit score.
Once you get an offer from OpenRoad Lending , the approval is good for 30 days. If you wait too long and have to apply again, the hard credit pull may negatively impact your credit score.
Any hard inquiry on your credit — including an auto refinance application — may temporarily lower your score by a few points. However, you’ll have an opportunity to raise your score every month thereafter if you make on-time loan payments.