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Gravity: 2023 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 has a specialization in helping readers with the details of borrowing money to purchase an automobile.
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 find deals and make the best choices for their finances. He specializes in small business 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 offering you interactive financial calculators and tools as well as publishing original and objective content. This allows you to conduct research and compare data for no cost and help you 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 Money The deals that are advertised on this site are from companies that compensate us. This compensation may impact how and when products are featured on the site, such as such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity, and other products for home loans. However, this compensation will not influence the information we publish, or the reviews appear on this website. We do not include the universe of companies or financial deals that may be accessible to you.
About our reviews . Editorial disclosure Reviewers are supervised by our staff. Opinions expressed therein are solely the views of the reviewer. They have not been reviewed or approved by any advertiser. 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 recent details.
A look 3.6 rating: 3.6 stars out of 5
Bankrate Score
Rating of Availability: 3.8 stars out of 5
Affordability Rating: 4 stars out of 5
The Customer Service Rating is 3.4 five stars from 5
Transparency Rating 5 stars out of 5
Find out about auto loan rates
The amount of the loan is $10,000 to $125,000
Min. credit score of 500
APR as low as 5.34%
Funds are available within 10 days
Gravity pros and cons For certain, the benefits of a seamless application might not be worth the lengthy funding timeframe.
PROS No fees
Application online
Delayed payment schedule
CONS Funding timeframe
Refinancing restrictions
Gravity operates an online auto loan marketplace enabling borrowers to review the top refinance rates online and in just a few minutes. The application process is simple and can be completed over the phone or online and only will require drivers to upload their car documents and then sign off on the new loan. With the option to apply online and receive loan advisor guidance, refinancing a car or purchasing a lease using Gravity is a seamless process perfect for those who want an extra helping hand.
Do you qualify? Every lender in the Gravity network carries their own requirements to be approved, but you should consider the following guidelines before applying. Credit score. To qualify, you must have a credit score 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 probable that banks will search at a specific number since disclosure of employment is mandatory. Vehicle. Some lenders will not provide loans for ride-share cars, discontinued vehicle models or large one-ton vehicles. What we like and what do not like Take a look at the entire of the features Gravity has to offer before accepting an loan. What we like No fees. Gravity doesn’t impose any charges. Online application. The borrower can upload their documents and apply fully online. Delayed payment schedule. Gravity allows borrowers to delay payments as long as 90 days. We do not like the Funding timeline. Although approval can be in the same day you submit your application, the process can take up to 10 days or more. Refinancing restrictions. To refinance using Gravity you must have at least a loan amount of $10,000. How do I contact Gravity Support for your Gravity loan is available by phone or via the web Monday to Friday from 8 a.m. until 6 p.m. Specific questions can be uploaded on the internet or emailed to . Gravity’s website has a fairly in-depth FAQ section. There are a variety of auto loan types offered The Gravity marketplace presents borrowers with choices for auto loan refinancing and lease buyout. You can borrow anything from $10,000 to $125,000. While rates and terms vary according to each lender partners, it is likely will be offered terms between 25 and . Gravity also allows for drivers to add or eliminate co-borrowers. The choice to include or exclude co-borrowers is contingent on a , but this could potentially provide you with more competitive 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 modify lending terms can refinance through any of the lending institutions within the Gravity network. When exploring refinance options take advantage of a to ensure you are saving money over the long term. Lease buyout
Quick facts about loans: $10,000 to $125,000 Terms: 25-84 Months APR: 5.34% to 14.99%
A purchase of your current vehicle lease is an excellent way to secure your current set of wheels and avoid potentially high vehicle costs. How to apply for an loan with Gravity You can apply for either from Gravity’s loan products directly from its site, with the option to apply for prequalification. Following a credit pull that is soft the applicant will be paired with an loan agent who will help you through the loan procedure. Once you’ve been matched to one of Gravity’s nationwide lenders, you can apply, absolutely free to the loan suggested. It is possible to complete the process safely online. After that, you’ll be able to examine your new loan conditions and decide whether you’d prefer to reduce or stretch out the loan term, if you’re refinancing.
Information required for the application is valid driver’s license Valid insurance Residence proof Social Security number Information about the vehicle Proof of employment Proof of income
Gravity FAQs
Is Gravity a reliable business? Yes, the company holds the A+ BBB Rating & Accreditation and five stars in the perfect category on Trust Pilot reviews.
Does Gravity lending perform a hard credit pull? While Gravity does not conduct an actual credit check but its partners are likely to do so prior to the final loan approval. Gravity makes use of a soft pull to gather your credit history without affecting your score.
How does prequalifying for a loan compare to preapproval? Prequalification will give you a clear notion of what to anticipate for a monthly installment. Preapproval, , is an unlocked rate that is that is based on a credit pull.
How does Bankrate rate Gravity
Overall Score
3.6
The availability
3.8
Gravity has a vast collection of lenders, however they do require a large minimal loan sum for customers.
Affordability
3.6
Gravity has fairly competitive APRs and no fees directly from the site of comparison.
Customer Experience
3.4
Gravity provides support to customers only on weekdays , and has a lengthy funding timetable.
Transparency
5.0
Gravity has both its fees and rates online, and offers prequalification.
Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different factors. The factors are based on from the loan amount, the APR disclosed and the acceptance standards. Each lender scores that is based on four different categories. Accessibility: This is a factor that accounts for loan amounts, restrictions on vehicles and availability in each state. Affordability: Primarily, this section deals with the expected APR, acceptance criteria discounts for autopay, and the amount of fees. Customer experience: This section includes accessibility to online services, availability of support, funding timeline, option for automatic payments and app accessibility. Transparency: Here prequalification and disclosure of rates and charges are recorded.
Editorial disclosure The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer , and have not been reviewed nor approved by any advertiser. The information, including rates and fees provided in the review is correct up to the date that the review was written. Check the data in the upper right hand corner of the page as well as the lender’s site for 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 the car they want.
Edited by Helen Wilbers Edited by
Helen Wilbers has been editing for Bankrate from late 2022. He values clear reporting that helps readers easily get deals and make best choices for their finances. He is a specialist in small and auto loans.
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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and, services, or for you clicking certain hyperlinks on our site. So, this compensation can affect the way, location and in what order items appear in listing categories in the event that they are not permitted by law. This is the case for our mortgage, home equity and other home loan products. Other elements, such as our own rules for our website and whether the product is available in the area you reside in or is within your self-selected credit score range can also impact the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |
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