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The Auto Loan Process – How it Works

1. Apply Now!

Apply online for your next car loan from the comfort of your home. The OpenRoad Lending loan application will take only a few minutes to complete. We will keep your information confidential and secure at all times in accordance with our Privacy Policy.


During normal business hours, you will receive your loan decision in minutes via e-mail. There is no obligation, and your approval is good for 30 days, so you have plenty of time to find the right car or truck at the price you want.


Once your loan is approved, you will be sent an email with information on how to download your OpenRoad eCheck® Package. Your package will contain all the documents you need to complete the transaction. There will be simple instructions for you and the dealer to follow along with a checklist. Complete the OpenRoad eCheck® like a personal check, which can be made payable up to the maximum amount of your approval, to any franchised dealership within your state. A franchise dealership is a car dealer authorized by a manufacturer to sell new and used vehicles like Ford, Chevrolet, Honda etc

2. Select a Car

First you should decide on a year, make and model. Then, find out what options and features are available. Make a list of your desired options in the order of importance; it always helps when trying to negotiate. OpenRoad allows a 2004 or newer model with less than 70,000 miles. The vehicle cannot be a commercial vehicle, customized or conversion van. The vehicle cannot have a salvaged title, be a one-ton vehicle or be a motorcycle.

3. Complete the OpenRoad eCheck®

Once you have selected a vehicle and negotiated a final price with the dealer, you simply complete the OpenRoad eCheck® and we will work with you and the dealer to finalize the transaction. Click, Apply, and Drive Away. It’s that simple.

Not buying a car from a dealer right now? Consider refinancing your existing auto loan and start saving money right away. Find out more about an auto refinance loan in the Car Refinance Learning Center.


Auto Financing – Many Ways to Save When Buying a New or Used Car

Getting ready to buy a car? Paying for the car is likely your primary concern. There are many options for automobile financing, no matter the situation you are currently in. It is a good ideato get financing before you go to the dealership. You will almost always get a better deal on both your loan and your vehicle if you get the financing first. It is your first bargaining chip with the dealer. You are already secured the financing you need, but you act like a cash customer. Cash customers get better deals. There are many options available to you when you are looking for a lender.


There is fierce competition among lenders for your business. Great deals are out there for you, if you take advantage of this fact. Going online is a great place to start your search. Even if you end up going to a physical location for your automobile financing, you will have the confidence of knowing if what you are offered is a good deal. Online lenders often have deals found nowhere else. They also offer uncomplicated processes for applying and securing a loan. Often your application will be approved in less than a day, sometimes in minutes.


Even with bad credit, automobile financing is accessible. Some lenders specialize in financing loans for those with less than perfect credit. If you have the time, a little repair to your credit can make all the difference in the interest rate you will receive. Be aware of your credit score. Dealers may try to bluff you into thinking that your credit is not good enough. Know what range you can expect your interest rate to be. Check out online lender networks. These sites have several lenders look at your application. You may have a better chance of getting a good loan if you have several quotes to consider.


Automobile financing also offers refinancing. If you are in a loan with a high interest rate and are ready to get a lower one, or if you just want to save money every month with current low rates; now is the time. Refinancing your car can offer other benefits as well. A longer term may further lower your payments. Special services like gap insurance coverage or mechanical breakdown coverage. Some restrictions will apply like the age of your vehicle, mileage, and amount due on your current loan. A refinance can save you thousands of dollars per year.

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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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