Disclosures, Terms and Conditions | OpenRoad Lending

Disclosures, Terms and Conditions

Additional terms, conditions and certain limitations may apply. APR is the Annual Percentage Rate. Rates and terms are stated, quoted and/or offered depending on the individual’s excellent and substantial credit and key loan characteristics, including but not limited to amount, term, vehicle characteristics, and state of residence.  Your final credit/loan decision, interest rate and term as well as your ability to lower your current rate and payment will be based upon your credit profile, term of loan and age and current mileage of the vehicle you are refinancing. Your final payment will be based on the amount you borrow, interest rate and term of the loan. Advertised and/or posted rates and credit decision criteria are subject to change without notice.


Loans are provided by OpenRoad Lending, or a partner of OpenRoad Lending, and are all subject to credit approval. All credit types may not qualify in all states. “Rates as low as” shown are for excellent and substantial credit types. Yearly Payment reduction and cost savings claims are based on average payment reduction our customers experience over a year with their new loan (same or a longer term) compared to their prior yearly loan payments.  Yearly payment reduction may result from a lower interest rate, a longer term or both. Your actual savings may be different.


Customer average savings of $100/month or more claim is based on an average payment savings calculation of customers who refinanced their current vehicle loan with OpenRoad lending from 6-1-2021 to 9-30-2021. Average customer APR savings is as of October 2021. Customer savings to date counter is based on total combined customer savings to date. Not everyone will qualify for cash back offers.


Customer satisfaction percentage rating is based on a February 2021 survey of customers who have taken out a loan with OpenRoad Lending and scored a somewhat satisfied to very satisfied rating on the survey. Customer testimonials are from actual customers who financed their loan with OpenRoad Lending. Customer names and state of residence have been changed to protect their privacy. Additional customer testimonials are provided via a third party providers such as Trustspot.


Skipping a payment assumes you will not have to make a payment in the current month on your existing loan, and your first payment on the new loan is scheduled at least 30 days from the day the new loan is funded. The actual number of days you will not have a scheduled monthly payment due will vary depending on the terms of your existing loan, your payments on the existing loan, and applicable state law. Actual payment is not skipped but deferred. You will still be responsible for making the number of payments listed on your Note and Security Agreement.


Interest will accrue on your existing loan until it is paid in full. Interest will accrue on your new loan beginning on the date the loan is funded.  A representative example of payment terms are as follows: An $18,000 loan at 8.24% APR for 24 months is $816.06 per month, for 36 months is $566.05 per month, for 48 months is $441.46 per month, for 60 months is $367.05 per month and for 72 months is $317.71 per month. An $18,000 loan at 17.99% APR for 24 months is $898.55 per month, for 36 months is $650.65 per month, for 48 months is $528.66 per month, for 60 months is $456.98 per month and for 72 months is $410.44 per month.


Only personal use automobiles and light duty trucks that are up to but no more than seven model years old or newer, with a maximum mileage not exceeding 100,000 are eligible for financing. Maximum loan-to-value restrictions of 125% apply. Value is based upon the wholesale value of the vehicle set forth in the applicable National Automobile Dealers Associated Used Car Value Guide for the applicants state. Certain vehicles, including vehicles that are no longer being manufactured, such as but not limited to Hummer, Oldsmobile, Daewoo, motorcycles, RVs, etc. as well as business or work vehicles of any kind are not eligible for financing. Stated terms are subject to change and not available in all states.


OpenRoad Lending makes every effort to accurately portray all credit and underwriting policy within the Disclosures and Terms and Conditions of its website. It is possible, however, that those pages may not reflect the most current policy changes. Please consult OpenRoad Lending for any questions or discrepancies.


OpenRoad Lending was recognized as the 37th fastest growing company by Inc Magazine in February 2014. It has been awarded a Best place to Work in Dallas each year since 2017 and a National Winner since 2020.

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