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Gravity 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 is a specialist in helping readers with the ways and pitfalls of borrowing money to purchase the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers easily find deals and make the best decisions for their financials. He specializes in small and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering you interactive financial calculators and tools as well as publishing original and objective content. We also allow you to conduct your own research and compare information for free to help you make sound financial decisions. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that pay us. This compensation could affect how and where products appear on the site, such as for instance, the order in which they may be listed within the categories of listing in the event that they are not permitted by law. This applies to our loans, mortgage, and other products for home loans. This compensation, however, does not influence the content we publish or the reviews that you see on this site. We do not include the vast array of companies or financial deals that may be available to you.
About our reviews . Editorial disclosure The reviews are written by staff. The opinions expressed are only the opinions of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees provided in the review is accurate up to the date 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 information.
A glimpse 3.6 Score: 3.6 stars out of 5
Bankrate Score
Availability 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: 5 stars out of 5
Compare auto loan rates
A Gravity loan amount $10,000 to $125,000
Min. credit score of 500
APR starting at 5.34%
Funds are available in 10 days
Pros and cons of gravity for certain people, the advantages of a seamless application might not outweigh the potential lengthy funding timeframe.
PROS No fees
Online application
Delayed payment schedule
CONS Funding timeframe
Refinancing restrictions
Gravity is an auto loan marketplace that lets borrowers find the best refinance deals online in just a few only a few minutes. The simple application can be done over the telephone or on the internet. It only requires drivers to upload vehicle documents and then sign off on the new loan. With the ability to apply online and receive loan advisor guidance refinancing your car or buying out your lease using Gravity is an easy process perfect for those who would prefer an extra helping hand.
Do you qualify? Each lender in the Gravity network carries its own specifications to be approved, but you should consider the following requirements prior to applying. Credit score. To be eligible, you must have a minimum credit score of $500. If you have a poor credit score, consider checking out for bad credit auto loans. Income. Although Gravity does not provide specific information about income restrictions, it is probable that banks will check at a specific number because disclosure of employment information is required. Vehicle. Some lenders will not lend to ride-share vehicles, 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 offers before making a decision on an loan. We like the fact that there are no fees. Gravity does not impose any charges. Online application. Borrowers are able to upload documents and apply fully online. Delayed payment schedule. Gravity permits borrowers to delay payments for up to 90 days. What we don't like Funding timeframe. Although approval is possible in the same day you submit your application, the process may take 10 days or longer. Refinancing requirements. To refinance using Gravity you need to have an initial loan amount of $10,000. How to contact Gravity Support for your Gravity loan can be found by phone or via the web Monday through Friday between 8 a.m. to 6 p.m. Specific questions can be uploaded online or sent to . Gravity's website also boasts an extremely comprehensive FAQ section. Auto loan options available The Gravity marketplace offers borrowers options for auto loan refinancing and lease buyout. You can borrow anywhere between $10,000 to $125,000. While terms and rates vary for the lender partner, you will receive terms between 25 and . Gravity also offers the option to drivers to add or eliminate co-borrowers. The decision of whether to add or remove depends on the situation, however, this could potentially provide 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 percent
Drivers seeking to lower their monthly payments or adjust the terms of their loans can refinance with one of the lenders within the Gravity network. If you are considering refinancing options, take advantage of a to ensure that you're saving money over the long term. Lease buyout
Quick facts about loans: $10,000 to $125,000 Terms: 25 to 84 Months APR: 5.34% to 14.99 percent
A purchase of your current vehicle lease is a great way to keep your current set of wheels and avoid potentially high vehicle costs. How do you apply for an loan through Gravity You are able to apply for one or both of the Gravity loan products from its website, with the option to prequalify. Following a credit pull that is soft the applicant will be paired with an loan officer who will assist with the loan process. Once you've been matched to one of Gravity's national lenders, you can apply, absolutely free to 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 extend your loan term, if you're refinancing.
Required application information Valid driver's licence Proof of auto insurance Residence proof Social Security number Information about the vehicle Employment verification Proof of income
Gravity FAQs
Are Gravity a trustworthy business? Yes, the company has the A+ BBB Rating and Accreditation and a perfect five stars on Trust Pilot Reviews.
Does Gravity lending conduct an invasive credit check? Although Gravity doesn't conduct a hard credit pull but its partners are likely to do so prior to the final loan approval. Gravity employs an informal pull to collect your credit information without damaging your score.
How does prequalifying for an loan different from preapproval? Prequalification can give you a firm notion of what to be expecting for your monthly payments. Preapproval, also known as an unlocked rate that is that is based on a credit pull.
How Bankrate rates Gravity
Overall Score
3.6
Accessibility
3.8
Gravity has a vast collection of lenders, however they do have a strict threshold loan sum for borrowers.
Affordability
3.6
Gravity boats are fairly competitive APRs and there are no additional fees from the comparison site.
Customer Experience
3.4
Gravity provides customer support only during weekdays and offers a long funding timeline.
Transparency
5.0
Gravity shares both its rates and fees online and provides prequalification.
Methodology To rate lenders that specialize in auto refinance loans, Bankrate considers 16 various factors. The factors are based on in relation to loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score based on four categories. The availability category includes loan amounts, vehicle restrictions and availability in each state. Affordability: Primarily, this section deals with expected APR, acceptance requirements including discounts for autopay as well as the amount of fees. Customer experience: This category includes accessibility via the internet, support available and funding timeframe, as well as the option for automatic payments and app accessibility. Transparency: Here , prequalification and the disclosure of fees and rates are accounted for.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and are not reviewed or acknowledged by any advertiser. The information, including rates and fees, presented in the review are accurate as of the date of the review. Review the information in the upper right hand corner of the page and the lender's site for the most up-to-date details.
Written by
Rebecca Betterton
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 the car they want.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in clear reporting that helps readers confidently land deals and make the most appropriate choices regarding their finances. He is a specialist in auto and small business loans.
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