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OpenRoad auto loan refinancing review

This provider gives you the potential to lower the monthly payment and interest on your car loan.

Car loans are a big expense for many people. Every month you likely pay a lender hundreds of dollars to drive from point A to point B. And if you jumped the gun and didn’t shop for the best interest rate, you may be hurting financially.

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Min. Loan Amount


Max. Loan Amount

3% to 18%



Min. Loan Amount$10,000
Max. Loan Amount$100,000
APR3% to 18%
Interest Rate TypeFixed
RequirementsIncome 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.

  • Best for: Refinancing car loans for high-cost vehicles

Do I qualify?

Unlike a regular car loan, both you and your car will have to qualify for a refinance.

  • You must have a monthly income of at least $1,500 before taxes, and by yourself not with a spouse
  • Your loan payoff must be between $10,000 and $100,000
  • Your vehicle can be no more than 10 model years old
  • Your vehicle must have less than 150,000 miles
  • Your vehicle is not an Oldsmobile, Daewoo, Smart Car or Isuzu

What makes OpenRoad unique?

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.

How does the refinancing process work?

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.

What rates does OpenRoad offer?

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.

What are the benefits of refinancing through OpenRoad?

  • Car Refinance Learning Center. Curious about your credit score, loan refinancing or buying a car? OpenRoad has a Learning Center available to everyone, not just its customers, so you can educate yourself before you make a big financial decision.
  • Referral bonus. When someone you refer completes a loan application through OpenRoad, you’ll receive a $100 Walmart gift card for your help in securing a new client.
  • Quick application. Unlike some lenders that require multiple pages of applications, OpenRoad keeps it all to one page so you know exactly what you’ll need and can fill it out in the order you prefer.

What are the drawbacks to using OpenRoad?

  • Not every page is secure. While the application is protected by SSL encryption, other pages on the site aren’t covered and may be prone to malware.
  • Older vehicles won’t be financed. If you took out a loan on an older vehicle and are looking to refinance, make sure it’s not older than 10 model years. For the 2018 model year, your car can’t be older than a 2008 model, even if it’s under 150,000 miles.
  • Limited models. You can’t qualify for OpenRoad refinancing if you drive an Oldsmobile, Daewoo, Smart Car or Isuzu.
  • Preapproval doesn’t guarantee approval. Some former customers have left complaints on various review sites that they received a preapproval offer from OpenRoad but weren’t given a loan.

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Get pre-qualified for used car financing and receive competitive, personalized rates. Car Loans
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Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
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Auto Credit Express Car Loans
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.

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OpenRoad reviews and complaints

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.

How do I apply?

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:

  • Personal information, including your full name, date of birth, Social Security number and email address.
  • Contact information, including your address, time at your residence, monthly mortgage or rent payment and phone number.
  • Employment information, including your employer, income and time at current job.
  • Co-applicant information if needed, including their personal, contact and employment information.
  • Vehicle information, including the year, make and model of your car as well as the current mileage.

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.

What documents will I need?

OpenRoad requires you to provide quite a few documents to refinance your car loan.

  • Your vehicle identification number (VIN)
  • Copy of your vehicle’s registration
  • Information about your car insurance
  • Name of the original lender
  • Your car loan account number

You may also be required to provide proof of income and residence.

What happens once I’m approved?

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.

Other products offered by OpenRoad

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.

  • GAP coverage. Guaranteed Auto Protection (GAP) coverage is designed to protect you if your car is totaled. If you have an outstanding loan of $20,000 but your insurance company will only pay the market value of $15,000, GAP insurance will cover that extra $5,000 so you aren’t paying for a car you can’t use.
  • Extended service contract. Picked up an older car and don’t want to spend a ton of money on costly repairs? An extended service contract from OpenRoad can save you money after the manufacturer’s warranty has expired.
  • Auto buying service. OpenRoad has a new and used car buying service powered by TrueCar. You can go online and browse available vehicles at dealerships near you with prearranged prices. Then, when you’ve found a car you’re interested in, connect with a dealer to schedule a test drive. If all goes well, present the dealer with your Price Protection Certificate for a hassle-free purchase. OpenRoad doesn’t currently offer financing, but keep an eye out — they may start extending loans in the near future.

Bottom line

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.

Frequently asked questions

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    Default Gravatar
    July 15, 2019

    Where do I go to get started?

      Avatarfinder Customer Care
      July 16, 2019

      Hi Ron,

      Thank you for your comment.

      To get started, please visit OpenRoad’s website to apply. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

      The eligibility criteria and also the requirements are outlined above.


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