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FAQs

What credit score do you need for open road lending? ›

Low minimum credit score: OpenRoad allows those with credit scores as low as 480 to apply — a large majority of lenders set a minimum in the 600s or higher.

Yes, refinancing your auto loan will usually hurt your credit a little. But if you make your new loan payments on time, any damage to your score will likely be both temporary and small. Your credit could bounce back to its current score in as little as a few months.

What you need to know about OpenRoad Lending refinance loans. OpenRoad Lending offers auto refinance loans and may be able to help people refinance at a lower interest rate or reduce their monthly payments. The company also sells extended service contracts and gap coverage.

Refinancing your auto loan so you have a lower monthly payment can make sense if your income has dipped. The lower payment can help ease the strain on your monthly budget — and if you don't have one, think about creating a budget so you can better control all your finances.

No application fees: With OpenRoad Lending, you won't have to pay any application fees. Option for co-borrowers: If you don't have great credit or much experience with credit, having a co-borrower on your auto loan can improve your odds of approval and help you land lower rates.

The following factors might disqualify your car entirely: Negative equity: If you owe more on your car than it's worth, it can be difficult to find a lender willing to refinance your car. High mileage:Cars with high mileage are more high-risk for lenders and can be difficult to refinance.

If your original mortgage is your longest-held account, closing it in favor of a fresh loan may negatively impact your credit scores, at least initially. Over time, as your other credit accounts age, the impact of a refinance on your credit scores will generally lessen.

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.

Is open lending a good company? ›

Open Lending has an employee rating of 4.7 out of 5 stars, based on 24 company reviews on Glassdoor which indicates that most employees have an excellent working experience there. The Open Lending employee rating is 22% above average for employers within the Information Technology industry (3.9 stars).

Did we mention Open Roads is a FREE program?! There are no signup fees or hidden charges in order to join.

As of November 2023, LendingTree has an A+ rating with the BBB and a 4.4 out of 5-star rating on Trustpilot.

More interest overall

A longer loan term means interest has more time to accrue, so even if you get a lower annual percentage rate, adding 12 extra months could still end up outweighing the benefits long-term. As such, it's generally best to avoid refinancing to a longer car loan unless you have to.

Some may approve loans for scores as low as 580 or even 300, but scores above 640 often secure the best terms. Keep in mind that your credit score isn't a single number but varies based on different scoring models and lender calculations.

What credit score is needed to buy a motorcycle? There's no minimum credit score required to get a motorcycle loan — but the better your credit score, the lower the APR you will qualify for with less interest paid over the life of the loan.

Driveway and our lending partners do not restrict anyone from submitting a credit application based on their credit score; any customer who the law allows is free to submit a credit application.

Qualifying for an ATV loan is much like qualifying for an auto loan or personal loan. Many lenders require a credit score of at least 640 before they'll offer the best rates. You still might qualify if your score is lower than that, but your APR may not be competitive.