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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 has a specialization in helping readers to navigate the details of using loans to buy a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values transparent reporting that allows readers to confidently find 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 mission is to help you make better financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare information for free and help you make informed 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 Profit The products that are featured on this website are provided by companies who pay us. This compensation can affect the way and where products appear on this website, for example for instance, the order in which they may appear within the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity, and other products for home loans. But this compensation does have no impact on the information we publish, or the reviews that you read on this site. We do not cover the universe of companies or financial offerings that could be accessible to you.
About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only the views of the reviewer. They have not been reviewed or accepted by any advertiser. The information that is included, including rates and fees that are included in the review is correct up to the date of the review. Check the data in the upper right hand corner of the page as well as the lender’s site for the most current information.
A glimpse 3.6 Rating: 3.6 stars out of five
Bankrate Score
Availability Rating: 3.8 stars out of 5
Affordability Rating 4 stars out of 5
Customers Experience Score: 3.4 five stars from five
Transparency Rating 5 stars out of 5
Compare auto loan rates
About Gravity Loan amount $10,000 to $125,000
Min. credit score 500
APR from 5.34%
Funds available in 10 days
Pros and cons of gravity for certain, the benefits of a seamless 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 is an auto loan marketplace enabling borrowers to compare top refinance offers online in just a few only a few minutes. The easy application can be done over the telephone or on the internet. It only needs drivers to upload their vehicle documents and agree to an existing loan. With the option to apply online and receive loan advisor guidance, refinancing a car or purchasing a lease using Gravity is an easy procedure that is ideal for those who would prefer assistance.
Do you qualify? Every lender in the Gravity network has its own specifications to approve, but take into consideration the following requirements prior to applying. Credit score. To qualify, you must have a minimum credit score of $500. If your credit score is not as good, look into bad credit auto loans. Income. While Gravity does not provide specific information about income limits, it’s probable that banks will check at a specific number because disclosure of employment information is required. Vehicle. Certain lenders won’t lend to ride-share vehicles, discontinued vehicle models or large one-ton vehicles. We like what we see and what we do not like Take a look at the entire of the features Gravity has to offer prior to signing off on the loan. We like the fact that there are no fees. Gravity does not enforce any fees. Application on the internet. The borrower can upload their documents and submit their applications online. Delayed payment schedule. Gravity permits borrowers to delay payments up to 90 days. We do not like the Funding timeline. Although approval is possible in the same day you apply, funding can take up to 10 days or more. Refinancing restrictions. In order to refinance with Gravity you need to have at least a loan balance of $10,000. How do I contact Gravity Support to inquire about your Gravity loan can be found over the phone or online Monday through Friday between 8 a.m. to 6 p.m. Questions specific to your situation can be posted 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 choices for auto loan refinance and lease buyout. You can borrow anywhere between $10,000 to $125,000. Although terms and rates differ by the lender partner, you likely will be offered terms between 25 and . Gravity also allows for drivers to add or eliminate co-borrowers. The decision to remove or add depends on the situation, however, this option could provide you with more competitive terms.
Refinance
The loan’s quick facts range from From $10,000 to $125,000 Terms: 25 to 84 month APR: 5.34% to 14.99 percent
Drivers seeking to lower their monthly payments or modify the terms of their loans can refinance with any of the lending institutions that are part of the Gravity network. When exploring refinance options take advantage of a to ensure you are saving money over the long term. Lease buyout
The loan’s quick facts range from $0 to $125,000. Terms: 25 to 84 months APR: 5.34% to 14.99 percent
The option of buying out your current car lease is a great way to keep your current wheels and reduce the potential for high car costs. How do you apply for an loan using Gravity You can apply for either or both of the Gravity loan products right from their website, with the option to apply for prequalification. Following a soft credit pull, you will be paired with a loan officer who will assist you in the loan procedure. After you have been matched with one of Gravity’s national lenders, you can apply, absolutely free for the loan suggested. The process can be completed safely on the internet. Then, you’ll go over your new loan terms and determine if you’d like to shorten or stretch out your loan duration, in the event of refinancing.
Required application information Valid driver’s license Proof of auto insurance Documentation of residency Social Security number Information about the vehicle Proof of employment Proof of income
Gravity FAQs
Is Gravity a reputable company? Yes, the company holds the A+ BBB Rating & Accreditation in addition to five stars with a perfect score for Trust Pilot Reviews.
Does Gravity lending perform the hard credit pull? While Gravity does not perform any kind of credit pull but its partners will probably do so prior to the final loan approval. Gravity makes use of an informal pull to collect your credit information without damaging the credit rating.
How does prequalifying for an loan different from preapproval? Prequalification gives you a firm idea of what to anticipate for a monthly installment. Preapproval is an interest-free rate that is based on a credit pull.
How do Bankrate rates gravity
Overall Score
3.6
Accessibility
3.8
Gravity has a wide network of lenders but does require a large minimum loan amount for its customers.
Affordability
3.6
Gravity boats quite competitive APRs and does not charge fees directly from the comparison site.
Customer Experience
3.4
Gravity offers customer support only during weekdays and offers a long funding timeline.
Transparency
5.0
Gravity shares both its rates and fees online and offers prequalification.
Methodology For evaluating lenders who specialize in auto refinance loans, Bankrate considers 16 different factors. These factors range in consideration to the loan amount, the APR disclosed as well as acceptance requirements. Each lender holds a score which is determined by four categories. Availability: This accounts for loan amounts, restrictions on vehicles and availability in each state. Accessibility: This section covers expected APR, acceptance criteria including discounts for autopay as well as the number of charges. Customer experience: This category includes accessibility via the internet, support available along with funding timelines, options for automatic payment and app availability. Transparency: In this category, prequalification as well as disclosure of rates and charges are taken into account.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed in the review are only those of the reviewer , and have not been reviewed or approved by any advertiser. The information, including rates and fees that are included in the review are accurate up to the date of the review. Review the information on the right and 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 in navigating the ins and outs of securely borrowing money to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He values 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.
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