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Gravity 2023 auto loan review Published 2023-01-27 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 borrowing money to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values clear reporting that helps readers easily land deals and make the best choices for their finances. He is a specialist in small and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by offering you interactive tools and financial calculators as well as publishing original and objective content. This allows users to conduct research and compare data for no cost to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website come from companies who pay us. This compensation may impact how and when products are featured on this website, for example such things as the order in which they may be listed within the categories of listing in the event that they are not permitted by law for our loans, mortgage,, and other home lending products. This compensation, however, does affect the information we provide, or the reviews appear on this website. We do not cover the universe of companies or financial deals that may be open to you.
About our reviews Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or accepted by any advertising company. The information, including rates and fees that are included in the review are accurate as of the date of the review. Look over the information on the right, and the lender’s site for the most up-to-date details.
A look 3.6 rating: 3.6 stars out of 5
Bankrate Score
Available Rating: 3.8 stars out of 5
Affordability Rating 4 stars out of 5
Customers Experience Score: 3.4 5 stars. 5
Transparency Rating 5 stars out of 5
Check auto loan rates
A Gravity loan amount of $10,000 to $125,000
Min. credit score of 500
APR from 5.34%
Funds are available in 10 days
Gravity pros and cons For certain, the benefits of a seamless application may not be enough to offset the possible long funding timeline.
PROS No fees
Online application
Delayed payment schedule
CONS Funding timeline
Refinancing limitations
Gravity provides an automobile loan marketplace that lets borrowers review the top refinance rates on the internet and within just 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 a new loan. With the option to apply online and loan officer guidance, refinancing a car or buying out your lease with Gravity is a seamless process perfect for those who prefer a helping hand.
Do you qualify? Each lender within the Gravity network carries specific requirements to be approved, but you should consider the following guidelines before applying. Credit score. To be eligible, you must have a credit score of 500. If your credit is lacking look into bad credit auto loans. Income. Although Gravity does not disclose specific income limits, it’s likely that lenders will check at a specific number as employment disclosure is required. Vehicle. Certain lenders won’t lend for ride-share vehicles along with discontinued vehicle models or large one-ton vehicles. Our favorite things and what we do not like Take a look at the entire of the features Gravity has to offer prior to accepting a loan. We like the fact that there are no fees. Gravity does not enforce any fees. Application online. Borrowers are able to upload documents and submit their applications online. Delayed payment schedule. Gravity permits borrowers to delay payments for as long as 90 days. What we don’t like Funding timeframe. Although approval can be within the same day you submit your application, the process could take up to up to 10 days or more. Refinancing limitations. If you want to refinance your loan with Gravity you need to have an initial loan balance of $10,000. How to contact Gravity Support for your Gravity loan is available by phone or via the web Monday through Friday, 8 a.m. until 6 p.m. Specific questions can be uploaded on the internet or emailed to . Gravity’s website has a fairly in-depth FAQ section. Auto loan options available The Gravity marketplace presents borrowers with options for auto loan refinancing and lease buyout. You can borrow anything from $10,000 to $125,000. Although terms and rates differ by each lender partner, you likely will receive terms between 25 and . Gravity also offers the option to drivers to add or eliminate co-borrowers. The decision to add or remove depends on the situation, however, this move can potentially present you with better terms.
Refinance
The loan’s quick facts range from $0 to $125,000. Terms: 25 to 84 months APR: 5.34% to 14.99 Percentage
Drivers looking to lower their monthly payments or modify the terms of their loans can refinance with some of the banks within the Gravity network. When considering refinance options, take advantage of a to ensure you are saving cash in the end. Lease buyout
Loan quick facts Amounts: $0 to $125,000. Terms: 25-84 months APR: 5.34% to 14.99%
Buying out your current vehicle lease is a great way to hold onto your current wheels and reduce the potential for high car cost. How do you apply for a loan using Gravity You are able to apply for one or both of the Gravity loan products directly from its site, with the option to apply for prequalification. Following a credit pull that is soft, you will be paired with a loan agent who will help with the loan procedure. Once you’ve been matched to one of Gravity’s national lenders you are able to apply at no cost to the loan that is recommended. The process can be completed securely on the internet. Then, you’ll go over the new loan terms and decide whether you’d like to reduce or stretch out your loan term, 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 Proof of employment Proof of income
Gravity FAQs
Are Gravity a trustworthy company? Yes, the company has the A+ BBB Rating and Accreditation, as well as five stars with a perfect score on Trust Pilot review sites.
Does Gravity lending do an invasive credit check? Although Gravity does not conduct a hard credit pull but its partners will likely do so before the final loan approval. Gravity employs a soft pull to gather your credit information without damaging your credit score.
How does prequalifying for an loan compare to preapproval? Prequalification gives you an estimate of what you can be expecting for your monthly payments. Preapproval, also known as an unlocked rate that is which is based upon a hard credit pull.
How do Bankrate rates gravity
Overall Score
3.6
The availability
3.8
Gravity has a wide collection of lenders, however they do have a strict threshold loan sum for borrowers.
Affordability
3.6
Gravity offers fairly competitive APRs and does not charge fees directly from the comparison site.
Customer Experience
3.4
Gravity provides support to customers only during weekdays and offers a long funding timeline.
Transparency
5.0
Gravity has both its fees and rates on the internet and also offers prequalification.
Methodology To rate lenders that focus on auto refinance loans, Bankrate considers 16 different factors. The factors are based on to the loan amount, the APR disclosed as well as acceptance requirements. Each lender scores that is based on four different categories. Availability: This accounts for loan amounts, vehicle restrictions and their availability in every state. Accessibility: This section covers expected APR, acceptance criteria discounts for autopay, and the amount of fees. Customer experience: This category includes accessibility via the internet, support available, funding timeline, option for automatic payment and app availability. Transparency: Here prequalification and the disclosure of fees and rates are accounted for.
Disclaimer: All reviews are prepared by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees, presented in the review are accurate at the time that the review was written. Check the data at the top of this page as well as the lender’s site for the most recent information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers with the details of using loans to buy the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of the clarity of his reporting, which helps readers confidently find deals and make the best choices for their finances. He is a specialist in small business and auto 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 promotion of sponsored goods and, services, or by you clicking on certain links posted on our site. So, this compensation can impact how, where and in what order products are listed, except where prohibited by law. This is the case for our credit, mortgage and other home lending products. Other factors, like our own rules for our website and whether or not a product is offered in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. While we strive to provide the most diverse selection of products, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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