![]() There's no need to accept the first loan offer you see if you can get quotes from several financial institutions at once. Money-wise consumers look to the internet for the best deals, and car loan refinancing is no different. It could be a decent option but falls short of the more reliable sources of car loan refinancing in our review. 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. Open Road Lending is good, but not great. 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. These clients often mistook communications from the lending institution as a scam or unsolicited contact, which delayed their refi process. 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. The company has an "A+" rating and accreditation from the BBB at least, which is some reassurance that issues are being handled - eventually.ĭon't be surprised by contact from third parties 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. 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. 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. More makes included - but zilch if you're self-employedĪnother 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. 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. ![]() 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. With respect to the eligibility of your car, Open Road Lending comes in both better and worse than their competition. More mileage, but cars need to be newer here 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. Not available for self-employed applicants.Wider range of included vehicle makes than many lenders.Car loan refi available on cars 8 years old or newer, with less than 140,000 miles.The highest level of customer satisfaction and award-winning customer service.There’s no obligation to apply, no hidden costs and no application fees.Quick loan decisions, flexible financing options and cutting edge technology for a great experience. ![]() A+ accredited by the BBB and a trusted member of the American Financial Services Association.With OpenRoad, you are in the driver’s seat! Magazine as the 37th fastest growing private company in America, OpenRoad is a multi-time Dallas/Fort Worth Best and Brightest Company as well as a Best Place to Work by the Dallas Business Journal. ![]() Our Loan Care Agents are auto refi experts and will help you accomplish your refinance goals. OpenRoad will customize loan options to best fit you, regardless of your credit. Since 2009, OpenRoad Lending has helped tens of thousands of customers save over $100/month on average by refinancing their auto loan!* ![]()
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