OpenRoad Lending 2024 Review
OpenRoad Lending Review – Pros, Cons, and Auto Refinancing Options
An online auto refinancing provider that maintains a customer-centric focus to create savings and financial opportunities for everyone.
Do you enjoy your vehicle but feel stuck with a high interest rate and an imperfect monthly payment? Hundreds of thousands of people around the country are in a similar spot. Fortunately, loan providers like OpenRoad Lending can help customers save thousands of dollars a year.
Since 2009, OpenRoad has helped customers save over $500,000! With incredible auto refinancing offers, OpenRoad expands options to more people, regardless of credit history. The application process is easy, and the company offers access to Loan Care experts who are knowledgeable about auto refinancing.
In this review, you’ll learn more about what sets the company apart in terms of products, service, and expertise. You’ll also get a glimpse of real customer testimonials and discover how easy it is to apply for an OpenRoad product.
OpenRoad Lending: What You Need to Know
OpenRoad was founded in 2009 and is located in the Dallas Fort Worth area. The company maintains an impressive 98% customer satisfaction rating and is staffed by a team of refinancing experts.
OpenRoad has also received notable recognitions from Inc. Magazine as a fastest growing company in America. In addition to this accolade, OpenRoad has also received awards for its positive team environment and work culture.
For a quick 90-second snapshot of what OpenRoad is all about, check out this informative video: OpenRoad Introduction Video
How Does OpenRoad Auto Refinancing Work?
Refinancing is a wonderful way to lower your monthly payment and to reduce the interest rate on an existing car loan. OpenRoad recognizes that many customers around the country are overpaying in these areas. If you want to refinance with OpenRoad, you need to meet a few basic qualifications.
- You must have an existing car loan with another lender.
- The vehicle’s current mileage should be under 140,000 miles.
- The car should be 8 years old or newer.
- The maximum loan to value (LTV) cannot be higher than 120% (some exceptions are made for borrowers with better credit scores).
- Refinancing options aren’t available on commercial or business vehicles.
If at any point you feel overwhelmed by the auto refinancing process, OpenRoad provides a number of resources that provide clarity and direction. Within the Auto Refinancing Advice Center, you’ll receive professional insights about interest rates, credit scores, refinancing terms, and more.
Choose Your Auto Refinancing Option, Apply, and Enjoy
When you first visit OpenRoad’s website, you’ll have an opportunity to learn more about the company. Be sure to check out the extensive resources, customer reviews, and awards. When you apply for auto refinancing, OpenRoad makes it easy to know what’s required.
The Refinancing Checklist includes items like:
- Details about the vehicle (make, model, and year)
- Current car mileage
- Vehicle identification number (VIN)
- Vehicle registration and insurance information
- Contact information for the current bank or lender
- The account number of the existing car loan
The simple application should only take a few minutes to complete. Once you receive a free quote, you’ll have a chance to review the terms with no obligation. All customers receive a Loan Decision email that informs them of terms and portal login information.
After you agree to an OpenRoad offer, you’ll be required to fax the necessary documents to sign off on your new loan. According to OpenRoad’s FAQs, it takes roughly 7-10 business days for the previous lender to receive funds. After that point, new customers can expect a Welcome Letter which details the terms for moving forward and making updated payments.
What do OpenRoad Lending customers have in common?
OpenRoad’s customers are individuals who want to lower their current monthly car payment or interest rate. They also desire an easy application process and access to friendly, knowledgeable, and supportive staff. Customers should be comfortable with online applications and portals and should be responsible about managing personal information about their vehicle.
Where are OpenRoad’s Options Available?
OpenRoad is based in Texas but serves customers around the United States. While many customers are within the region, you can apply for an OpenRoad refinancing product from anywhere in the U.S. Different regulations may apply to customers in states with certain requirements for automotive purchases.
How Much Will OpenRoad Cost?
The amount that you can expect to pay to OpenRoad over the life of a loan largely depends on what you owe on your vehicle. In certain situations, you might expect to finance more or less than the vehicle is worth in cash. This is usually dependent on vehicle depreciation and is not a result of the financing process.
What Type of Refinancing Offer Can I Get from OpenRoad?
To learn more about the products and services available from OpenRoad, visit http://www.openroadlending.com/ and hover over “Products” in the top menu bar. Here, you’ll find out specific product information. Additionally, you can explore helpful resources about credit score and debt consolidation.
Auto refinancing is the primary product that customers pursue with OpenRoad. The Refinance Savings Example gives you a sneak peek at how the numbers work out when you apply to refinance. This example illustrates how you can not only lower your interest payment but also how you can short the life of the loan.
1. Auto Loan Refinancing
You can learn more about OpenRoad’s auto loan refinancing on the dedicated Refinancing product page. Here, you’ll get a snapshot of requirements and qualifications. You’ll also learn about relevant restrictions as they relate to the type of vehicle, number of miles, and power of attorney.
On average, OpenRoad’s refinancing offers help customers save about $100 per month, or nearly $1,200 per year. Customers and families can use this savings to pay down other debts or leverage it to build a stronger credit history.
Pros and Cons of OpenRoad Auto Refinancing Services
There are pros and cons to working with any online lender or banking institution. The key is to choose the best provider based on your specific situations. Below are several positives and negatives when it comes to working with OpenRoad for your auto refinancing needs.
Pros
- Substantial history of helping customers save money
- Founded in 2009 with an excellent reputation
- Strong customer support services
- Easy, quick, and efficient application process
- Options are available to borrowers with different credit backgrounds
- Availability of other financial products like GAP coverage
- Extensive library of resources, calculators, and examples
Cons
- Finalized loan paperwork must be sent via fax
- Better financial terms may be given to borrowers with strong credit
- Loans for new car purchases are not available
- Certain restrictions for the refinancing process include monthly income, loan value, and vehicle mileage
Any Discounts on OpenRoad Financial Services?
OpenRoad can help customers save thousands of dollars over the life of a new loan. Since there is no application fee and no hidden charges, customers don’t need to worry about hidden costs. At this time, other loan discounts are not available. Interest rates are based upon a buyer’s credit score.
OpenRoad Auto Refinancing Customer Reviews
OpenRoad is a nationally recognized leader in auto refinancing. But before you become a customer, you may want to know what other customers are saying about their experiences.
Fortunately, OpenRoad has a number of verified customer reviews. In addition to these, the company has been given awards and accreditations from the Better Business Bureau, Inc. Magazine, TrustSpot, the American Financial Services Organization, and more.
One customer who chose OpenRoad over other big-name financial institutions said:
_“I know you probably hear this all of the time, but I want to say that the experience of getting a loan with you guys has been easy beyond my wildest dreams…At least in comparison to Bank of America, Chase, etc…Excellent job on your part. Thank you for making everything so easy.” _
Here are a few other comments shared by real customers using OpenRoad for various loan products:
“I appreciate everyone involved with my account. OpenRoad Lending took the time to help me and refinancing my car loan was all I ever needed to help my stay afloat with my bills. I truly thank you all from the bottom of my heart.” - Reviewer on TrustSpot, March 2020
“They were very good at responding in a timely manner. They were also professional and respectful. They took responsibility and put me first. They also saved me $100 a month on my car payment.” - Reviewer on TrustSpot, February 2020
How to Apply for an OpenRoad Auto Refinancing
Applying for an OpenRoad financial product is easy with your laptop or smartphone.
On the Web
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Click “Apply” link on the upper menu bar.
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If you are a current OpenRoad customer, you can select “Check Status” in the top right.
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View the Required Information box at the top of the application screen, and fill out the necessary radio buttons accordingly.
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Proceed through the rest of the form fields, and submit accurate information.
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Select the checkboxes at the bottom of the form to agree to the terms.
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Hit the green “Apply and Start Saving!” button to send your application.
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Wait to receive your offer and quote via email.
By App
OpenRoad does not currently offer applications through an application. Customers should apply on the main website. Follow-up details are provided in an email.
By Phone
While there is a toll free customer support number available, customers will be directed to apply through the website. For questions relating to loan and application status, email [email protected].
How to Contact OpenRoad Lending
If you need to contact OpenRoad, it’s easy to do so by using one of the below channels of communication.
Address: 5555 N. Beach St. Ste. 4100 Fort Worth, TX. 76137 Toll Free: (888) 536-3024 _You can locate more information on the OpenRoad Contact Us page: http://www.openroadlending.com/us/contact-us-2/ _ Website: http://www.openroadlending.com/ Email Support: OpenRoad has various public email addresses for different questions and concerns, ranging from products to technical issues to general feedback. If you’d like to send an email to the OpenRoad team, head to http://www.openroadlending.com/us/contact-us-2/. Facebook: https://www.facebook.com/OpenRoadLending/ YouTube: https://www.youtube.com/user/OpenRoadLending LinkedIn: https://www.linkedin.com/in/openroadlending/
Does OpenRoad Offer Other Financial Products?
OpenRoad’s primary financial product is auto refinancing. In addition to this, they also offer extended service coverage and GAP coverage.
- Extended Service Coverage. This product offers more peace of mind for the life of the vehicle, since it offers insurance after a manufacturer's warranty expires. Purchasing extended service could help offset future maintenance costs.
- GAP Coverage: GAP stands for Guaranteed Auto Protection, and it can protect you in the event of total loss of your vehicle due to an accident, natural disaster, or theft. GAP coverage is backup money in case the amount you owe on a loan is more than the car’s value after depreciation.
OpenRoad Review – Summary
By now, you’ve learned how OpenRoad helps customers take back control of their car loans. Sometimes, customers just need the reassurance that they’re in control of their financial future. Since 2009, OpenRoad has been able to give this back to customers in the form of lower interest rates and helpful customer support.
Apply now to see how much you could save by switching to OpenRoad!
Frequently Asked Questions
What are some of the most important requirements I need to know before applying?
To qualify for a new loan with OpenRoad, applicants should be able to prove a monthly income of $1,500. The loan payoff amount for current loans must be between $7,500 and $100,000. To learn more about vehicle age and mileage requirements, check out OpenRoad’s FAQ page for more information.
How easy is it to get in touch with an OpenRoad agent?
OpenRoad makes every attempt to provide access to customer service agents during business hours and beyond. Phone support is available Monday through Friday from 8am to 7pm CST. There are also several ways to get in touch with dedicated personnel through email or live chat support.
Is there an application fee with OpenRoad?
To help customers save time and money, OpenRoad has a transparent and fee-free process. This means that you can always apply without any obligation, and receiving a quote is free.
What should I expect after getting an approval from OpenRoad?
Once a customer is approved through OpenRoad, there will be a refinance loan package that becomes available. Although each situation is unique, most customers will need to sign a Loan and Security agreement and submit information about their current loan.
Does OpenRoad have a good history of serving customers?
Yes! OpenRoad has been a trusted provider of auto refinancing options since 2009. Since that time, the company has helped thousands of customers secure better financial terms on their auto loans through refinancing. OpenRoad also has many positive customer reviews and several awards from professional organizations like the Better Business Bureau.
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