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.
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.
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.
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.
You can check your credit score for free through OpenRoad Lending. In partnership with gofreecredit.com, 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.
In addition to auto refinancing, OpenRoad Lending provides other helpful vehicle products and services, including:
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.
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.
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.
Most auto refinance lenders have specific vehicle requirements. OpenRoad Lending’s vehicle requirements include:
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.
Vicky ONeil Jefferson City, MO
1 year ago