
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
$10,000
Min. Loan Amount
$100,000
Max. Loan Amount
3% to 18%
APR
Product Name | OpenRoad Auto Loan Refinancing |
---|---|
Min. Loan Amount | $10,000 |
Max. Loan Amount | $100,000 |
APR | 3% to 18% |
Interest Rate Type | Fixed |
Requirements | Income of $1,500 a month, vehicle no more than 10 model years old with less than 150,000 miles, can’t be an Oldsmobile, Daewoo, Smart Car or Isuzu |
*We received these product details from an OpenRoad customer service representative in June 2018. They weren’t listed on the website.
Unlike a regular car loan, both you and your car will have to qualify for a refinance.
OpenRoad is focused on getting you a good rate on a previous loan. It dedicates much of its site to explaining car loan refinancing. Reviewers on sites like TrustPilot and the Better Business Bureau often comment on how much lower their monthly payments became after using OpenRoad. On its site it claims that it saves customers on average $102 a month after refinancing their auto loans.
Refinancing can do two things: lower your monthly payment and lower your interest rate. Lowering your monthly payment means you may have to extend your loan. For instance, if you have 60 months left on your current loan, OpenRoad may be able to approve you for a loan of 72 months, which results in a lower monthly payments. However, if you combine this with a lower interest rate, you could save hundreds or even thousands of dollars over the life of your loan by refinancing.
This involves a bit of paperwork, and you’ll have to give OpenRoad the power of attorney so it can change the name of the lien holder on your current loan. OpenRoad usually charges about $200 for this process, but you won’t pay a document fee. Whatever money isn’t used for transferring documents is returned to you.
You can borrow between $10,000 and $100,000 to cover the remainder of your previous loan, however some states have a lower minimum amount of $7,500. Once your loan is paid off, you’ll start making payments to OpenRoad. As long as you meet the minimum eligibility criteria, you can apply and see if you qualify to refinance your car loan with OpenRoad.
OpenRoad’s rates run from 3% to 18%. The maximum 18% APR makes it particularly competitive for a car loan — many top out higher than that amount. You must have excellent credit and a high income to qualify for the most competitive rates, however.
BBB accredited | Yes |
---|---|
BBB rating | A+ |
BBB customer reviews | |
BBB customer complaints | 99 customer complaints |
Trustpilot Score | 4.5 out of 5 stars, based on 1,379 customer reviews |
Customer reviews verified as of | 16 October 2020 |
OpenRoad is accredited by the Better Business Bureau (BBB) and has an A+ score with over 500 positive comments left on the site. On TrustPilot, over 90% of users have rated their experience as great or excellent. The majority of complaints center around OpenRoad doing a hard pull on credit then not financing a loan. But remember, all lenders will need to do a hard pull before you’re fully approved.
Overall, many customers were satisfied with the customer service offered by OpenRoad. When we called, the customer service representative gave very informative answers about the refinancing process.
The OpenRoad refinancing application is one page and doesn’t take much time to fill out. You’ll need to select whether you’re applying by yourself or with a co-applicant, your main goal for refinancing and your offer code. You should have the following information to apply:
Once you finish filling out this information, you’ll need to agree to the Terms and Conditions and the consent to Electronic Disclosures. Then click Complete to submit your application.
OpenRoad requires you to provide quite a few documents to refinance your car loan.
You may also be required to provide proof of income and residence.
If you’re approved for a refinancing loan, you’ll be able to download your refinance loan package, which includes some instructions to complete the process. Once you finish signing all the documents, it will take OpenRoad about 7 to 10 business days to send your loan to your previous lender. This pays your outstanding balance. You’ll start paying on your refinancing loan 30 days after OpenRoad finalizes the process.
You aren’t limited to just refinancing your vehicle through OpenRoad. Between an auto buying service, GAP coverage and extended warranties, you can ensure you’re looking for the best deal when you compare your options through OpenRoad.
Refinancing your car loan may seem like a lot of paperwork, but it may be worth it if you can lower your rates and monthly payments. OpenRoad has decent service, excellent customer ratings and an informative site that should be able to answer most of your questions. You should always browse your other auto refinancing options before making a final decision, but OpenRoad could be a good way to put money back into your pocket and save on your car payments.