OpenRoad auto loan refinancing: 2024 review

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The refinancing process can be daunting, especially if you are in a tight financial spot with your current loan. When working with OpenRoad Lending, you will be matched with a dedicated agent following the loan approval process. While OpenRoad isn’t the only lender to offer this level of service — iLending also comes to mind — it’s not a common practice.

Auto loans offered by OpenRoad

Through its network of lenders, OpenRoad works to match borrowers with potential refinance lenders.  

Refinance  

• Amounts: $7,500-$100,000
• Terms: 36-84 months 
• APR: 6.49%-29.99%

OpenRoad is an auto loan marketplace, so the specifics of fees and terms will depend on your matched lender. But this structure does allow for a wide range of credit backgrounds.

Where OpenRoad auto loans stands out

• Co-borrowers encouraged: The ability to add a co-borrower can greatly improve your available rates — even with poor credit.   
• Minimal fees: There are no fees enforced when applying for a refinance loan.  
• Low minimum credit score: OpenRoad allows those with credit scores as low as 480 to apply — a large majority of lenders set a minimum in the 600s or higher

Where OpenRoad auto loans falls short

• Some gig workers excluded: Borrowers whose sole income is from Uber or a similar service cannot refinance their vehicles with OpenRoad. This is an unusual restriction for a lender — especially in the era of side-hustles.
• Unavailable in some states: OpenRoad’s refinance loans are unavailable in the following states: Hawaii, Alaska, Nevada, North Dakota and Wisconsin.
• High max APR: OpenRoad’s highest interest rate is nearly 30 percent. A high max rate is expected with lenders working with bad-credit borrowers, but this APR significantly exceeds the national average for deep subprime borrowers.

How to contact OpenRoad 

OpenRoad offers assistance over the phone at 888-536-3024 anytime Monday through Friday from 8 a.m. CST to 7 p.m. CST.

How this lender compares

OpenRoad versus Autopay

If you like OpenRoad’s loan marketplace setup, Autopay boasts a similar experience. AutoPay has a lower starting rate and allows borrowers to refinance vehicles for as little as $2,500. However, Autopay doesn’t disclose its minimum credit score, while OpenRoad says it works with borrowers of all credit types.

OpenRoad versus Auto Approve 

Another lending network option, Auto Approve, primarily serves borrowers in the fair credit range with a 650 minimum score requirement. The higher maximum loan amount Auto Approve offers is great for those refinancing a more expensive vehicle. Additionally, Auto Approve offers RV and motorcycle refinance loans, unlike OpenRoad. 

Do you qualify for an OpenRoad auto loan?

Borrowers must fall within the following criteria to land a refinance auto loan with OpenRoad:

• Credit score: 480
• Minimum income: At least $2,000 per month (cannot be from Uber or other taxi services) 
• Payoff amount: Between $7,500 and $100,000 
• Mileage: 160,000 miles or fewer 
• Model year: 13 years old or newer 
• Max loan-to-value ratio: 120 percent of the vehicle’s wholesale value (or 175 percent for those with excellent credit)

Many lenders set mileage and age limits at 100,000 miles and 10 years, respectively, or even lower. OpenRoad’s relatively generous limits stand out. 

OpenRoad also will not offer to refinance to the following vehicles: commercial vehicles, motorcycles, RVs, Oldsmobile, Daewoo, Smart Car, Isuzu, trucks or vehicles larger than 3/4 ton and vehicles that are no longer being made. 

Unlike other online loan applications, you will have to send in some physical documents. Once you gain approval, you must fax your completed refinance loan package. If you live in a title-holding state, you must overnight the documents. 

Features and perks

On top of refinancing auto loans, OpenRoad sells gap coverage and vehicle service contracts. Both of these can be purchased on the OpenRoad site when you are undergoing the refi process. 

Fees and penalties 

Specific fees will vary depending on the lender you get matched with, but you typically will have to pay an origination fee. However, unlike some competitors, OpenRoad itself does not enforce any fees. 

How Bankrate rates OpenRoad