OpenRoad Lending Reviews - What Is It?
DO NOT USE OpenRoad Lending!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
OpenRoad Lending is a lender who deals with refinancing auto loans and it based in Texas. The official website of the company claims that you can apply and get approved within just a few minutes. OpenRoad operates in Fort Worth and is headed by President and CEO Chris Goodman, who has a background in auto lending. Is the refinancing process really as simple as claimed? Should you use this lender to refinance your car? How does the whole process work? Are there any loans restrictions or limitations? What fees should you pay? What are real customers saying about OpenRoad? We are going to answer all of these questions further in this review and first we will focus on how the Lending Refinancing Process works. The application takes place online and functions like other lending websites over there. You will need to provide your personal information and info about the car you need to refinance. Their website says that you will need to provide your vehicle model, make, and mileage, its identification number and special features, information on your current auto loan lender account, copy of your registration and insurance.
Most drivers decide to refinance their vehicles in order to get a lower monthly payment. But the disadvantage is that refinance will inevitably extend your repayment period. If you take a six-year loan, for example, refinancing might add another three years to your repayment period. As soon as OpenRoad gets your information, they will process your application and inform you whether there are any questions or errors about what you have submitted. Then they will make a decision about your loan terms, including length of repayment, your APR, and the amount of your monthly payments. Keep in mind; you don't have to necessarily accept the terms of the loan. If the rates are too high for you and you are not pleased with what you are offered, you can always say, "No." Finally, the company will check your credit. The better credit scores you have, the lower interest rate will be. Residents of some states will have to send their title to the company to complete the loan application. These states include Kansas, Maryland, Kentucky, Michigan, Missouri, Minnesota,New York, South Dakota, Oklahoma, and Wisconsin.
Customer Reviews - Does OpenRoad Lending Really Work?
The major goal of most lending companies is to make money off their loan and OpenRoad is not an exception. They do that by extending repayment periods of their customers to get your interest payments. The company may be worried about your inability to make your payments and default on your loan. To make sure they will win out if you fail to pay, they have some created some requirements about the vehicle they will refinance. It must have less than 150,000 miles on it and it should not be older than 10 years. They are ready to refinance no more than 120% to your car value with maximum loan of $100,000. Minimum loan amount is $7,500. These requirements were created as guarantee that they can resell your car in case if you don't pay your loan. This is the reason why they don't want vehicles with a lot of miles, old vehicles or vehicles with loan balances that are 20% higher than the vehicle's value. The company won't refinance vehicles from the following manufacturers: Daewoo, Oldsmobile, Hummers, Suzuki, Saab, or Isuzu. The next restriction they incorporate into their loans is car type. The following vehicles are not eligible for refinance: motorcycles, commercial vehicles, RVs, boats, ATVs, camper vans, lemon vehicles, cars with branded titles, motor homes, and cars without a VIN or title. "Branded titles" refers to cars that have signs showing the car was damaged as a result of fire, collision, flood, or other situations.
Let's take a look at the public opinion about OpenRoad. Online consumer reviews about the company have a mixed character. While some customers were happy with an opportunity to save money, others expressed disappointment over being denied a refinance and decrease of their credit score because of the credit check run during the application process. Based on what we have learnt, we think it is vital for you to know that there is no guarantee you will be approved for a loan even if you get a letter that the company has pre-approved you. It just means that you fit a loose profile of who can qualify. We were frustrated to find out that some people found the entire process to be a nightmare. Thus, one woman writes that when she applied she was told her interest rate would be 7.29% with a 72 month term. She asked the loan care agent whether they could do any better loan. The agent checked and said they could do 6.49%. The woman agreed but when she received her written documentation from the loan care agent she saw that the interest rate was 6.7%. Moral: read your loan documents carefully. Some people report concerns with identification and gift cards. Many problems were faced with the due date. For instance, one guy said that the road lending website stated that his first payment would be due on 7/20/2018 but it was a lie. The man contacted Kinecta Federal Credit Union to make a payment but he was told that it was due on 7/8/2018. In this way, the guy paid way early. Another complaint referenced poor customer service. The loan care agents seem to be ready to say anything to get you off the phone or to make you sign the contract. Be sure to read each word on the contract. Let us take a look at what actual customers are saying about OpenRoad.
"OpenRoad lending is a horrible company that made me go through a long process and then without contacting me for weeks. Later I found that my vehicle was commercial use so they couldn't refinance it. I was shocked with the fact that they couldn't inform me about that for many weeks while I was patiently waiting for a response. This is the worst customer service I have ever dealt with. Do not address this company ever."
"Open Road Lending was shown on my Credit Karma App as a possible refinance for my car. I decided to apply because hoped for a lower interest rate. I received an email a few hours later. It said I was approved. I called them but they told me they could not cover the loan because the owed amount was more than the car's value. Waste of time."
"Openroad Lending is a total scam. I received a pre-approval thing in my mail. I went through the whole application process and they sent me a notification that I was approved. I called them for details and learnt that the rate was higher than what I expected. I am not going to waste my money with this company! Stay away from these dishonest people!"
My Final Summary
With all we have learnt about OpenRoad, this company does not to be a good option for you to choose. Its only advantage is that they don't charge any application fees. Refinancing may not be the best choice for all people, especially those who cannot get a better interest rate. It is not a good fit for people who have financed car makes that are not allowed to be refinanced like Hummer and Oldsmobile. Based on customer reviews, customers have faced many issues with their contract. Some people are sure that this company is fraud. Their interest rates appear to be extremely high, while the customer service is completely unhelpful. Taking into account all these cons, I cannot recommend OpenRoad Lending.
OpenRoad Lending Pricing and Rates
According to the official website, you won't have to pay any application fee or any E fees for your OpenRoad loan. While this is a consumer-friendly company with the lack of fees, keep in mind that they are making money through the interest payments, not the up-front charges.