Wednesday, May 18th
2022 Car Loan Refinance Reviews
Open Road Lending
- Car loan refi available on cars 8 years old or newer, with less than 140,000 miles
- Loan amounts from $7,500 to $100,000
- Wider range of included vehicle makes than many lenders
- Not available for self-employed applicants
- "A+" rated and accredited by the BBB
- In business since 2009
Open Road Lending is headquartered in the Dallas-Fort Worth area and has helped thousands of people save more than $100/month, on average, through refinancing their car loans.
More mileage, but cars need to be newer here
With respect to the eligibility of your car, Open Road Lending comes in both better and worse than their competition. How? If you've got a car with high mileage, many lenders won't give you a refi if you have 120,000 or more - but Open Road Lending extends that to 140,000. On the other hand, where most lenders can refinance your loan if your car is 10 years old or newer, this service only covers vehicles that are 8 years old or newer. You win some, you lose some.
More makes included - but zilch if you're self-employed
Another way that Open Road Lending will be ideal for some and less so for others: they cover a wider range of vehicle makes and models, excluding only Oldsmobile, Daewoo, Isuzu and Smart Cars, as well as vehicles that are no longer being manufactured and trucks larger than 3/4 ton. Great! But, a huge exclusion here that we didn't see elsewhere is that this company won't offer refinancing if you're self-employed, according to their FAQ. With so many people freelancing, taking on gig work, or owning their own companies, we're baffled as to why a lender would refuse to work with an otherwise strong applicant that isn't a W2 wage/salary employee.
Mixed results according to clients
When we looked into what customers say about the experience of refinancing a car loan through Open Road Lending, it seemed to be feast or famine, so to speak: you'll either get a seamless loan process and save tons of money on your car payments, or you'll have one frustration after another with paperwork and it'll take forever to get your refi completed. The company has an "A+" rating and accreditation from the BBB at least, which is some reassurance that issues are being handled - eventually.
Don't be surprised by contact from third parties
Some customers had issues because they didn't realize that Open Road Lending is a referral service, passing customers along to lenders in their network. These clients often mistook communications from the lending institution as a scam or unsolicited contact, which delayed their refi process. To be fair, the company doesn't come out and list which financial institutions they use or even that borrowers should expect such contact from lenders they've never heard of: everything on the Open Road Lending site makes it sound like they're the only company you'll hear from in the refinancing process.
Could be better, could be worse
Open Road Lending is good, but not great. We're encouraged by many of their positive customer reviews, but the hit-or-miss nature of their eligibility requirements and the paperwork glitches when loans are handed off to lenders prevents this platform from earning a higher rating from us. It could be a decent option but falls short of the more reliable sources of car loan refinancing in our review.
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With interest rates dropping like crazy, you're smart to think you might be able to save some money with a new loan. Whether you choose to keep your monthly payments the same and shorten your loan term or lower your payments and spend your cash on other necessities, it's almost a guarantee that refinancing will be a good decision.
In the past, most people would go to their bank or credit union to get a car loan refi. After all, it's comfortable, familiar, and easy to set up with checking or bank accounts that are already established there. But, that's not the best idea if you want the nation's top rates and terms for car loan refinancing. Your hometown bank doesn't need to compete with other lenders for your business: they already have it!
Car Loan Refinance FAQ
Continued from above...
Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Most online lenders have rates and terms that will easily beat anything you find locally, with all the convenience of a completely-online application and approval process. Save money while sipping coffee at home in your pajamas? Why not!
Looking at the available options for car loan refinancing online, it can be hard to tell different lenders apart. Which one should you use, not just to get an initial rate quote but ultimately to finalize your new loan? Here are several ways you can evaluate each choice to find the car loan refinancing that's right for you:
- Vehicle Eligibility. Most lenders won't refinance a loan on a car that is more than 10 years old or over a certain mileage, usually between 120,000 and 150,000. Some even have make/model restrictions that may prevent your car from qualifying. Fortunately, most cars will be eligible for loan refinancing with the majority of lenders on the market today.
- Personal Eligibility. What is required of you as a borrower to qualify for a refinanced car loan? You may need a certain minimum credit score or monthly income amount.
- Referral Service or Direct Lender. You'll find two approaches to car loan refinancing: get a new loan right from the financial institution, or work with a platform that lets you get quotes from more than one lender at a time. Either option is good, but referral services give you access to smaller banks and credit unions that often offer more competitive rates on refinanced loans.
- Reputation. What have other car owners said about their experience when refinancing their car loans with a given lender? Was the process smooth or aggravating? Were there any surprises? Has the Better Business Bureau rated the company?
TopConsumerReviews.com has evaluated and ranked the best providers of car loan refinancing available today. We're confident that this information will help you get the rates and terms you're looking for to save money on your car payments!
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