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Gravity: 2023 auto loan review, published 2023-01-27 at 15:21:19.
Written by Rebecca Betterton Written by Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers in navigating the ways and pitfalls of using loans to buy the car they want.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of transparent reporting that allows readers to successfully find deals and make the best decisions for their financials. He specializes in auto and small business loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare information for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website come from companies that compensate us. This compensation could affect how and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other products for home loans. But this compensation does affect the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offers that may be available to you.
Reviewer’s disclosures The reviews are written by staff. The opinions expressed are only the views of the reviewer. They have not been reviewed or acknowledged by any advertiser. The information such as rates and charges, presented in the review are accurate up to the date when the review first appeared. Check the data on the right and the lender’s website for the most current details.
A glimpse 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 5
Transparency Rating: 5 stars out of 5
Compare auto loan rates
The amount of the loan is of $10,000 to $125,000
Min. credit score 500
APR from 5.34%
Funds are available within 10 days
Pros and cons of gravity for certain, the benefits of a smooth application might not be enough to offset the possible long funding timeline.
PROS No fees
Online application
Delayed payment schedule
CONS Funding timeframe
Refinancing limitations
Gravity provides an automobile loan marketplace that allows borrowers to find the best refinance deals online in just a few minutes. The easy application can be done over the phone or online and only requires drivers to upload vehicle documents and then sign off on a new loan. With the option of applying online and loan advisor guidance, refinancing a car or purchasing a lease with Gravity is a seamless process perfect for those who prefer assistance.
Do you qualify? Every lender within the Gravity network carries its own specifications to be approved, but you should consider the following common requirements before applying. Credit score. In order to qualify you need to have a credit score of $500. If your credit is lacking consider checking out for bad credit auto loans. Income. While Gravity does not disclose specific income restrictions, it is likely that lenders will look at a certain amount because disclosure of employment information is required. Vehicle. Some lenders will not provide loans for ride-share vehicles along with old models of vehicles or one-ton vehicles. Our favorite things and what don’t like Consider the whole of what Gravity has to offer before signing off on an loan. We like the fact that there are no fees. Gravity does not impose any fees. Application on the internet. The borrower can upload their documents and complete their application online. Delayed payment schedule. Gravity allows borrowers to delay payments for at least 90 days. What we don’t like Funding timeline. Although approval is possible in the same day you submit your application, the process may take 10 days or longer. Refinancing restrictions. In order to refinance with Gravity you need to have at least a loan amount of $10,000. Contact Gravity Support for your Gravity loan can be found via phone or on the internet Monday through Friday between 8 a.m. to 6 p.m. Specific questions can be uploaded online or sent to . Gravity’s website has a fairly in-depth FAQ section. There are a variety of auto loan types offered The Gravity marketplace offers borrowers the option of auto loan refinancing and lease buyout. You can borrow anywhere between $10,000 and $125,000. While rates and terms vary by each lender partnership, the borrower likely will receive terms between 25 and . Gravity also offers the option for drivers to join or eliminate co-borrowers. The decision to include or exclude co-borrowers is contingent on the situation, however, this could potentially provide you with better terms.
Refinance
Quick facts about loans: $10,000 to $125,000 Terms: 25 to 84 Months APR: 5.34% to 14.99 Percentage
Drivers seeking to lower their monthly payments or adjust the terms of their loans can refinance with one of the lenders that are part of the Gravity network. When exploring refinance options take advantage of a to ensure that you’re saving money in the long run. Lease buyout
The loan’s quick facts range from $0 to $125,000. Terms: 25 to 84 months APR: 5.34% to 14.99 Percentage
Buying out your current vehicle lease is an excellent way to secure the current vehicle and avoid potentially high vehicle cost. How to apply for an loan with Gravity You can apply for any from Gravity’s loan products directly from its website, with the option to prequalify. After a soft credit pull and a credit check, you’ll be matched with a loan person who will guide with the loan procedure. After you have been matched with one of Gravity’s lenders across the country You can apply absolutely free, for the loan suggested. You can complete this process securely online. Finally, you will examine the new loan terms and determine whether you’d like to reduce or stretch out the loan period, especially if you’re refinancing.
Information required for the application is valid driver’s license Proof of auto insurance Documentation of residency Social security number Vehicle information Employment verification Proof of income
Gravity FAQs
Is Gravity a reputable firm? Yes, the firm has an A+ BBB Rating & Accreditation in addition to five stars with a perfect score for Trust Pilot reviews.
Does Gravity lending do the hard credit pull? Although Gravity doesn’t conduct an actual credit check however, its lenders who are partners with it are likely to do so prior to the final loan approval. Gravity uses a soft pull to gather your credit data without damaging your score.
What does prequalifying for a loan different from preapproval? Prequalification can give you a clear notion of what to be expecting for your monthly payments. Preapproval, also known as a locked-in rate that is based on a credit pull.
How do Bankrate rates gravity
Overall Score
3.6
The availability
3.8
Gravity has a wide network of lenders but does have a strict 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 customer support only on weekdays and has a long funding timeline.
Transparency
5.0
Gravity shares both its fees and rates online, and provides prequalification.
Methodology For evaluating lenders who specialize in auto refinance loans, Bankrate considers 16 different elements. These factors range in consideration from the loan amount, disclosed APR and acceptance criteria. Each lender has a score that is which is determined by four categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and the availability of each state. Affordability: Primarily, this section covers the expected APR, acceptance criteria including discounts for autopay as well as the number of fees. Customer experience: This section includes online access, support availability and funding timeframe, as well as the option for automatic payment and app availability. Transparency: In this category, prequalification as well as the disclosure of fees and rates are taken into account.
Disclaimer Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or acknowledged by any advertising company. The information that is included, including rates and fees, presented in the review is accurate at the time that the review was written. Check the data on the right, and the lender’s site for the most up-to-date information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers to navigate the details of borrowing money to purchase an automobile.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values transparent reporting that allows readers to successfully land deals and make the best decisions for their financials. He is a specialist in small business and auto loans.
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