New or Used Car Purchase
Let OpenRoad Lending help you get into the new car or truck you deserve. Love the smell of a new car? Let OpenRoad help you with a new car loan! With the OpenRoad eCheck® you can be in control of your car purchase options. If approved, use the OpenRoad eCheck® at any Franchised Dealer within your state of residence. Write the eCheck for any amount up to your approval amount *. With your OpenRoad eCheck® in hand, it is like having cash in your pocket where you can shop like a cash buyer.
What is considered a "New" Vehicle?
- The vehicle should not be previously titled or have more than 6,000 miles.
- No commercial vehicles and/or vehicles for business use.
- Other restrictions apply.
Is taking special dealer financing or the rebate the best option for me?
Hypothetical example of a loan with the dealer at 0% APR and choosing to use the manufacture rebate as down payment and financing your new car with OpenRoad Lending:
As you can see, a combination of a loan with OpenRoad Lending and a manufacturer's rebate may be your best bet. If you want to know the price you will be paying before stepping foot into the dealership, check out the OpenRoad Lending Auto Buying Service. Browse dealer inventory and see the average price paid in you area.
Looking to Purchase a Used Car?
Found a
great used car at a Franchise dealer? Let OpenRoad Lending finance it for
you provide you with the used car loan you deserve. With OpenRoad, you'll know all the details of the loan before
stepping foot in the dealership. Use the OpenRoad eCheck®
to negotiate the sale price of the used vehicle as if you had cash on
hand. Write the eCheck for any amount up to your approval amount*. With
your OpenRoad eCheck® in hand, it is like having cash in your pocket where you can shop like a cash buyer.
What used vehicles can I finance with OpenRoad Lending?
- The vehicle must be six years old or newer (currently a 2004 or newer model) and have less than 75,000 miles.
- No commercial vehicles and/or vehicles for business use.
- Other restrictions apply.
What is a franchise dealership?
- A franchise dealership is one authorized by an automobile manufacturer to sell that manufacturer's product and normally has that affiliation with the manufacturer included in its name (like Bob's Ford).
- Independent used car lots, automobile brokers, and leasing companies are not franchise dealerships and are not eligible.
Visit the Car Loan Information Center where you
will find everything you need get on your way to financing your next car or truck.
Additional Car Loan and Car Purchase Related Articles:
Auto Loans – Understanding Your Options
You have many different options when it comes to choosing an
auto loan. It’s important to understand that you don’t have to take the car
loan offered through the car dealership to afford a new or used car. In most
cases, the auto loans provided by the dealership have higher interest rates
than those provided by other lenders. Fully exploring all of your options is
the best way to secure a good loan. You’ll probably be paying off your choice
of lender for years to come. It’s important to do your research and make sure
you have secured the best deal.
Auto loans are comprised of two major parts. The majority of
the loan is the amount you borrowed to pay for your car. However, your loan
also includes interest. The interest rate for loans varies from one lender to
another and will be higher or lower depending on your credit score. Interest
adds up quickly on a large sum, like that needed to buy a car. You should shop
around for the lowest interest rate you can find. You also need to understand
how the interest is paid. For most loans, your payments go toward the interest
first before the principle is even affected.
If you’ve already secured a car loan but now feel that you
could have gotten a better deal, you may be able to improve your situation by
refinancing. However, refinancing auto loans isn’t always the best choice. It’s
best to refinance early on, when you’re still paying off your interest and not
just the principle. If you’re nearing the end of your loan, it’s often better
to stick with your current payment plan. Refinancing also comes with several
additional fees. Before you commit to refinancing an auto loan with a new
lender, make sure the benefits will outweigh all these associated costs.
As with any major financial decision, you should always take
your time and look into a variety of options for auto loans. Using the dealer’s
financing is the most obvious option, but this shouldn’t be the only choice you
explore. Your bank may offer you financing for your car as well. If you belong
to a credit union, these institutions often have very good rates. The same
banks that provide your credit cards will often provide auto financing. For
most buyers, the choices for lenders are plentiful. The hard part is simply
picking out the best option to fit your budget and your needs.