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Gravity: Auto loan review. Published 2023-01-27, 15:21:19.
Writen 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 borrowing money to purchase a car.
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 get deals and make most appropriate choices regarding their finances. He specializes in small and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and tools that provide objective and original content, by enabling you to conduct your own research and analyze data for free – so that you can make financial decisions with confidence. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money 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 appear in the listing categories, except where prohibited by law for our loans, mortgage, and other home loan products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not cover the universe of companies or financial offers that may be accessible to you.
About our reviews . Editorial disclosure: All reviews are prepared by our staff. The opinions expressed are only those of the reviewer and have not been reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review are accurate up to the date of the review. Check the data at the top of this page and the lender’s website for the most recent information.
At a look 3.6 Rating: 3.6 stars out of 5
Bankrate Score
Available Rating: 3.8 stars out of 5
Affordability Rating: 4 .
Customer Experience Rating: 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 as low as 5.34%
Funds are available within 10 days
Gravity pros and cons For certain people, the advantages of a seamless application may not be worth the long timeframe for funding.
PROS No fees
Online application
Delayed payment schedule
CONS funding timeframe
Refinancing restrictions
Gravity is an auto loan marketplace that allows borrowers to review the top refinance rates online in just a few just a few minutes. The simple application can be done over the phone or via the internet and requires drivers to upload vehicle documents and sign off on a new loan. With the option to apply online and receive loan advisor guidance, refinancing a car or purchasing a lease with Gravity is a seamless process perfect for those who want a 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, consider checking out for bad credit auto loans. Income. Although Gravity does not disclose specific income limitations, it’s likely that lenders will look at a specific number as employment disclosure is required. Vehicle. Certain lenders won’t lend to ride-share vehicles, old models of vehicles or one-ton vehicles. We like what we see and what we don’t like Think about the totality of what Gravity offers before making a decision on a loan. What we like No fees. Gravity doesn’t impose any fees. Online application. The borrower can upload their documents and apply fully online. Delayed payment schedule. Gravity permits borrowers to delay payments for up to 90 days. We do not like the Funding timeline. Although approval is possible in the same day you submit the application, it may take 10 days or longer. Refinancing requirements. To refinance using Gravity you need to have a minimum loan amount of $10,000. How do I contact Gravity Support to inquire about your Gravity loan can be done via phone or on the internet Monday to Friday from 8 a.m. to 6 p.m. Questions specific to your situation can be posted on the internet or emailed to . Gravity’s website has an extensive FAQ section. The types 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 to $125,000. While rates and terms vary by the lender partners, it is likely will be provided with terms ranging from 25 and . Gravity also provides the option for drivers to add or eliminate co-borrowers. The choice to remove or add depends on a , but this option could provide you with better terms.
Refinance
Loan quick facts Amounts: From $10,000 to $125,000 Terms: 25-84 month APR: 5.34% to 14.99 percent
Drivers seeking to lower their monthly payment or alter lending terms can refinance through any of the lending institutions that are part of the Gravity network. When considering refinance options, consider a loan to make sure you’re saving cash in the end. Lease buyout
Loan quick facts Amounts: $10,000 to $125,000 Terms: 25-84 months APR: 5.34% to 14.99 percent
A purchase of your current vehicle lease is an excellent way to keep the current vehicle and save on potentially expensive vehicle costs. How to apply for an loan through Gravity You can apply for either or both of the Gravity loan products from its website, with the option to prequalify encouraged. After a soft credit pull the applicant will be paired with an loan officer who will assist you in the loan process. After being matched with one of Gravity’s nationwide lenders you are able to apply at no cost, for the loan suggested. You can complete this process completely on the internet. After that, you’ll be able to go over the 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 Residence proof Social security number Vehicle information Employment verification Proof of income
Gravity FAQs
Are Gravity a reliable company? Yes, the company holds the A+ BBB Rating and Accreditation in addition to a perfect five stars on Trust Pilot review sites.
Does Gravity lending do an invasive credit check? While Gravity does not perform an actual credit check but its partners are likely to do so prior to the final loan approval. Gravity employs an informal pull to collect your credit history without affecting your credit score.
What does prequalifying for a loan compare to preapproval? Prequalification will give you a firm idea of what to be expecting for your monthly payments. Preapproval, also known as an interest-free rate which is based upon a hard credit pull.
How Bankrate rates Gravity
Overall Score
3.6
Availability
3.8
Gravity has a vast lender network, but it does have a strict minimum loan sum for customers.
Affordability
3.6
Gravity boats quite 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 an extended timeframe for funding.
Transparency
5.0
Gravity offers both fees and rates on the internet and also offers prequalification.
Methodology For evaluating lenders who specialize in auto refinance loans, Bankrate considers 16 various factors. The factors are based on from the loan amount, disclosed APR and acceptance criteria. Each lender has a score that is that is based on four different categories. The availability category includes loan amounts, restrictions on vehicles and availability in each state. Affordability: Primarily, this section covers expected APR, acceptance criteria including discounts for autopay as well as the number of fees. Customer experience: This category includes accessibility to online services, availability of support, funding timeline, option for automatic payment and app availability. Transparency: Here , prequalification and disclosure of rates and fees are accounted for.
Editorial disclosure Reviewers are supervised by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed or acknowledged by any advertising company. The information such as rates and charges that are included in the review is correct as of the date that the review was written. Review the information in the upper right hand corner of the page, 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 is a specialist in helping readers to navigate the details of borrowing money to purchase a car.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of transparent reporting that allows readers to easily find deals and make the most appropriate choices regarding their finances. He specializes in small business and auto loans.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products andservices or when you click on certain hyperlinks on our website. Therefore, this compensation may influence the manner, place and when products appear in listing categories and categories, unless it is prohibited by law for our credit, mortgage and other home lending products. Other factors, such as our own proprietary website rules and whether or not a product is available within your area or at your own personal credit score can also impact how and when products appear on this site. Although we try to offer a wide range offers, Bankrate does not include details about each financial or credit item or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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