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OpenRoad Lending

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LAST UPDATED: August 7th, 2023

With OpenRoad Lending borrowers can expect quick auto refinance loan decisions and flexible financing options, helping you save an average of $100 per month on your current loan payments. Based on your vehicle information and financial background, OpenRoad Lending will provide you with various lender options from its bank and credit union network, allowing you to compare rates and terms and choose from the best refinancing options for you.

Continue reading for a full review of this auto refinance company.

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The Good

  • Pre-qualify with a Soft Credit Check
  • Low Credit Score Requirement
  • Cosigners Accepted
  • Free Credit Score Monitoring
  • Additional Services

Pre-qualify with a Soft Credit Check

You can pre-qualify through OpenRoad Lending with no impact to your credit score. This process is quick and easy, asking for basic personal and financial information to generate various lender options for you.

If you choose one of OpenRoad Lending’s lenders, you will complete your auto refinance application with that lender, which will likely also require a hard credit check, which may impact your credit score. This is a standard practice in the industry.

If you choose not to complete the refinancing process with any of the lenders presented to you, you are not obligated to choose a loan offer.

Low Credit Score Requirement

Although OpenRoad Lending does not disclose an exact minimum credit score on its website, credit scores as low as 500 can be approved for auto loan refinancing. This makes OpenRoad Lending a viable refinancing option for borrowers with low or bad credit.

It is important to note that credit score requirements may vary with lenders, and if you want the lowest rates and best terms available, you will need to have a high or excellent credit score. However, no matter your credit score, the ability to compare various rates and terms in one place is a benefit, as you can easily see what is available to you and whether or not you could qualify for lower rates and terms.

Cosigners Accepted

OpenRoad Lending does allow borrowers to apply with a cosigner if desired or needed. Applying with a creditworthy cosigner can be particularly beneficial if you have a low credit score and are concerned about whether or not you may be approved for auto loan refinancing. A cosigner can increase your chances of approval, but also help you get a lower interest rate and a more favorable loan term.

Free Credit Score Monitoring

You can check your credit score for free through OpenRoad Lending. In partnership with, OpenRoad Lending provides this service and recommends that borrowers review their score frequently to remain aware and informed of their credit history and credit report. 
The ability to check your credit score for free is very beneficial, as your credit score is one of the more important factors taken into consideration when you are borrowing money for auto refinancing or any other type of loan.

Additional Services

In addition to auto refinancing, OpenRoad Lending provides other helpful vehicle products and services, including:

  • Guaranteed Asset Protection (GAP) coverage
  • Extended service contracts
  • Free auto insurance quotes
  • Free credit repair consultations

These services, especially those of GAP insurance/coverage and extended service contracts, are an added bonus that can provide extra financial protection with your vehicle and auto refinance loan. Most auto refinance lenders provide GAP coverage and extended service contracts. Some lenders even provide lease buyout services and company car purchasing, which could be a downside of refinancing with OpenRoad Lending as they do not provide these services.


The Bad

  • No Lease Buyout
  • Undisclosed Rates and Terms
  • Vehicle Restrictions

No Lease Buyout

Many auto refinance companies offer a lease buyout service, allowing you to purchase a vehicle you are leasing before the end of the lease contract. OpenRoad Lending does not offer this service.

Undisclosed Rates and Terms

You will not be able to find exact rates and terms on OpenRoad Lending’s website. This may be a cause of frustration as you will not know what rates and terms are available until you complete the pre-qualification process.

No specific rates and terms are available because they vary by lender in the OpenRoad Lending network.

If you want the lowest rates and best terms possible, it is important that you have a high or excellent credit score. If your credit score is less than perfect, you may still qualify for competitive rates, which you can compare across lenders populated for you after completing the OpenRoad Lending pre-qualification process.

Vehicle Restrictions

Most auto refinance lenders have specific vehicle requirements. OpenRoad Lending’s vehicle requirements include:

  • Maximum age of vehicle — 8 years
  • Maximum mileage of vehicle — 140,000 miles

These requirements are somewhat more restrictive than other auto refinance lenders. The maximum vehicle age for other lenders is ten years, while they will also accept vehicles with up to 150,000 miles. It is also important to note that some certain vehicle makes are ineligible for refinancing through OpenRoadLending, including Oldsmobile, Daewoo, Isuzu, and smart cars.

In addition to these vehicle restrictions, OpenRoad Lending also requires borrowers to have a minimum income of $1,500 per month. This requirement may or may not be limiting for some borrowers.


The Bottom Line

OpenRoad Lending offers standard auto refinancing services, connecting borrowers with multiple lenders in its network. This provides low credit borrowers with a higher chance of approval, and all borrowers with the ability to compare rates and terms to help them save more on their existing car loan. Borrowers can even check their credit score for free through OpenRoad Lending’s partnership with; a beneficial service for consumers.

While most auto refinance companies will refinance vehicles up to ten years old with up to 150,000, OpenRoad Lending’s vehicle requirements are somewhat more restrictive, which may be problematic for some borrowers. OpenRoad Lending will refinance vehicles up to eight years old with up to 140,000 miles.

While OpenRoad Lending offers competitive services to lower your auto loan rate, we would recommend looking into other auto refinance companies before making a final decision, especially if your vehicle is older or has high mileage.

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There are currently no OpenRoad Lending reviews. If you have refinanced your vehicle through this company, please tell us about your experience by leaving a review.

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Robert Horn II Pahrump, NV

I financed my 2022 BMW 550i with OpenRoad Lending. Due to my good FICO score, I was able to get an excellent rate. The saleslady was very helpful with the processing of all the paperwork and I was approved within minutes.

10 months ago

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seanth57 Columbus, GA

I applied for a refinancing loan for my car, because my loan rate was high, they approve my loan quickly and lower loan by 3 points from my prior loan.

2 years ago


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Vicky ONeil Jefferson City, MO

You have to jump through so many hoops to get approved and then they come up with some reason you are not eligible.

2 years ago