Gravity vs. iLending: Which offers better auto loans?

If you’re looking to refinance your auto loan, you may be overwhelmed by the number of lenders out there. Two popular online loan marketplaces, Gravity and iLending, help you narrow your options by matching you with their partner lenders.

Gravity, launched in 2019, specializes in auto refinance loans and lease buyout loans. It offers favorable rates and pairs borrowers with a personal loan officer to help them navigate their options and pick the right loan. The loan aggregator has longer-than-usual wait times for approval and some restrictions on refinancing.

iLending started in 2006 and works with a network of lenders to help borrowers find loans to refinance their car payments. With prequalification options and loan consultants assigned to help borrowers along, iLending excels at approval speed and customized user experience.

Gravity vs. iLending at a glance

Gravity stands out for its lack of an origination fee and its ability to offer lease buyout loans. Meanwhile, iLending offers fast approval and extra guidance to potential borrowers.

Gravity auto loans

Best for low starting rates

Bankrate’s view

Gravity is a relatively new company that connects borrowers with auto refinancing and lease buyout loans. However, you need to have at least $10,000 left on your current loan to qualify.

While its APR starts at 4.99 percent, these rates are typically reserved for those with good or excellent credit. Gravity accepts borrowers with credit scores as low as 640. However, these borrowers are unlikely to get the best available APR for their auto loan.

Gravity operates in all 50 states and works with lenders across the country to find the best possible loan terms for borrowers. It also assigns a loan officer to each customer for help determining the best loan option.

Pros

• No fees: Gravity itself doesn’t charge applicants any fees, though its partner lenders may have fees of their own.
• Online application: There’s no need to visit an office or fax documents when you apply with Gravity.
• Delayed payment schedule available: Gravity allows you to delay payments for up to 90 days.

Cons

• Longer funding timeline: Gravity can take up to 10 days to process your application, which is longer than the average for an online lender.
• Refinancing restrictions: You’ll need a minimum loan balance of $10,000, higher than most refinance lenders require.
• Max rates not disclosed: Gravity doesn’t list the maximum rate charged by the lenders in its network.

iLending auto loans

Best for a personalized experience

Bankrate’s view

Like Gravity, iLending pairs borrowers with a loan consultant who can help navigate the terms of the loans and available offers. You may be able to qualify for a much lower loan amount — just $5,000 versus Gravity’s $10,000 minimum. And while the lenders in its network have a slightly higher starting APR, rates max out at a low 18.79 percent.

iLending approves borrowers in as little as one day and has customer service available on Saturdays and Sundays. It isn’t flexible on payments and does not offer deferment, but some lenders may offer autopay discounts.

The major downside to iLending is the potential documentation or administration fee. Most connection services are free to use, including Gravity, so this may be a big drawback when choosing which service to work with.

Pros

• Personal lending specialist: Like Gravity, you have access to extra guidance as you navigate the refinancing process.
• Low minimum credit score: iLending’s listed minimum credit score of 560 falls into the poor credit range, though you may need a score in the mid-600s or higher to receive competitive rates.
• Simple application process: The streamlined online application should take only a few minutes to complete.

Cons

• Unclear timeline: iLending’s website states it could take anywhere from several days to “a few weeks” to finance your new loan.
• No in-person service: If you need assistance, you’ll have to seek it online or over the phone rather than visiting an in-person location.
• Unclear fees: Fees likely vary among iLending’s lenders and aren’t listed on the platform’s website.

How to choose between Gravity and iLending

Gravity and iLending provide similar services. Because you can prequalify without impacting your credit score, the easiest way to choose may be to submit an application with both and see which gives you the better offer.

Choose Gravity for low starting rates

Gravity is a great option for finding the best available rate if you are looking to refinance your current auto loan or get a lease buyout loan. Gravity’s best rates currently start at 4.99 percent, better than the current average used car rate of 11.91 percent.

Gravity itself is free to use. There are no fees to submit an application, and you have the option to delay your first payment by up to 90 days. For this reason, Gravity is a great option for finding a loan that will best suit your current financial needs and goals. And if you want to buy out your current lease, Gravity is the better — iLending only offers refinancing.

Choose iLending for personalized guidance

Car loans are typically straightforward, but failing to understand the refinance process may land you with higher rates than you qualify for. By assigning each borrower a personal loan consultant, iLending helps borrowers fully understand their options and loan terms before agreeing.

With approvals available even for borrowers with less-than-perfect credit, iLending is ideal for anyone who needs help navigating their auto loan options. However, it isn’t upfront about its fees. You may have to pay an administration or documentation fee — in addition to any other fees charged by your lender. This is rare for a service like Gravity or iLending, so you may be able to find a better deal elsewhere.

Compare more lenders before applying

Comparing options like Gravity and iLending is a great way to quickly check your rates with a variety of lenders. While you may not borrow from either, they can help you find the best terms.

If you have bad credit or little credit history, it is especially wise to compare refinancing rates before committing to a lender.