Our reviewers evaluate products and services based on unbiased research. Top Consumer Reviews may earn money when you click on a link. Learn more about our process.

Open Road Lending Review

Wednesday, May 18th

2022 Car Loan Refinance Reviews

Open Road Lending Review 3 Star Rating

Open Road Lending

3 Star Rating
  • 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.

Best Car Loan Refinance Providers

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.

Where’s the Best Place to Refinance Your Car Loan?

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!

The Best Car Loan Refinace Providers Compare Car Loan Refinace Providers Compare Car Loan Refinance Reviews What are the best Car Loan Refinace Providers Best Car Loan Refinance Reviews

Car Loan Refinance FAQ

Unless you got a really great deal when you bought your car, you're probably paying a high interest rate on your loan. Refinancing is a great idea if interest rates have dropped since the time you made your purchase, saving you hundreds (or thousands!) of dollars over the lifetime of your loan.
Eligibility requirements vary based on the lender and your state of residence. Most financial institutions require that your car be 10 years old or newer and have less than 150,000 miles - though you may find that some lenders have more stringent requirements. Some vehicle makes, such as Hummer, Saab and Isuzu, may be excluded from refinancing offers as well.
That depends. If you can get a new loan at a lower interest rate, chances are good that you'll save money on your monthly payments. But, if you refinance into a loan with a much longer repayment term, do the math to make sure you're not paying more in the long run. Also factor in any fees that may be charged for your new loan, because they will cut into your savings.
Probably not at your local bank! While it's tempting to go with the simplicity of refinancing through the financial institution you've always used, they're not going to compete for your business: they already have it! A better method is to look at your options online, where it's easy to get car loan refinancing offers from several lenders at once. Plus, internet-based lenders often have less overhead, which translates into lower rates for your refi.
Absolutely. For many smaller banks and credit unions, online lending lets them reach customers they might not find otherwise - which equals greater savings for you. Of course, it's important to do your homework and make sure that any service you use for your car loan refinancing is reputable and will protect your personal information, especially if you are required to enter your Social Security Number for identity verification. A strong rating from the Better Business Bureau is a solid way to establish that a service is legitimate.
Sometimes. Beyond the interest you'll pay on any loan, you may find origination fees or other costs for processing your application, updating your title, and so forth. Read the fine print before you commit to a lender for your auto refinancing.
Not necessarily, but it helps. As with any type of borrowing, higher credit scores usually translate into lower interest rates. And, some lenders have a minimum credit score of 580 (give or take) to be eligible to apply for auto refinancing loans.
Instead of applying directly with a single financial institution, you can use a referral platform to get quotes from multiple lenders at once. These services use vetted partners in their network, using your application to match you with banks and credit unions willing and able to fund your auto refinance loan. From there, the experience varies: some referral providers require you to re-enter all of your initial application information directly with the lender you select, while others streamline the process and transfer your details to the lender you've chosen. Be aware that you may get multiple emails, texts and phone calls from interested lenders when you provide your information to a referral platform!
Compare the Best Reviews

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!

The Best Reviews of Car Loan Refinace Providers