They work alongside a large number of banks and credit unions to provide an array of car-related finance products designed to help drivers move into more generous repayment plans. They are not the largest provider of refinance loans on the market by a long shot, but they have a strong reputation and are rapidly becoming a major player in the industry. If you're considering auto loan refinancing, read this in-depth review of OpenRoad to help you decide whether they are the right provider for you.
OpenRoad Financing Options
OpenRoad offers car refinancing for motorists from a wide variety of backgrounds at a range of rates. Their online system allows you to customize your refinance package to suit your needs, with the goal being to get a new loan with the lowest possible interest rate. The new loan you receive, and the interest rates attached to it, will depend largely on your credit score and the value of your car.
The lowest APR offered by OpenRoad is 2.9%, although this is generally only available to customers with an 'excellent' credit score of 720 or higher. The maximum APR offered by OpenRoad is 24.9%. Also, if you currently owe more than the actual value of your car, it is worth noting that the loan-to-value (LTV) offered by OpenRoad is limited to 175% of the wholesale value of your vehicle. OpenRoad offers loan terms of between 36 and 84 months.
2.9% - 24.9%
Monthly income of $1500 (gross)
Soft Credit Check