Auto Refinance Frequently Asked Questions
Do you have questions about the OpenRoad Lending refinance process? You'll find many of the answers you're looking for in our helpful FAQ’s. Refinancing your existing auto loan is a way to help you lower your monthly payment. If you like your vehicle, but not the payment, refinancing is right for you.
Before You Apply
- What are the basic requirements for refinancing my current loan with OpenRoad Lending?
Basic requirements to qualify for our refinancing program include the following:
- You must have a minimum gross monthly income of at least $2,000.
- Payoff amount of your current auto loan must be between $10,000 and $40,000.
- Vehicle you are refinancing must be no older than 6 years (currently a 2005 or newer model).
We do not offer refinancing for:
- Commercial vehicles, motorcycles or recreational vehicles.
- Oldsmobile, Daewoo, or Isuzu vehicles.
- Trucks or vehicles larger than 3/4 ton.
- 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.
- Is there an application fee?
Applying for an auto loan with OpenRoad Lending is always free. We do not charge any application or documentation fees that you may encounter with other companies. 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.
- Are there any other refinance fees that I will be charged?
Each state imposes a title transfer fee that ranges from $5 to $80 depending on the state in which you reside. This fee is charged by your state, not OpenRoad Lending. We will pay this fee on your behalf to the state and add it to your final loan amount.
- How soon after applying will I know my refinance application is 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.
After you are Approved
- What happens after I am approved?
You will be able to download your refinance loan package. Your loan package will include specific instructions to complete the refinancing process. Requirements will vary by customer, but generally you will need to sign a Loan and Security agreement, give us information about the current loan you are refinancing and provide proof of your current income.
- How long will it take for me to receive my refinance package?
Soon after you are approved, you will have the ability to download your Refinance Loan Package immediately upon signing into our website and answering a few security questions. We know the excitement over being able to save money and we want you to be able to start the process right away.
- What if I make a mistake completing my pre-printed documents or some of the docs are not correct?
Do not cross-out the mistake or use correction fluid as this will invalidate the contract. Please call us at 888-536-3024 during business hours to speak to a Refinance Loan Care Agent.
- Where do I send my completed documents?
Your completed refinance loan package should be faxed to 866-228-8448. If you reside in a title holding state, please overnight the original title to:
6616 Davis Blvd
North Richland Hills, TX 76182
- How long after you get all of my paperwork back will it take you to pay off my vehicle?
If all your documents are complete and accurate, it should only take 7-10 business days to complete your loan and issue the funds to your previous lender. If documents are incomplete or inaccurate, we will contact you and additional time will be needed to process your loan. After we receive and process your completed documents, we'll send you a Welcome Letter indicating that the refinance process is complete. Do not delay because your approval is only good for 30 days and each day you wait, your payoff on your existing loan increases.
- What if my payoff happens faster than you expected, do I get a refund on my new loan amount since my payoff will be less?
Your current lender will refund any overpayment directly to you once they receive the payoff funds from OpenRoad Lending. Each lender is different on the amount of time it takes to issue these refunds. Once we have all of the required documentation from you, OpenRoad will attempt to get the payoff sent to you previous lender within 10 business days.
- When will my first payment be due to OpenRoad Lending?
The due date of your monthly payment will be specified in your Welcome Letter. Your first payment will be due 30 after OpenRoad Lending finalizes your loan.