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|Customer referral program can earn you a gift card||Restrictions on vehicles eligible for refinancing|
|No application fee||Not available in every state|
|Co-borrowers allowed||Digital signing may not be available for everyone|
What you need to know about OpenRoad Lending refinance loans
OpenRoad Lending offers auto refinance loans and may be able to help people refinance at a lower interest rate or reduce their monthly payments. The company also sells extended service contracts and GAP coverage.
The Texas-based financial services company says it saves customers an average of more than $100 a month on their auto loans by refinancing. Here’s what you need to know about refinancing with OpenRoad Lending if you’re considering applying.
Not all vehicles are eligible
To apply for refinancing, your vehicle must be 10 model years old or newer and have 140,000 miles or less. Refinancing is not available for commercial vehicles, motorcycles or recreational vehicles.
OpenRoad Lending also does not offer refinancing for Oldsmobile, Daewoo, Smart Cars or Isuzu vehicles, trucks or vehicles larger than ¾ ton, and vehicles that are no longer made. If your vehicle does not meet these requirements, you’ll have to look elsewhere.
If you’re upside down on your loan — meaning you owe more on the loan than what the car is worth — you can still apply for refinancing with OpenRoad Lending. Note that your loan-to-value ratio is a factor in whether you can refinance with OpenRoad. Your LTV can only equal up to 175% of the wholesale value of the vehicle.
A nondigital component to the process
If you’re approved, you’ll have to download OpenRoad’s auto refinance package, which will include directions to complete the refinancing process. Although requirements vary by customer, you can expect to sign a loan and security agreement, provide details about your current loan and show proof of your current income.
You’ll need to fax your completed refinance loan package and may need to send the title to OpenRoad Lending overnight via snail mail. This may be a drawback if you prefer to complete the entire refinancing process online. On its site, OpenRoad mentions that there may be a digital option available, but you’ll have to check if that option is available to you.
Rewards for referring customers
OpenRoad Lending rewards existing customers for referring their friends and family through its customer referral program. If you refer someone to OpenRoad Lending, you can earn a $100 MasterCard gift card.
A closer look at refinancing loans through OpenRoad Lending
Here are some other things you need to know about OpenRoad Lending auto refinance options if you want to apply.
- Minimum income requirement: To apply for an auto refinancing loan, you must have a minimum gross monthly income of $1,500. Income from Uber or other taxi services does not qualify.
- Loan amount: The payoff amount on your current auto loan needs to be between $7,500 and $100,000.
- Educational resources: OpenRoad Lending offers a car refinance learning center with a variety of educational articles on auto refinancing.
- State Restrictions: Auto refinancing is not available to people in every state. Make sure to check if it’s available in your state before taking the time to apply.
Is an OpenRoad Lending auto loan the right fit for you?
If you have an eligible vehicle and are looking to refinance your auto loan, OpenRoad Lending might be an option for you. Also, if you hope to get rewarded for referring others and are interested in other auto-related products, this company may be a good fit.
Just remember, you’ll also need to meet minimum income requirements and it can’t be done entirely online.
How to apply for a loan from OpenRoad Lending
OpenRoad Lending has a one-page online application. If you apply, OpenRoad Lending will run a soft inquiry to check your credit reports, which won’t affect your credit scores.
You’ll also need to decide if you’re applying with a co-borrower. Here’s the info you’ll need for the application.
- Your main goal for refinancing your car
- Name and date of birth
- Email address and phone number
- Social Security number
- Address and how long you’ve lived there
- Employment and income information
- Vehicle information, including year, make, mileage, VIN
- Current holder of your loan
Not sure if an auto loan from OpenRoad Lending is for you? Consider these alternatives.
If you’re not sure about OpenRoad Lending or you don’t meet the eligibility requirements, here are a couple of alternatives to consider for refinancing.
- Capital One Auto: Capital One may be a good option for people who want to prequalify for a loan and see a potential offer without a hard credit inquiry. Read our review to learn more.
- Autopay: Autopay may be good for you if you’d like to compare refinancing rates from multiple lenders with one application.