Refinance Your Vehicle and Improving Auto Loan Rates

Refinance Your 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
  • Current mileage cannot exceed 140,000 miles
  • Vehicle needs to be eight model years old or newer
  • Maximum LTV (loan to value) cannot exceed 120% of the wholesale value of the vehicle. Depending on your credit, exceptions up to 175% can be made
  • 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.



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:

Auto Loan Rates are Low So Refinance and Save

Auto Loan Refinancing – Another Choice to Save Money

Auto Refinance Things to Consider 

What to Consider Before Auto Refinancing

Car Refinancing – A Smart Option for Saving

What to Do When You are Upside Down in a Car Loan

How to Lower Your Monthly Payments

Pay Your Car Loan Off Early

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 more than eight years older than the current model year
  • Vehicle mileage–must be under 140,000 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)

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.


Vehicle Type Restrictions
OpenRoad Lending only finances new and used cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be eight years old or newer. We do not finance Oldsmobile, Daewoo, Hummers, Saab, Suzuki or Isuzu vehicles. We do not offer financing for commercial vehicles, motorcycles, recreational vehicles (RVs), ATVs, boats, camper vans, motor homes, lemon vehicles, branded title vehicles, rebuilt engines, salvaged vehicles, total loss or vehicles without a Vehicle Identification Number (VIN) or title issued. We may determine a vehicle to be commercial or otherwise ineligible based on the model and/or information provided to us.

*While OpenRoad makes every effort to keep it’s website up to date regarding underwriting criteria, things such as Maximum mileage, year model, LTV and other underwriting criteria and restrictions are subject to change and may not reflect the actual guidelines. 

Loan Amount Restrictions
Minimum loan amount is $7,500 in most states. You may apply for a loan amount of up to $100,000 for refinance loans. Your actual loan amount will be limited based on the value of the specific vehicle that you are purchasing or refinancing. For used vehicles, value is based on Kelley Blue Book wholesale value or NADA trade-in value (depending on your state of residence). The amount of this limitation may vary and will be specified once you login to download your loan package as the “LTV” (loan-to-value) limit. For example, if the value of the vehicle that you are buying is $20,000 and your LTV limit is 110%, then your loan amount will be limited to $20,000 x 110% = $22,000.

Refinancing Restrictions
Your current lender must be an FDIC or NCUA insured financial institution. Most banks, credit unions, and larger auto finance companies meet this requirement. You must refinance the full payoff amount of your existing auto loan subject to our minimum and maximum loan amounts. We will not allow you to refinance your vehicle if there is a second lien on the vehicle. We do offer cash-back refinancing in certain states We do not currently offer lease buyout financing.

If you have a GAP policy on your current loan, your GAP agreement will have language confirming whether your GAP policy terminates upon refinancing or whether coverage continues. This information is usually found in the limitations and exclusion section of your agreement, or the part of your agreement that addresses expiration or early termination. Please also contact your GAP provider for any questions or concerns. Please be aware that OpenRoad Lending will only payoff your existing auto loan and will not cancel your current GAP coverage. That coverage will terminate once that loan is paid off.

Refinance Documentation Requirements
After you apply and are approved to refinance an auto loan with us, we will need some or all of the following documentation: 

Proof of Residence

Based on your credit, you may need to provide Proof of Residence documentation. This is usually a utility bill showing the address on your application.

Proof of Income
Based on your credit, you may need to provide Proof of Income documentation. If you are not self-employed, this can be accomplished by providing your most recent paystub showing your year to date earnings. In some cases additional documents may be required. If you are self-employed, additional documents will be required.

Vehicle Title
You will need to send us your vehicle title if you reside in one of the following states: KS, KY, MD, MI, MN, MO, NY, OK, SD, WI. In all other states we will obtain the title directly from the state agency which holds your vehicle title.

Limited Power of Attorney to Modify Vehicle Title
In order to modify your vehicle title to show the new lienholder we will need you to sign a limited Power of Attorney document which authorizes us to make this change at the Department of Motor Vehicles (DMV).


Yearly Savings
Yearly Payment reduction claim is 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 reviews are submitted by validated OpenRoad Lending customers who refinance using OpenRoad Lending. Some product ratings and reviews may be obtained from customers with different versions of the product displayed above.


APR is the Annual Percentage Rate. Advertised rates depend on the individual’s credit and key financing characteristics, including but not limited to the Amount Financed, term, a loan-to-value (LTV) ratio of less than or equal to 80%, and other vehicle characteristics. A representative example of payment terms are as follows: an Amount Financed of $25,000 with an APR of 7.50% and a term of 60 months would have a monthly payment of $500.95. APRs shown are current as of December 1, 2015. Advertised rates are subject to change without notice.


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Since 2009, OpenRoad Lending has helped hundreds of thousands of customers from all over the country save money by refinancing their current auto loan.
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