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Gravity 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 specializes in assisting readers to navigate the ins and outs of securely 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 get deals and make best choices for their finances. He is a specialist in small business and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make smarter financial decisions by offering interactive financial calculators and tools as well as publishing original and objective content, by enabling users to conduct research and compare data for no cost and help you make financial decisions with confidence. 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 offers that appear on this site are from companies that pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they appear in the listing categories, except where prohibited by law. Our loan products, such as mortgages and home equity, and other products for home loans. This compensation, however, does affect the information we provide, or the reviews that you read on this site. We do not contain the vast array of companies or financial offers that may be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor approved by any advertising company. The information, including rates and fees provided in the review is correct as of the date of the review. Check the data in the upper right hand corner of the page and the lender’s site for the most recent details.
A look 3.6 Rating: 3.6 stars out of 5
Bankrate Score
Availability Rating: 3.8 stars out of 5
Affordability Rating: Four stars from five
Customers Experience Score: 3.4 5 stars. 5
Transparency Rating 5 stars out of 5
Compare rates for auto loan rates
About Gravity Loan amount of $10,000 to $125,000
Min. credit score 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 be worth the lengthy funding timeframe.
PROS No fees
Application online
Delayed payment schedule
CONS Funding timetable
Refinancing limitations
Gravity operates an online auto loan marketplace enabling borrowers to compare top refinance offers on the internet and within only a few minutes. The simple application can be done over the telephone or on the internet. It only will require drivers to upload their car documents and agree to the new loan. With the option of applying online and receive loan officer guidance refinancing a vehicle or buying out your lease using Gravity is a seamless process perfect for those who want a helping hand.
Do you qualify? Each lender in the Gravity network has its own specifications to approve, but take into consideration the following requirements prior to applying. Credit score. To be eligible, you need to have a rating of 500. If you have a poor credit score, look into bad credit auto loans. Income. While Gravity doesn’t disclose specific income limitations, it’s most likely that loan providers will check at a specific number because disclosure of employment information is required. Vehicle. Certain lenders won’t lend for ride-share cars, old models of vehicles or one-ton vehicles. We like what we see and don’t like Think about the totality of the features Gravity has to offer prior to making a decision on the loan. We love that there are no charges. Gravity does not impose any fees. Application on the internet. Borrowers can seamlessly upload documents and submit their applications online. Delayed payment schedule. Gravity allows borrowers to delay payments at least 90 days. We do not like the Funding timeline. Although approval is possible in the same day you submit your application, the process could take up to up to 10 days or more. Refinancing requirements. To refinance using Gravity you need to have an initial loan balance of $10,000. Contact Gravity Support for your Gravity loan is available via phone or on the internet Monday to Friday from 8 a.m. until 6 p.m. Questions specific to your situation can be posted online or sent to . Gravity’s website also boasts an extensive FAQ section. Auto loan kinds offered by the Gravity marketplace offers borrowers choices for auto loan refinance and lease buyout. You can borrow anywhere between $10,000 and $125,000. While rates and terms vary according to each lender partnership, the borrower will be provided with terms ranging from 25 and . Gravity also allows for drivers to add or eliminate co-borrowers. The choice to remove or add depends on the circumstances, however this move can potentially present you with better terms.
Refinance
Loan quick facts Amounts: $0 to $125,000. Terms: 25 to 84 Months APR: 5.34% to 14.99 percent
Drivers who want to reduce their monthly payments or adjust loan terms can refinance using some of the banks within the Gravity network. If you are considering refinancing options, make use of a refinance option 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%
The option of buying out your current car lease is an excellent way to hold onto your current set of wheels and avoid potentially high vehicle expenses. How do you apply for a loan with Gravity You can apply for either of Gravity’s loan products 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 can apply, for free for the loan suggested. It is possible to complete the process securely online. Finally, you will go over your new loan terms and determine if you’d like to shorten or stretch out the loan duration, in the event of refinancing.
Information required for the application is valid driver’s licence Proof of auto insurance Proof of residence Social security number Vehicle information Employment verification Proof of income
Gravity FAQs
Is Gravity a trustworthy firm? Yes, the company has the A+ BBB Rating & Accreditation and five stars in the perfect category for Trust Pilot Reviews.
Does Gravity lending perform a hard credit pull? Although Gravity doesn’t conduct any kind of 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 credit score.
What does prequalifying for a loan differ from preapproval? Prequalification can give you a firm notion 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
The availability
3.8
Gravity has a large network of lenders but does have a strict threshold loan amount for its borrowers.
Affordability
3.6
Gravity boats fairly competitive APRs and no fees directly from the site of comparison.
Customer Experience
3.4
Gravity provides customer support only on weekdays and has an extended timeframe for funding.
Transparency
5.0
Gravity has both its fees and rates online, and provides prequalification.
Methodology For evaluating lenders who are specialized in refinancing auto loans, Bankrate considers 16 various factors. These variables range in relation to loan amount, disclosed APR and acceptance criteria. Each lender scores that is based on four different categories. Accessibility: This is a factor that accounts for loan amount, vehicle restrictions and their availability in every state. Affordability: The primary focus of this section deals with expected APR, acceptance criteria including discounts for autopay as well as the number of fees. Customer experience: This category includes accessibility via the internet, support available, funding timeline, option for automatic payments and app availability. Transparency: Here prequalification and disclosure of rates and fees are taken into account.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed nor acknowledged by any advertising company. The information that is included, including rates and fees that are included in the review is correct as of the date of the review. Review the information on the right and the lender’s website to find the most current details.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ways and pitfalls 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 believes in transparent reporting that allows readers to successfully get deals and make best choices for their finances. He is a specialist in auto and small business loans.
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