What Credit Bureau does OpenRoad Lending use?

What Credit Bureau does OpenRoad Lending use?

When it comes to knowing about credit bureaus that operate in the United States, there are three major credit bureaus that you need to know about. These are Equifax, Experian, and TransUnion. These bureaus play a vital role in deciding your credit scores. Now, since each of these credit bureaus’ reporting methods is different, it is only natural if you find out your credit scores are different according to each of them. As regards OpenRoad Lending, uses an auto-finance company that offers loan services to customers and helps in easing their burden. With their help, you can choose the right loan option that suits you best! Let’s know What Credit Bureau does OpenRoad Lending use?

OpenRoad Lending and Credit Bureaus

As regards applying for a loan, one of the most essential things that you need to consider is your credit score. You are bound to get your application rejected if your credit score does not adhere to the minimum score required. However, OpenRoad Lending aims to aid you even if you find out that your credit score is not that high!

OpenRoad Lending reports your credit scores to the three major credit bureaus in the United States mentioned above- Experian, Equifax, and TransUnion! One such way to improve your credit score is to make timely and regular payments to your creditor who is bound to report to one or more credit bureaus.

What are the Terms and Conditions?

If you need to refinance your current auto loan, that is where OpenRoad Lending comes in. Let us look at the terms and conditions that you need seriously consider to apply for a loan from OpenRoad Lending:

  1. At OpenRoad Lending, you can easily apply for a loan even if your credit score is as low as 550.
  1. Your vehicle must have a mileage of less than 140,000 miles and should be maximum 10 years old.
  1. OpenRoad Lending offers you a refinancing of auto loans of up to $100,000.
  1. If you repay the auto refinance loan earlier than intended, you will be charged an extra fee.
  1. One of the many benefits of applying OpenRoad Lending Auto Refinance is the fact that they do not charge you for processing your loan application. 
  1. While most auto refinancing companies offer the loan for up to 60 months, OpenRoad Lending offers it for a maximum of 84 months.
  1. OpenRoad Lending’s terms and conditions state that you must have a minimum annual income of $18,000.

The Process of Applying for a loan at AutoRoad Lending? 

When it comes to applying for a loan at AutoRoad Lending, you do not have to worry about being physically present there. When you visit their website, Openroadlending.com, you can easily fill out an online application, wherein you will be required to mention your details and the details of your vehicle. However, if you find any problem in filling the application online, AutoRoad Lending has provided a contact number for you to clear your doubts. You can contact their Loan Car Agents toll-free at 888-536-3024.

What are the Documents Required?

Besides this, it is quite necessary to grab information regarding the documents that you need to submit while filling out the application so that the agents can get a clear view of your credit score and see that you have adhered to the terms and conditions required. The documents that you are required to keep right beside you are:

  1. The proof of your income. You should have a minimum annual income of $18,000.
  1. Proof of insurance so that the agents know you keep your vehicle well-maintained.
  1. You have to provide your driver’s license.
  1. You also need to provide any recent pay stub.
  1. Proof of your identity is also important.
  1. Any Government-issued photo ID is required.

Pros and Cons of Applying for Loan with AutoRoad Lending

Now that we know what the terms and conditions are, and if you find yourself to be eligible, let’s move on! Let us look at the pros and cons of applying with AutoRoad Lending. Some of the merits are:

  1. If you are a qualified borrower, you will be made available of low APRs.
  1. As mentioned earlier, one of the most important benefits is that AutoRoad Lending does not ask for an origination fee.
  1. AutoRoad Lending is also seriously considered because it includes much older vehicles that are up to 10 years old!
  1. It also does not focus much on your credit score. You can easily apply if you have a minimum credit score of 550.

Some of the demerits are:

  1. For those who are not qualified borrowers, the APR can be as high as 24.9%.
  1. One of the worst disadvantages is the fact that AutoRoad Lending tends to charge a pre-payment fee. 
  1. Moreover, it also charges a late fee.


Through this article, we have provided you with all that you need to know regarding AutoRoad Lending before applying for a loan. AutoRoad Lending reports to the three major credit bureaus to gather your credit score, however, your credit score might differ in each of these credit bureaus. Nevertheless, before applying for a loan, you can easily go through the terms and conditions. Further, you can also go through the merits and demerits of AutoRoad Lending.

Frequently Asked Questions

  1. Does AutoRoad Lending check with TransUnion?

Yes, it can ask for your credit score from either of the 3 major bureaus.

  1. What is the minimum credit score?

AutoRoad Lending asserts that you have at least a 550 credit score.

  1. Do I have to give proof of insurance?


What Credit Bureau does OpenRoad Lending use?

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