Car Loan Frequently Asked Questions
Do you have questions about the OpenRoad Lending process? You'll find many of the answers you're looking for in our helpful FAQ’s.
New and Used Purchase Loans
Is there an application fee? How soon will I receive my OpenRoad eCheck®? What types of vehicles does OpenRoad Lending finance? Are there any restrictions on where I may purchase a vehicle? What types of documentation may I be asked to provide and why do you need this?
New and Used Auto Loan FAQ’s
Before you Apply
- What are the minimum requirements?
Minimum requirements to qualify for our program include the following:
- You must be 18 years of age or older
- You must have a gross monthly income of $1,800 or more
- Our minimum loan amount is $7,500
- Vehicle you are financing must be no older than 6 years (currently a 2005 model or newer) and have less than 70,000 miles
- You must purchase your vehicle from a Franchised Dealership within your state of residence. A franchised dealership sells new and used cars for auto manufacturers such as Ford, General Motors, Honda, and other major brands. The manufacturer is often listed in the dealership's name. You may also purchase a vehicle from CarMax.
- What hours can I speak to an OpenRoad Lending Loan Care Agent?
OpenRoad Lending Loan Care Agents are available to assist you anytime Monday through Friday from 8am CST to 6pm CST at 888-536-3024. Live Chat is also available during these times.
- Are there any hidden fees to the borrower?
You have the flexibility to apply with us and, upon approval, receive a free, no-obligation quote so you can choose the auto loan that is right for you. Applying for an auto loan with OpenRoad Lending is free. We do not charge any application or documentation fees that you may encounter with other companies.
- How soon after completing my application will I know if I am approved?
In most cases, you will receive a loan decision within minutes of submitting your online auto loan application. Once approved, you'll then be able to instantly review your loan offer while still online.
- How soon after approval will I receive my OpenRoad eCheck®?
Once approved, you will have the ability to download your OpenRoad eCheck® immediately upon signing into our website and answering a few security questions. We know the excitement you have after being approved and your desire to go purchase a vehicle right away. With your OpenRoad eCheck®, you can apply, get approved and purchase a vehicle the same day in some cases.
- Are there any vehicle limitations or can I purchase any vehicle?
At OpenRoad Lending, we only finance new and used cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be 6 years or newer and have less than 70,000 miles. We do not offer financing for commercial vehicles, motorcycles or recreational vehicles. Other ineligible vehicles include: ATVs, boats, branded/junk/salvaged title vehicles, camper vans, conversion vans, dump trucks, freight liners, gray market vehicles, kit cars, lemon vehicles, limousines, motor homes, taxis, tow trucks, tractor trailers, vehicles that do not have a Vehicle Identification Number (VIN) or title issued to it, or vehicles equal to or greater than 1 ton payload capacity.
- Are there restrictions on where I can purchase my vehicle?
Yes. You must purchase your vehicle from a franchised car dealership. A franchised car dealership sells new and used cars for auto manufacturers such as Ford, General Motors, Honda, and other major brands. The manufacturer is often listed in the dealership's name. You may also purchase a vehicle from CarMax. We do not offer financing for vehicles purchased from independent used car dealers, auto brokers or private party sellers.
If a franchised dealer has questions about our program or is reluctant to accept your OpenRoad eCheck®, please ask them to call us toll-free at 888-536-3024 during our business hours to speak with an OpenRoad Loan Care Agent.
After You are Approved
- What happens after my loan has been approved?
You will receive specific step-by-step instructions as part of the online application process and also via email. You will be required to provide documentation to us via fax or online before you can use your OpenRoad eCheck® to purchase a vehicle. In some cases, we will need you to call us for identity verification purposes before sending your OpenRoad eCheck®. Documentation and verification requests that we make during our loan process are primarily designed to help protect the security and privacy of our customers.
- What type of documentation may I be asked to provide?
Documentation requirements vary by applicant, but you may be asked to provide some or all of the following information:
- Proof of full coverage insurance with a deductible not to exceed $1000 (comp and collision)
- Copy of valid state-issued identification (e.g., driver's license)
- Proof of your monthly income
- Proof of residence
- Personal references
- How will I know that you received the documents that I faxed to you?
You will receive an email confirming the receipt of any faxed documents. Your status will be updated online as well. Your OpenRoad eCheck® will not be activated for use until you receive confirmation from us that all of your documentation requirements have been fulfilled. To avoid processing delays, be sure to use the fax cover sheet provided for you or write your Application ID number as indicated in your loan documents on any documentation requirements that you send to us.
- How can I check the status of my application or document requirements?
You can check the status of your application 24 hours a day by logging onto OpenRoadLending.com and clicking on the "View Your Status" link on our homepage. You will need your Application ID and the last 4-digits of your Social Security Number to access your application information.
- How much time do I have to use my OpenRoad eCheck®?
You have a maximum of 30 days from the date your application is approved before it expires. The expiration date will be specified in your loan package. If your OpenRoad eCheck® expires before you are ready to purchase a vehicle, please re-apply by visiting www.OpenRoadLending.com.
- What do I do if I want to increase my approval amount?
Please call us at 888-536-3024 during business hours to request a different loan term or higher maximum loan amount. If you qualify, we will need to send you instructions on how to download a new OpenRoad eCheck® package.
- If I decide not to use my OpenRoad eCheck®, what should I do?
Your OpenRoad eCheck® is non-binding until you purchase a vehicle. You are under no obligation to use your OpenRoad eCheck® or loan package. You may consider retaining your OpenRoad Lending documents until you have made your final financing decision to give yourself the maximum flexibility in choosing the right option for you. If you decide to not use them, please simply dispose of the documents safely. You do not need to contact us to cancel your loan application or documents. Remember your loan approval is good for 30 days.
At the Dealership
- How do I use my OpenRoad eCheck® at the dealership?
To help ensure a fast and easy process, please be sure that you have submitted any documentation requirements before taking your OpenRoad eCheck® to the dealership to purchase a vehicle. Once your OpenRoad eCheck® is activated for use and you are ready to purchase a vehicle, simply make the eCheck payable to the dealer for an amount up to the maximum loan amount (subject to your LTV limit).
- What is LTV (Loan to Value)?
Loan-to-Value represents the amount of money you are borrowing divided by the value of the car being financed. For new vehicles, LTV is calculated by dividing your loan amount by the vehicle's MSRP price. For used vehicles, LTV is calculated by dividing your loan amount by the Kelley Blue Book or NADA retail value (depending on your state in which you live).
- Will I need to fill out another credit application at the dealership?
No. You are pre-approved for auto financing and you are not required to complete a separate credit application at the dealership.In fact you should not complete another application as that could have an adverse affect on your overall credit standing because the dealership will pull your credit at least one time.
- If I get offered a lower interest rate or lower payment at the dealership, why should I still consider using OpenRoad Lending?
Financing with OpenRoad Lending may still be a better option over the life of your loan. Special interest rate promotions (including 0% and other low rate financing offers) can be attractive if they are offered for the vehicle you are purchasing and if the other loan terms meet your needs. In many cases, you will also have the option of taking a cash rebate instead of special rate financing. Financing with OpenRoad and taking the cash rebate may be a better alternative to the low rate financing option. Our loan calculators can help you compare your alternatives so that you can choose the option that is best for you.
- What if the dealer is reluctant to accept or has questions about my OpenRoad eCheck®?
OpenRoad Lending guarantees payment of the eCheck if all customer and dealer requirements have been verified. Please have a dealer call us toll free at 888-536-3024 and speak to a Funding Agent with any questions.
- What can be included in the amount of my OpenRoad eCheck®?
Your OpenRoad eCheck® allows you to borrow any amount between the minimum and maximum loan amounts (subject to your LTV limit). You may include purchase price of the vehicle, tax, title, license, registration or lien-filing fees, gap insurance, extended warranty/service contracts, and other fees associated with the purchase of a vehicle from a dealer.We also offer warranty/service contracts and gap insurance so ask us about special pricing for OpenRoad customers.
- Can I trade in my current vehicle when using my OpenRoad eCheck®?
Yes, payoff procedures are usually the same regardless of how you finance your vehicle. If you trade in your vehicle when purchasing another vehicle from a dealer, the dealer will handle the payoff. After you negotiate the price of your trade-in and the price of the vehicle that you wish to purchase, the dealer will close the sale and agree to handle the payoff on your trade-in. You may include "negative equity" from your trade-in in your new OpenRoad auto loan as long as your total loan amount is within the maximum loan amount and LTV guidelines outlined in your OpenRoad eCheck® package. “Negative equity” means that you owe more on the vehicle you're trading in than the dealer is willing to credit you for it. Call us at 888-536-3024 to let us help you navigate your purchase.
After You Have Used Your OpenRoad eCheck®
- What happens next after I use my OpenRoad eCheck®?
You will receive a welcome email from OpenRoad Lending when your auto loan is finalized. Your loan will typically be finalized within 1-2 business days after OpenRoad Lending receives the eCheck for payment from the dealer. You will be sent documents outlining your final loan terms including monthly payment amount and due date.
- When will my first payment be due and what will my final payment be?
The due date of your monthly payment will be specified in your Welcome Letter. Your first payment will be due 30 days after OpenRoad Lending funds your loan.