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Gravity the 2023 automobile loan review, published 2023-01-27 at 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 in navigating the details of taking out loans to purchase an automobile.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate since the end of 2022. He values clear reporting that helps readers easily land deals and make the best decisions for their financials. He is a specialist in small business and auto loans.
Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and financial tools as well as publishing original and objective content. This allows you to conduct your own research and compare data for no cost 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 Make Money The products that are featured on this website come from companies who pay us. This compensation can affect the way and when products are featured on the site, such as such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law for our mortgage, home equity, and other products for home loans. But this compensation does affect the information we publish, or the reviews that you see on this site. We do not contain the vast array of companies or financial offers that may be open to you.
Reviewer’s disclosures: All reviews are prepared by staff. Opinions expressed therein are solely the views of the reviewer. They are not reviewed or acknowledged by any advertiser. The information that is included, including rates and fees provided in the review are accurate as of the date of the review. Review the information in the upper right hand corner of the page and the lender’s website to find the most up-to-date information.
A glance 3.6 Score: 3.6 stars out of 5
Bankrate Score
Availability Rating: 3.8 stars out of 5
Affordability Rating 4 .
Customer Experience Rating: 3.4 5 stars. five
Transparency Rating Five stars from five.
Find out about rates for auto loan rates
The amount of the loan is of $10,000 to $125,000
Min. credit score of 500
APR starting at 5.34%
Funds available in 10 days
Pros and cons of Gravity for certain people, the advantages of a smooth application might not be enough to offset the possible long timeframe for funding.
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 on the internet and within only a few minutes. The simple application is done via telephone or on the internet. It only will require drivers to upload their car documents and sign off on a new loan. With the ability to apply online and loan assistance from an officer, refinancing a car or buying out your lease with Gravity is a seamless process perfect for those who would prefer an extra helping hand.
Do you qualify? Every lender in the Gravity network has its own specifications to be approved, but you should consider the following requirements prior to applying. Credit score. In order to qualify you must have a rating of 500. If you have a poor credit score, consider checking out for bad credit auto loans. Income. While Gravity does not provide specific information about income limits, it’s likely that lenders will search 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. What we like and what we do not like Take a look at the entire of the features Gravity offers before accepting an loan. We love that there are no charges. Gravity doesn’t impose any charges. Application online. Borrowers are able to upload documents and complete their application online. Delayed payment schedule. Gravity permits borrowers to delay payments as long as 90 days. We do not like the Funding timeframe. Although approval can be as soon as the day you submit your application, the process may take 10 days or longer. Refinancing restrictions. To refinance using Gravity you must have an initial loan amount of $10,000. Contact Gravity Support to inquire about your Gravity loan is available by phone or via the web Monday through Friday between 8 a.m. until 6 p.m. Questions that are specific can be uploaded online or sent to . Gravity’s website has an extremely comprehensive FAQ section. Auto loan options available The Gravity marketplace presents borrowers with the option of 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 likely will be provided with terms ranging from 25 and . Gravity also offers the option for drivers to add or eliminate co-borrowers. The choice to include or exclude co-borrowers is contingent on the circumstances, however this move can potentially present you with better terms.
Refinance
Quick facts about loans: $10,000 to $125,000 Terms: 25-84 Months APR: 5.34% to 14.99 percent
Drivers looking to lower their monthly payment or alter lending terms can refinance through any of the lending institutions that are part of the Gravity network. If you are considering refinancing options, consider a loan to ensure you are saving money in the long run. Lease buyout
Quick facts about loans: $0 to $125,000. Terms: 25 to 84 month APR: 5.34% to 14.99%
The option of buying out your current car lease is a great way to secure your current set of wheels and save on potentially expensive vehicle expenses. How to apply for an loan using Gravity You are able to apply for one from Gravity’s loan products from its site, with the option to apply for prequalification. After a soft credit pull and a credit check, you’ll be matched with a loan person who will guide with the loan procedure. Once you’ve been matched to one of Gravity’s national lenders You can apply absolutely free for the loan that is recommended. You can complete this process safely online. Then, you’ll review the new loan conditions and decide whether you’d prefer to reduce or extend the loan term, if you’re refinancing.
Information required for the application is valid driver’s license Valid insurance Proof of residence Social security number Vehicle information Employment proof of income
Gravity FAQs
Are Gravity a reputable business? Yes, the firm has an A+ BBB Rating and Accreditation in addition to a perfect five stars in Trust Pilot Reviews.
Does Gravity lending do the hard credit pull? While Gravity does not perform a hard credit pull however, its lenders who are partners with it will likely do so before the final loan approval. Gravity uses an informal pull to collect your credit information without damaging your credit score.
How does prequalifying for a loan different from preapproval? Prequalification gives you an idea of what to be expecting for your monthly payments. Preapproval, , is an unlocked rate that is that is based on a credit pull.
How Bankrate rates Gravity
Overall Score
3.6
Availability
3.8
Gravity has a wide network of lenders but does carry a high minimal loan sum for customers.
Affordability
3.6
Gravity boats quite competitive APRs and no fees directly from the site of comparison.
Customer Experience
3.4
Gravity offers customer support only on weekdays , and has a a long funding timeline.
Transparency
5.0
Gravity shares both its rates and fees online and provides prequalification.
Methodology To rate lenders that focus on auto refinance loans, Bankrate considers 16 different factors. The factors are based on to the loan amount, the APR disclosed as well as acceptance requirements. Each lender has a score that is based on four categories. Availability: This accounts for loan amounts, vehicle restrictions and availability in each state. Affordability: The primary focus of this section discusses expected APR, acceptance requirements, discounts for autopay and 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 accounted for.
Disclosure of author Reviewers are supervised by Bankrate.com staff. Opinions expressed therein are solely the opinions of the reviewer and have not been reviewed nor accepted by any advertiser. The information, including rates and fees that are included in the review is accurate at the time of the review. Review the information in the upper right hand corner of the page, 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 specializes in assisting readers to navigate the ins and outs of securely borrowing money to purchase a car.
Editor: Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He believes in transparent reporting that allows readers to confidently land deals and make the best decisions for their financials. He is a specialist in auto and small business loans.
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