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Gravity: Auto loan review, published 2023-01-27 at 15:21:19.
Authored by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ways and pitfalls of using loans to buy an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He believes in transparent reporting that allows readers to confidently find deals and make the most appropriate choices regarding their finances. He is a specialist in auto and small business loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive financial calculators and financial tools that provide objective and original content. This allows you to conduct your own research and compare data for no cost to help you make sound financial decisions. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that are featured on this website are provided by companies that pay us. This compensation may impact how and where products appear on the site, such as for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity, and other products for home loans. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be available to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. The opinions expressed in them are only the views of the reviewer. They are not reviewed or accepted by any advertiser. The information such as rates and charges, presented in the review are accurate at the time that the review was written. Review the information in the upper right hand corner of the page, and the lender’s website for the most recent information.
At a glance 3.6 Rating: 3.6 stars out of five
Bankrate Score
Available Rating: 3.8 stars out of 5
Affordability Rating Four stars from five
The Customer Service Rating is 3.4 stars out of five
Transparency Rating: Five stars from five.
Check auto loan rates
The amount of the loan is: $10,000 to $125,000
Min. credit score 500
APR starting at 5.34%
Funds are available within 10 days
Pros and cons of gravity for some, the benefit of a seamless application may not outweigh the potential lengthy funding timeframe.
PROS No fees
Application online
Delayed payment schedule
CONS Funding timeline
Refinancing limitations
Gravity operates an online auto loan marketplace that lets borrowers compare top refinance offers on the internet and within only a few minutes. The simple application can be done over the phone or online and only requires drivers to upload vehicle documents and agree to an existing loan. With the option of applying online and receive loan officer guidance refinancing a vehicle or purchasing a lease using Gravity is a simple procedure that is ideal for those who want a helping hand.
Do you qualify? Every lender in the Gravity network carries specific requirements to be approved, but you should consider the following requirements prior to applying. Credit score. To be eligible, you need to have a credit score of 500. If you have a poor credit score, you might want to look into bad credit auto loans. Income. While Gravity does not disclose specific income limitations, it’s most likely that loan providers will check at a specific number because disclosure of employment information is required. Vehicle. Certain lenders won’t lend to ride-share vehicles, old models of vehicles or one-ton vehicles. Our favorite things and what we don’t like Consider the whole of what Gravity has to offer before making a decision on an loan. What we like No fees. Gravity does not impose any charges. Online application. Borrowers are able to upload documents and complete their application online. Delayed payment schedule. Gravity lets borrowers delay payments for up to 90 days. We do not like the Funding timeframe. While approval may be as soon as the day you submit your application, the process can take 10 days or longer. Refinancing limitations. To refinance using Gravity you must have a minimum loan amount of $10,000. How do I contact Gravity Support for your Gravity loan can be done via phone or on the internet Monday through Friday, 8 a.m. until 6 p.m. Questions that are specific can be uploaded online or sent to . Gravity’s website also has an extensive FAQ section. The types of auto loan options available The Gravity marketplace provides borrowers with the option of auto loan refinancing and lease buyout. You can take out loans ranging from $10,000 to $125,000. While rates and terms vary according to each lender partner, you likely will be provided with terms ranging from 25 and . Gravity also provides the option for drivers to join or eliminate co-borrowers. The choice to remove or add depends on the circumstances, however this move can potentially present you with better terms.
Refinance
Loan quick facts Amounts: $10,000 to $125,000 Terms: 25-84 month APR: 5.34% to 14.99 Percentage
Drivers seeking to lower their monthly payments or modify loan terms can refinance using one of the lenders that are part of the Gravity network. When exploring refinance options take advantage of a to make sure you’re saving cash in the end. Lease buyout
Quick facts about loans: From $10,000 to $125,000 Terms: 25 to 84 month APR: 5.34% to 14.99 Percentage
Buying out your current vehicle lease is an excellent way to keep the current vehicle and save on potentially expensive vehicle expenses. How to apply for an loan using Gravity You can apply for either of Gravity’s loan products from its website, with the possibility to prequalify. Following a soft credit pull, you will be paired with an loan person who will guide you through the loan procedure. After you have been matched with one of Gravity’s nationwide lenders you are able to apply for free, for the loan that is recommended. The process can be completed securely online. Then, you’ll review the new loan terms and decide whether you’d like to reduce or stretch out your loan period, especially if you’re refinancing.
Information required for the application is valid driver’s license Valid insurance Proof of residence Social Security number Information about the vehicle Employment proof of income
Gravity FAQs
Is Gravity a reputable firm? Yes, the company holds the A+ BBB Rating and Accreditation, as well as five stars with a perfect score in Trust Pilot Reviews.
Does Gravity lending conduct the hard credit pull? While Gravity does not perform an actual credit check but its partners are likely to do so prior to final loan approval. Gravity makes use of an informal pull to collect your credit history without affecting your credit score.
How does prequalifying for a loan differ from preapproval? Prequalification will give you an notion of what to expect for a monthly payment. Preapproval is a locked-in rate based on a hard credit pull.
How Bankrate rates Gravity
Overall Score
3.6
Availability
3.8
Gravity has a wide network of lenders but does require a large threshold loan amount for its borrowers.
Affordability
3.6
Gravity boats fairly competitive APRs and there are no additional fees from the site of comparison.
Customer Experience
3.4
Gravity provides support to customers only on weekdays and has a long funding timeline.
Transparency
5.0
Gravity shares both its fees and rates online, and also offers prequalification.
Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration to the loan amount, APR that is disclosed and the acceptance standards. Each lender has a score that is based on four categories. The availability category includes loan amount, vehicle restrictions and the availability of each state. Affordability: Primarily, this section covers expected APR, acceptance requirements, discounts for autopay and the number of charges. Customer experience: This section includes accessibility to online services, availability of support, funding timeline, option for automatic payment and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and charges are recorded.
Disclosure of author The reviews are written by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed nor approved by any advertiser. The information that is included, including rates and fees, presented in the review is correct up to the date when the review first appeared. Look over the information at the top of this page, and the lender’s website to find the most recent information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the details of taking out loans to purchase a car.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of clear reporting that helps readers confidently land deals and make the best decisions for their financials. He specializes in auto and small business loans.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or for you clicking certain links posted on our website. Therefore, this compensation may affect the way, location and in what order products appear in listing categories and categories, unless it is prohibited by law. This is the case for our credit, mortgage, and other products for home loans. Other factors, like our own website rules and whether a product is available in your area or at your self-selected credit score range can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include specific information on every financial or credit product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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