Are you looking to cut a bit of expense out of your life? Are you looking into auto refinance loans? You’re in luck!
LowerMyBills takes a look at the industry of auto refinancing loan, to provide information on getting you the refinancing you need. Today we will go over the details from OpenRoad Lending.
Will OpenRoad Lending be a gold standard of auto refinancing loans? What does it take to apply? We’ll give you all the details right down below.
The OpenRoad Lending: Who Are They and What Do They Do?
OpenRoad Lending is a company that comes out of the Dallas-Fort Worth area. With a founding in 2007, OpenRoad Lending has a laser focus on only auto refinancing loans. They have high ratings on their website and on TrustPilot. Let’s see what that praise is all about.
Understanding OpenRoad Restrictions
Like most lending agencies, there are a series of qualifications, limits, and minimums that you need to understand before you work with them. Let’s look over OpenRoad Lending’s requirements.
Minimums and Maximums
Your car must be newer than 8 model years, and it must have less than 140,000 miles on it. You must also owe between $7,500 and $100,000 on the car loan still. You must have a stable income of at least $1,500 a month.
As an extra bit of fine print, there are restrictions on the type of car you can refinance with OpenRoad Lending. You cannot refinance business vehicles, models that are no longer in production, or specific cars like Oldsmobile, Smart Cars, Daewoo, or Isuzu.
How to Apply
OpenRoad Lending has a standard application process on their website. This includes your personal information, financial information, and all of the details on your car. Make sure to have items like insurance, current lender information, and VIN number during the application process.
Is OpenRoad Good For You?
OpenRoad Lending comes through the review process with a pretty standard showing of approval. The usual restrictions for auto refinancing are all present. The additions of heavy car type restrictions can remove a few customers from the running, but they still cover a wide variety of cars.
The positives are that there are no application fees, and their APR numbers are low. With the right credit score, you can get a cashback refinancing option, which can get you extra money when you apply.
If you have a reliable income and enough of a car bill to warrant a shift to refinancing, OpenRoad Lending has all the qualifications to provide an excellent service with substantial numbers and fast delivery.