OpenRoad Auto Refinancing Loans Review

If you're one of the millions of Americans who struggle to make their car payments, auto refinancing might be the right option for you. In a nutshell, an auto refinance loan is a secured loan that you can take out to repay the remaining balance on your existing auto loan. Your car is then used as the collateral on the current loan, which is paid at a fixed interest rate, often on more manageable terms than standard auto loans. OpenRoad, founded in Dallas in 2009, is an award-winning provider of refinancing options that claim to save their customers an average of $100 a month in repayments.

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    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.

    OpenRoad Overview

    2.9% - 24.9%
    Minimum requirements
    Monthly income of $1500 (gross)
    Soft Credit Check
    40 states
    Late Fees

    How Much Can You Borrow? 

    OpenRoad offers auto loan refinancing on loans with an outstanding balance between $7500 and $100,000. 

    What Types of Vehicles Are Eligible for a Financing Loan?

    Most vehicle makes and models are accepted. However, OpenRoad does not provide financing for Daewoo, Oldsmobile, Isuzu, and SmartCar vehicles.

    How Do I Qualify? 

    OpenRoad benefits from offering a single-page online application that can be completed in less than an hour. However, if you apply and are offered a loan package, you might need to conduct some physical admin, depending on your location.

    While e-signatures are available to most customers, applicants in some parts of the United States may be required to print off the final contract and either fax it to OpenRoad's head office in Texas or send it via snail mail, an unusual caveat for a loan company in 2020. Make sure to check their website to find out whether this applies to you. 

    What Personal Criteria Should I Meet to Get a Loan?

    Unlike many other auto refinancing lenders, OpenRoad has somewhat vigorous eligibility criteria. It is essential that you meet all of their criteria before applying for a loan. Here is how you qualify for auto refinancing with OpenRoad: 

    • You must have a minimum gross monthly income of at least $1500.
    • All income derived from working as a taxi driver or rideshare driver is not counted.
    • The outstanding balance on your existing auto loan must be between $7500 and $100,000.
    • You must live in one of the states where OpenRoad operates. OpenRoad does not offer loans in Alaska, Hawaii, North Dakota, South Dakota, Wisconsin, Minnesota, Montana, Mississippi, Nevada, or New Hampshire.
    • Your car must belong to its list of eligible brands. Ineligible vehicles include makes such as Daewoo, Oldsmobile, Isuzu, and SmartCar.
    • Your car must be less than 10 years old.
    • Your car must have less than 140,000 miles on the clock.

    What Documents Should I Provide?

    If it is your first time applying for OpenRoad auto refinancing, you will need to provide some information about your background, status, and income so that they can determine what financial package you are eligible for. Here is what you will need on-hand to apply:

    • Your name and date of birth
    • Your Social Security Number (SSN)
    • Email address and phone number
    • Your current address and information on how long you have lived there
    • Employment and income information
    • Information about your vehicle, including the year, make, model, current mileage, and VIN
    • The current holder of your loan 

    With all of this information at the ready, you should be able to complete your loan application in just a few minutes. 

    OpenRoad Fees

    OpenRoad does not charge any application fees for customers. However, you will most likely be hit with fees for late payment. These fees will vary considerably depending on the provider of your loan, so make sure to read the fine print before signing a contract. 
    If you refer a friend to OpenRoad and they successfully apply for a loan with them, you will receive a gift card. Also, OpenRoad customers can access nationwide carwash discounts.

    How to Apply for a Loan?

    As mentioned, OpenRoad customers benefit from a user-friendly, single page online application. Here's how you apply: 

    • Click the 'Apply' button the homepage of their website.
    • Decide whether you are applying with a co-borrower - if so, you will need their information as well.
    • Enter all of the information on the form in the order described above.
    • Click the button that states you agree to submit to a 'soft' credit check from OpenRoad (this will not affect your credit score).
    • Click 'submit'.

    After this, you will receive a loan offer within 24 hours. You are not obligated to accept a loan if you do not agree with the terms, and there are no consequences for rejecting an offer.

    What Payment Methods Are Supported? 

    You can pay via online banking and debit cards, as well as via check. Depending on the provider, you may be able to pay with other financing options, such as previous loans. Read their website for the full low-down on accepted payment methods.

    Can I View Loans Online?

    Yes. You can view, manage and make payments entirely online. Simply log into your account to view your loans. 

    What is the Estimated Time for Pre-Qualification and Loan Sanction?

    Within 24 hours of sending your application, you will receive a formal loan offer if you qualify. All you need to do is accept the offer, and the loan can begin.

    Pros and Cons


    • Unlike most auto refinance lenders, OpenRoad allows co-borrowers, which can save you a lot of money in the long-term.
    • Their single-page application process is one of the simplest we have seen so far.
    • Referral scheme awards customers with a $100 MasterCard gift card.
    • New customers are offered a free credit repair consultation from a partner firm.
    • No application fees.
    • People from a wide range of backgrounds and credit situations can apply.


    • The minimum income requirement is definitely on the higher end of the scale for auto refinancing, as is their minimum loan amount.
    • They are not available in every state, and their vehicle restrictions are more wide-ranging than is typical in the current market.
    • The digital signing process is not available to everyone, meaning some applicants will need to go to considerable effort to complete their application.

    Is OpenRoad Right for You? 

    OpenRoad is good for people who are looking to reduce their monthly outgoings and are on the path toward repairing their credit score. It is also ideal for borrowers looking for a car-buying service alongside their auto loan. Those with lower credit scores or lower monthly income may not find OpenRoad's offerings to their exact liking.

    Get Financed 

    We recommend OpenRoad if you're looking to save money with a trustworthy company. If you like the idea of reducing your monthly outgoings simply by filling out a 5-minute application, this is the provider for you.