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Published: Apr 13, 2023 12 min read
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If you're struggling to make your current monthly payments on your auto loan, then refinancing may be an option for you. With auto loan refinancing, you can replace your current loan with a new one to lower monthly payments and extend your loan term length.

OpenRoad Lending offers a variety of auto loans, including auto refinancing. Read on to learn more about this company and whether it might be the right lender for you.

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Best for low credit scores

Refinancing an auto loan could save borrowers thousands of dollars in interest fees, depending on the terms of the original loan. If you had a low credit score upon your original auto loan application, it's likely that you only qualified for loans with high interest rates and fees.

OpenRoad Lending seeks to address this problem by helping those with credit scores as low as 500 secure the best car loan rates.

OpenRoad Lending auto refinance pros and cons

  • Quick pre-approval process
  • Borrowers with bad credit are welcome to apply
  • Co-borrowers can be added to the application
  • Not available in all states
  • No lease buyout loans
  • May charge additional fees

Pros explained

Quick pre-approval process

OpenRoad Lending offers an easy pre-approval process, with applicants often receiving a decision in less than five minutes. Although pre-approval isn’t a hard-and-fast commitment from the company that it will fund your loan, it’s a good indication of whether OpenRoad Lending will lend to you. Pre-approval gives you an idea of what rates and terms you’ll be offered, too. However, OpenRoad Lending will still review your loan to ensure that other criteria like income and employment history meet the lender’s requirements before finally approving or rejecting your loan application.

You may apply for an OpenRoad Lending auto refinance loan online or over the phone. If you are applying online and have any questions during the application process, you can contact OpenRoad customer service for assistance.

Borrowers with bad credit are welcome to apply

OpenRoad Lending’s willingness to work with borrowers with poor credit is the primary reason why we consider it to be one of the best auto refinance companies in the country. OpenRoad Lending looks favorably at customers who have made regular payments toward their current auto loans, even if their credit score is low. After speaking with a company representative, we learned that OpenRoad encourages applicants with credit scores as low as 500 to apply for an auto refinancing loan.

OpenRoad Lending is committed to helping customers with low credit scores. The company demonstrates its support by offering free credit reports through its partners. OpenRoad Lending customers can also access a free credit repair consultation at Lexington Law.

Co-borrowers can be added to the application

OpenRoad Lending allows you to add a co-borrower to your auto refinancing application. Applying with someone who has a good or excellent credit score can improve your likelihood of being approved and improve the terms of the loan that will be extended to you. This can result in lower interest rates, more flexible loan terms and lower minimum payments.

If you don’t think your credit is good enough to qualify for an auto refinancing loan on your own, or if you’re still not sure how auto loans work, you may want to choose this route. Applying with an experienced co-borrower may help you navigate what seems like a complicated process.

Cons explained

Not available in all states

OpenRoad finance does not cover customers based in:

  • Alaska
  • Hawaii
  • New Hampshire
  • Nevada
  • North Dakota
  • South Dakota
  • Vermont
  • Washington, D.C.

If your vehicle is registered in one of these states, you will not be able to proceed with your application.

No lease buyout loans

OpenRoad Lending does not offer lease buyout loans. If you are currently leasing your vehicle and are looking for a lender who will pay off your lease buyout amount, OpenRoad Lending won’t be able to assist. If you do not yet own your car, you may want to learn how to buy a car before you look into auto refinancing options.

May charge additional fees

While OpenRoad Lending does not charge an application fee, it may charge a loan fee if you decide to accept the offer. Once you’ve been approved, OpenRoad Lending will provide you with your loan package. This will cover important information about your loan, including interest rates, loan origination fees and any other fees you may have to pay, such as late payment fees and early termination fees, if applicable.

Loan fees with OpenRoad Lending may vary by state according to its state-specific disclosures. This means that regulations in your state of residence may impact the fees you may be required to pay when you accept your auto refinance loan offer.

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OpenRoad Lending auto refinance offerings

OpenRoad Lending offers auto refinancing loans, GAP coverage plans and extended service contracts. We discuss these offerings in more detail below.

Auto refinancing loans

OpenRoad Lending specializes in auto refinancing loans. Refinancing your current auto loan can get you a lower interest rate, which may result in significant savings as you pay off your loan principal sooner. Working with a specialized lender like OpenRoad Lending may increase your likelihood of being approved for an auto refinance loan compared to banks and other traditional lending institutions.

OpenRoad Lending offers auto refinancing loans for the following:

  • Vehicles that already have an existing auto loan with another institution
  • Vehicles with a mileage of less than 140,000
  • Vehicles that are eight model years old or newer
  • The maximum loan-to-value (LTV) may not exceed 120% for most applicants or 175% for those with excellent credit

Note that business and commercial vehicles are ineligible for auto refinancing.

GAP coverage

In addition to auto refinancing loans, OpenRoad Lending offers guaranteed asset protection (GAP) coverage. This service protects the value of your vehicle if it is totaled in an accident or stolen and if the value of your car is lower than the remaining amount on your loan.

For example, if your car is worth $10,000 at the time of loss, but the outstanding amount on your loan is $12,000, then your insurance company will only pay up to $10,000 minus the deductible. If you have a deductible of $1,000, then you will be left with only $9,000 in cash to pay off the remaining $12,000 on your loan. While some of the best car insurance companies include GAP coverage in their plans, not all do.

OpenRoad Lending’s GAP coverage protection will cover the difference between the cash value of your vehicle and the remaining amount on your loan, plus your deductible. In our example above, OpenRoad Lending’s GAP coverage would pay the remaining $3,000 on your loan, leaving you with a balance of $0. This ensures that you don’t pay out of pocket for your vehicle loss.

Extended service contracts

OpenRoad Lending offers extended service contracts to stretch your vehicle’s warranty protection beyond the manufacturer’s terms. This service covers your vehicle’s mechanical features in the event of failure, including engine, transmission, A/C system, brakes, suspension and more. If any of these fail, you can take your vehicle directly to any Automotive Service Excellence (ASE)-certified technician for service.

You can choose to finance your OpenRoad Lending extended service contracts to make monthly payments instead of paying an upfront fee. OpenRoad Lending also offers additional roadside assistance for extended service contracts at no extra cost, including 24/7 towing nationwide, gas delivery, battery assistance and more.

OpenRoad Lending pricing

OpenRoad Lending’s auto refinancing options vary depending on your creditworthiness, income, location, loan duration and outstanding loan amount. Interest rates start at 1.99% for a 24-month term for applicants with excellent credit. Your actual interest rate will be included in your loan package after approval and before you accept the loan.

Other fees may vary by state and include a loan opening fee, title fee, license fee and more. These fees will also be included in your loan package after approval.

OpenRoad Lending financial stability

OpenRoad Lending's financial stability hasn’t been rated by the leading credit rating agencies AM Best and Demotech. However, OpenRoad has been in business for over 30 years, during which it has helped over 100,000 people save millions in car loan payments.

OpenRoad Lending is also a member of the American Financial Services Association, which promotes safe and ethical lending among financial institutions. Despite not being rated by the top credit agencies, OpenRoad's track record speaks positively to its financial stability.

OpenRoad Lending accessibility

Unlike other financial institutions, OpenRoad financing is not available in all 50 states and does not offer 24/7 customer service. However, OpenRoad Lending does offer an online refinance advice center, with blogs and articles covering important loan information and frequently asked questions.


OpenRoad Lending offers auto refinancing loans to customers in all U.S. states except:

  • Alaska
  • Hawaii
  • New Hampshire
  • Nevada
  • North Dakota
  • South Dakota
  • Vermont
  • Washington, D.C.

Contact information

OpenRoad Lending offers customer service via email, phone and live chat. You can connect with a representative at (888) 536-3024 toll-free from Monday through Friday between 8 a.m. and 7 p.m. CST. Live chat is also available during these hours. Customer support is not available on weekends.

You can also email OpenRoad at LoanHelp@OpenRoadLending.com for loan support, TechSupport@OpenRoadLending.com for technical support and Feedback1@OpenRoadLending.com for general feedback.

User experience

OpenRoad Lending offers an online portal where applicants can submit online applications, check loan status, submit required documents and sign applications digitally through DocuSign. Customers can also use the online portal to manage loans, make and schedule payments and update contact information.

OpenRoad Lending customer satisfaction

OpenRoad Lending has overwhelmingly positive customer satisfaction ratings. On Trustpilot, the company has 4.6 out of 5 stars, and on the BBB website, it has an average customer review rating of 4.33 out of 5 stars. Additionally, OpenRoad Lending has been a BBB-accredited business since 2013 and currently has an A+ rating with the institution.

OpenRoad Lending FAQ

What information does OpenRoad require to apply for an auto refinance loan?


There are a few pieces of information you will need to prepare if you're ready to be pre-approved for a car loan with OpenRoad Lending, including:

  • Your Social Security number
  • Your vehicle identification number (VIN)
  • Your vehicle's year, make and model
  • Your vehicle's total mileage
  • Your employment information, including employer name, title, monthly income, time at current job and work phone number
  • Does OpenRoad keep consumer personal information secure?

    OpenRoad Lending's privacy policy affirms that it will protect any information held online by the company, including information that you submitted voluntarily in the loan application or anything collected from public sources. Proof of identity or authentication will be required to access your private information online or over the phone.

    Is OpenRoad a good auto loan lending company?


    OpenRoad lending has an overwhelmingly positive online reputation, with high average customer ratings and the highest BBB rating possible. This speaks positively to the company's relationships with its clients and how it handles customer complaints and disputes.

    Whether an OpenRoad Lending auto refinancing loan will be a good financial decision for you will depend on the terms of your current auto loan and the proposed terms of the auto refinance loan. You should carefully review your OpenRoad Lending loan package and compare it against your current auto loan to determine if this company is a good choice for you.

    How we evaluated OpenRoad Lending

    We considered the following factors when evaluating OpenRoad Lending:

    • Refinance offerings as well as additional services
    • Refinance pricing, including fees and interest rates
    • OpenRoad Lending’s financial stability and accessibility
    • Customer satisfaction ratings

    Summary of Money's OpenRoad Lending review

    OpenRoad Lending offers auto refinancing loans to borrowers with low credit scores. If you have a low credit score and a current auto loan with unfavorable terms, you may be able to secure an auto refinance loan with better terms through OpenRoad Lending.

    You can get pre-approved online through OpenRoad’s easy pre-approval process, which typically takes less than five minutes. You may also be able to secure better terms if you apply with a creditworthy co-borrower.

    Some disadvantages to keep in mind are that OpenRoad Lending isn’t available in all states, doesn’t offer lease buyout loans, may charge additional fees for auto refinance loans and doesn’t offer customer service over the weekend. However, OpenRoad Lending has stellar customer reviews and works with customers who may not qualify for auto refinancing loans elsewhere.

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