Refinance Your Existing Vehicle

It's Time to Put Your Auto Loan Payment in ReverseSM and start paying less every month...
Lower your car loan payment by taking advantage of our low rate auto refinance loans. Get a quick decision with no application fees. OpenRoad Lending has simplified the auto refinance process to help you save money each month on your monthly payment. Our expertise and lending partners are here to assist you in improving your financial situation.

Why refinance my auto loan?

Refinancing is a great way to lower your monthly payment. Take advantage of our low rates in case you need to free up cash each month. If you love your car but not your payment, car refinancing is right for you. See auto refinance savings examples here.

What kind of vehicles can I refinance with OpenRoad Lending?

  • The vehicle you wish to refinance must have an existing loan with another financial institution.
  • Mileage cannot exceed 75,000 miles.
  • No commercial vehicles and/or vehicles for business use.
  • Other restrictions apply.

The process only takes a few minutes and could save you thousands of dollars in unnecessary finance changes.

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Visit the Car Refinance Learning Center where you will out everything you need to know to get on your way to refinancing.


Additional Auto Refinance Related Articles:

Your Refinancing Checklist

Here's what you'll need to refinance your car loan. Having these documents ready will help make refinancing your car loan easier and faster for you to be on your way to saving!

During the loan process, you'll be asked to provide the following information about your car and your current car loan:

  • Vehicle make, model and year–vehicle must not be 7 years older than the current model year
  • Vehicle mileage–must be under 100,000 miles
  • Vehicle Identification Number (VIN)
  • Any vehicle features and special options (power windows, sunroof, etc)
  • Copy of vehicle registration
  • Car insurance information
  • The lien holder's name (this is the bank or lender to which you are currently making payments)
  • The account number for your current car loan

Note: Any person being removed from the title must sign the documents at closing.

A Power of Attorney (POA) is required in order for us to complete the title work

Additional Documents that may be requested:

  • Verification of income (proof of your monthly income - typically this is done with your most recent check stub from your employer)
  • Verification of Residence - this is proof of your physical address (this is done by providing a utility bill showing your current address)
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Auto Refinance – Improving Your Car Loan

Auto refinance options are offered by a wide range of lenders. You may have heard advertisements boasting of the money you could save by refinancing your loans with a new lender. While that may be true in many cases, it’s crucial that you understand the refinancing process before you commit to a new car loan. Caught up in the thrill of getting a new car, many buyers take the first loan offered by the dealership and later realize they got a poor deal. Evaluate your needs and the refinancing options available to you carefully to determine whether refinancing is the right plan.

Explore a variety of auto refinance resources to make sure you understand the process of refinancing fully. Essentially, refinancing your car loan simply transfers the balance of the loan to a new lender under different terms. The new lender may offer you a lower interest rate or longer period to pay off your loan. Refinancing with a lower interest rate is a smart way to save money. Refinancing over a longer period of time could ease your immediate financial burden. However, this choice may saddle you with more debt in the long run if you’re paying at a higher interest rate.

If you are unable to meet your monthly payments, finding an auto refinance option that lowers your monthly obligation will be the most important factor. You may pay for this with a larger loan amount over the long term, but being able to afford your monthly payments is the most important consideration. Shop around for a lender that will offer you the lowest interest rate possible while still offering monthly payments that fit within your budget. Make sure you understand all associated fees before you begin the refinancing process so you aren’t surprised by any additional charges added to your loan or charged upfront.

If you’re comfortable with your monthly payment but want to lower the amount that paying on your loan overall, the most important factor for your auto refinance will be the interest rate. Obtaining a loan with a lower interest rate will help you to pay less over the course of your loan and ultimately save money. If you can comfortably afford your monthly payments, avoid the temptation to lower them with a longer loan term. Paying your loan off as quickly as possible is always the best plan of action. You will ideally pay off your car loan long before the car outlasts its usefulness and needs to be replaced.