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Gravity the 2023 automobile 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 specializes in assisting readers with the ins and outs of securely taking out loans to purchase 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 clear reporting that helps readers easily 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 aim is to assist you make smarter financial decisions by offering interactive financial calculators and financial tools that provide objective and original content. This allows you to conduct your own research and compare information for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this website come from companies that pay us. This compensation can affect the way and when products are featured on this website, for example for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loan products, such as mortgages and home equity and other products for home loans. But this compensation does not influence the content we publish or the reviews that you read on this site. We do not contain the entire universe of businesses or financial offerings that could be open to you.
About our reviews . Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed or approved by any advertiser. The information that is included, including rates and fees, presented in the review is accurate as of the date that the review was written. Check the data on the right and the lender’s website to find the most current details.
A glance 3.6 rating: 3.6 stars out of 5
Bankrate Score
Availability Rating: 3.8 stars out of 5
Affordability Rating 4 .
Customers Experience Score: 3.4 five stars from 5
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 starting at 5.34%
Funds are available in 10 days
Gravity pros and cons For certain, the benefits of a smooth application might not be enough to offset the possible long timeframe for funding.
PROS No fees
Application online
Delayed payment schedule
CONS funding timeline
Refinancing restrictions
Gravity operates an online auto loan marketplace that allows borrowers to find the best refinance deals online and in minutes. The simple application can be done over the phone or via the internet and will require drivers to upload their car documents and agree to a new loan. With the option to apply online and receive loan advisor guidance refinancing a vehicle or buying out your lease with Gravity is a seamless process that is perfect for those who would prefer a helping hand.
Do you qualify? Every lender in the Gravity network carries their own requirements for approval, but consider the following guidelines before applying. Credit score. In order to qualify you need to have a rating of 500. If your credit score is not as good, consider checking out for bad credit auto loans. Income. While Gravity does not disclose specific income limitations, it’s probable that banks will look out for a certain number because disclosure of employment information is required. Vehicle. Some lenders will not provide loans to ride-share vehicles, old models of vehicles or one-ton vehicles. Our favorite things and what we don’t like Consider the whole of what Gravity offers before signing off on an loan. What we like No fees. Gravity does not enforce any fees. Application on the internet. Borrowers can seamlessly upload documents and complete their application online. Delayed payment schedule. Gravity lets borrowers delay payments for as long as 90 days. We do not like the Funding timeline. Although approval is possible as soon as the day you submit the application, it can take up to 10 days or more. Refinancing restrictions. If you want to refinance your loan with Gravity you need to have at least a loan amount of $10,000. How to contact Gravity Support to inquire about your Gravity loan is available by phone or via the web Monday through Friday between 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 a fairly in-depth FAQ section. There are a variety of auto loan kinds offered by the Gravity marketplace offers borrowers choices for auto loan refinancing or lease buyout. You can take out loans ranging from $10,000 and $125,000. Although terms and rates differ for each lender partnership, the borrower will be offered terms between 25 and . Gravity also offers the option to drivers to add or eliminate co-borrowers. The decision of whether to remove or add depends on the circumstances, 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: 25-84 months APR: 5.34% to 14.99 Percentage
Drivers seeking to lower their monthly payment or alter lending terms can refinance through some of the banks in the Gravity network. If you are considering refinancing options, consider a loan to ensure that you’re saving money over the long term. Lease buyout
Loan quick facts Amounts: $10,000 to $125,000 Terms: 25 to 84 month APR: 5.34% to 14.99 percent
A purchase of your current vehicle lease is an excellent way to hold onto your current set of wheels and avoid potentially high vehicle expenses. How do you apply for an loan with Gravity You can apply for any or both of the Gravity loan products from its website, with the option to apply for prequalification. After a soft credit pull the applicant will be paired with an loan agent who will help you in the loan process. After you have been matched with one of Gravity’s lenders across the country you are able to apply absolutely free, for the loan that is recommended. The process can be completed safely online. After that, you’ll be able to go over your new loan conditions and decide whether you’d prefer to reduce or stretch out your loan period, especially if you’re refinancing.
The information required for application must be valid: Valid driver’s license Valid insurance Documentation of residency Social Security number Information about the vehicle Proof of employment Proof of income
Gravity FAQs
Is Gravity a trustworthy firm? Yes, the firm has an A+ BBB Rating and Accreditation, as well as a perfect five stars in Trust Pilot review sites.
Does Gravity lending conduct a hard credit pull? Although Gravity does not perform an actual credit check, its partnered lenders will probably do so prior to final loan approval. Gravity makes use of a soft pull to get your credit information without damaging your score.
How does prequalifying for a loan different from preapproval? Prequalification can give you an estimate of what you can expect for a monthly payment. Preapproval, also known as a locked-in rate which is based upon a hard credit pull.
How do Bankrate rates gravity
Overall Score
3.6
Availability
3.8
Gravity has a vast lender network, but it does carry a high minimal loan sum for customers.
Affordability
3.6
Gravity offers fairly competitive APRs and does not charge fees directly from the site of comparison.
Customer Experience
3.4
Gravity provides support to customers only on weekdays , and has a an extended timeframe for funding.
Transparency
5.0
Gravity offers both fees and rates on the internet and provides prequalification.
Methodology to rate lenders who focus on auto refinance loans, Bankrate considers 16 different factors. The factors are based on in relation to loan amount, APR that is disclosed and acceptance criteria. Each lender scores that is based on four different categories. Availability: This accounts for loan amounts, restrictions on vehicles and the availability of each state. Accessibility: This section deals with the expected APR, acceptance criteria including discounts for autopay as well as the amount of fees. Customer experience: This category includes accessibility via the internet, support available along with funding timelines, options for automatic payment and app accessibility. Transparency: In this category, prequalification as well as disclosure of rates and charges are accounted for.
Disclosure of author Reviewers are supervised by Bankrate.com staff. The opinions expressed in the review are only the opinions of the reviewer and have not been reviewed or approved by any advertising company. The information, including rates and fees that are included in the review is accurate up to the date of the review. Review the information at the top of this page and the lender’s website for the most current information.
Written by
Rebecca Betterton
Auto Loans Reporter
Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since late 2022. He believes in the clarity of his reporting, which helps readers confidently find deals and make the best decisions for their financials. He specializes in small business and auto loans.
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