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Gravity: 2023 auto loan review. Published 2023-01-27, 15:21:19.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers in navigating the ins and outs of securely using loans to buy an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values the clarity of his reporting, which helps readers confidently land deals and make the best decisions for their financials. 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 providing you with interactive financial calculators and financial tools, publishing original and objective content, by enabling you to conduct your own research and compare information for free and help you make sound financial decisions. Bankrate has agreements with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this website come from companies that pay us. This compensation could affect how and when products are featured on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity, and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews you see on this site. We do not include the universe of companies or financial deals that may be accessible to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or accepted by any advertiser. The information such as rates and charges, presented in the review is accurate at the time that the review was written. Check the data at the top of this page 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 .
The Customer Service Rating is 3.4 stars out of five
Transparency Rating: 5 stars out of 5
Find out about rates for auto loan rates
The amount of the loan is 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 some, the benefit of a seamless application may not outweigh the potential long funding timeline.
PROS No fees
Application online
Delayed payment schedule
CONS funding timeline
Refinancing limitations
Gravity operates an online auto loan marketplace enabling borrowers to find the best refinance deals on the internet and within just a few minutes. The easy application can be completed over the telephone or on the internet. It only needs drivers to upload their vehicle documents and sign off on the new loan. With the option to apply online and receive loan assistance from an officer refinancing your car or purchasing a lease with Gravity is a seamless process perfect for those who would prefer an extra helping hand.
Do you qualify? Every lender within the Gravity network carries specific requirements to be approved, but you should consider the following common requirements before 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. Although Gravity does not provide specific information about income limits, it's probable that banks will look at a certain amount because disclosure of employment information is required. Vehicle. Some lenders will not lend for ride-share cars, older models of vehicles, or for large one-ton vehicles. We like what we see and what do not like Take a look at the entire of what Gravity offers before making a decision on the loan. What we like No fees. Gravity does not enforce any fees. Application online. The borrower can upload their documents and apply fully online. Delayed payment schedule. Gravity permits borrowers to delay payments up to 90 days. What we don't like Funding timeline. Although approval can be within the same day you apply, funding may take 10 days or longer. Refinancing restrictions. To refinance using Gravity you need to have an initial loan balance of $10,000. Contact Gravity Support to inquire about your Gravity loan can be done by phone or via the web Monday through Friday, 8 a.m. to 6 p.m. Questions that are specific can be uploaded online or sent to . Gravity's website also has an extremely comprehensive FAQ section. There are a variety of auto loan kinds offered by the Gravity marketplace offers borrowers choices for auto loan refinance and lease buyout. You can borrow anything from $10,000 to $125,000. While terms and rates vary according to each lender partner, you likely will receive terms between 25 and . Gravity also offers the option for drivers to join or remove co-borrowers. The choice to add or remove depends on a , but this move can potentially present you with better terms.
Refinance
The loan's quick facts range from $0 to $125,000. Terms: 25-84 month APR: 5.34% to 14.99 Percentage
Drivers looking to lower their monthly payment or alter lending terms can refinance through any of the lending institutions in the Gravity network. When exploring refinance options consider a loan to make sure you're saving cash in the end. Lease buyout
The loan's quick facts range from From $10,000 to $125,000 Terms: 25 to 84 Months APR: 5.34% to 14.99 Percentage
A purchase of your current vehicle lease is a great option to keep the current vehicle and reduce the potential for high car cost. How to apply for an loan using Gravity You can apply for either or both of the Gravity loan products directly from its website, with the possibility to prequalify. After a soft credit pull, you will be paired with a loan officer who will assist you in the loan procedure. After being matched with one of Gravity's lenders across the country you are able to apply at no cost for the loan that is recommended. It is possible to complete the process safely on the internet. Then, you'll review your new loan terms and determine whether you'd prefer to reduce or extend your loan duration, in the event of refinancing.
The information required for application must be valid: Valid driver's licence Proof of auto insurance Residence proof Social security number Vehicle information Employment verification Proof of income
Gravity FAQs
Is Gravity a trustworthy business? Yes, the company has the A+ BBB Rating and Accreditation, as well as a perfect five stars for Trust Pilot reviews.
Does Gravity lending conduct the hard credit pull? While Gravity doesn't conduct any kind of credit pull however, its lenders who are partners with it are likely to do so prior to final loan approval. Gravity makes use of a soft pull to get your credit information without damaging the credit rating.
How does prequalifying for an loan different from preapproval? Prequalification will give you a clear notion of what to anticipate for a monthly installment. Preapproval is an interest-free rate which is based upon a hard credit pull.
How Bankrate rates Gravity
Overall Score
3.6
Accessibility
3.8
Gravity has a wide collection of lenders, however they do carry a high minimal loan quantity for customers.
Affordability
3.6
Gravity boats fairly competitive APRs and no fees directly from the comparison site.
Customer Experience
3.4
Gravity provides support to customers only during weekdays and offers lengthy funding timetable.
Transparency
5.0
Gravity offers both fees and rates on the internet and offers prequalification.
Methodology to rate lenders who are specialized in refinancing auto loans, Bankrate considers 16 different elements. These variables range in relation to loan amount, APR that is disclosed and acceptance criteria. Each lender has a score that is which is determined by four categories. Availability: This accounts for loan amounts, vehicle restrictions and their availability in every state. Affordability: The primary focus of this section covers expected APR, acceptance criteria including discounts for autopay as well as the number of charges. Experience with customers: This category includes accessibility to online services, availability of support, funding timeline, option to pay by automatic method and app accessibility. Transparency: Here prequalification and disclosure of rates and fees are taken into account.
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor acknowledged by any advertising company. The information such as rates and charges that are included in the review are accurate up to the date that the review was written. Check the data on the right and the lender's site for the most recent details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of taking out loans to purchase 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 clear reporting that helps readers confidently find deals and make the best choices for their finances. He is a specialist 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 receive compensation for the promotion of sponsored goods and, services, or for you clicking certain links posted on our website. Therefore, this compensation may influence the manner, place and in what order products are listed, except where prohibited by law. This is the case for our loan products, such as mortgages and home equity, and other products for home loans. Other factors, such as our own rules for our website and whether the product is available within your area or at your self-selected credit score range can also impact how and where products appear on this website. We strive to offer a wide range offers, Bankrate does not include information about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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