RefiJet vs. Gravity: Which offers better auto loans?
RefiJet and Gravity are both online auto loan refinance marketplaces designed to help you save time on research and find a lender.
RefiJet works with lenders that will refinance loans as small as $5,000, the normal minimum is $7,500. However, processing your information can take up to 12 days, and you will be charged a $395 processing fee.
Gravity requires you to borrow more, but the lenders in its network have more competitive rates. You’ll need fair credit to qualify, though, and it may take up to 10 days to finalize your application.
Both can be good options, but you should compare them to other marketplaces and direct lenders to get the best deal.
RefiJet vs. Gravity at a glance
RefiJet and Gravity are online marketplaces for finding lenders that offer auto loan refinancing.
| RefiJet | Gravity | |
|---|---|---|
| Bankrate score | 3.5 | 4.0 |
| Better for |
|
|
| Loans offered | Auto refinance, lease buyout | Auto refinance, lease buyout |
| Loan amounts | $5,000–$150,000 | $15,000–$125,000 |
| APRs | 5.29%-21.99% | From 4.99% |
| Loan term lengths | 24–96 months | 36–84 months |
| Fees | $395 processing fee | None |
| Minimum credit score | 500 | 640 |
| State footprint | Not specified | All 50 states |
| Time to funding | 3 to 12 days | 10 days |
| Autopay discount? | Varies by lender | Varies by lender |
| Refinancing restrictions |
|
Varies by lender |
RefiJet auto loans
Best for poor credit
Bankrate’s view
RefiJet can help you find options for refinancing a current auto loan or buying out your car lease, much like Gravity. But RefiJet has a much lower minimum credit score requirement. The lenders in its network also offer terms of up to 96 months, which is rare.
When you work with RefiJet, it will match you with a financial expert to walk you through the refinancing process. They can help you fill out the application and compare loan offers, then work with you to finalize any extra paperwork.
However, RefiJet does not offer many details about the available loans until after you prequalify. While you can do so without taking a credit score hit, it’s still an extra step. RefiJet also charges a $395 processing fee — similar services like Gravity don’t have any fees at all.
Pros
- First payment deferral: You are able to defer your first payment by up to 60 days.
- Cash out refinancing: RefiJet lets you cash out your vehicle’s equity by refinancing with a loan with a higher balance than your existing one.
- Hands-on assistance: RefiJet provides a financial expert who can walk you through the refinancing process. While this level of assistance isn’t unheard of — Gravity and iLending offer a similar service — it is unusual.
Cons
- Potentially long wait: RefiJet may take up to 12 days to process your application. And even at its fastest, three days is still longer than other lenders.
- High fees: RefiJet charges a $395 application processing fee in addition to any fees your lender charges.
- Not a fully online application: You have to work with a RefiJet representative in order to complete the application process.
Gravity auto loans
Best for no fees
Bankrate’s view
Like RefiJet, Gravity is a service that helps you find lenders to refinance your auto loan or buy out your lease.
Gravity has a few clear advantages. It’s relatively transparent about loan costs and doesn’t charge a fee to match you with lenders. And, after you’ve signed, you can defer your first payment by 90 days — a month longer than RefiJet offers.
That said, you have to borrow at least $10,000 to qualify with a lender in Gravity’s network. And while it has a slightly lower starting rate than RefiJet, you need to have a credit score of at least 640 to qualify.
Pros
- No fees: Gravity doesn’t charge a processing fee for loan applications. Its lending partners may still charge fees, but compared to RefiJet’s $395 fee, $0 is a significant savings.
- Option to delay payments: Gravity allows borrowers to defer their loan payments for up to 90 days.
- Fully online application: Applicants can complete the full process online, making it quick and easy to apply for a loan.
Cons
- Limited information: Unlike RefiJet, Gravity doesn’t state what restrictions it has on the vehicle you refinance.
- High loan minimums: Gravity will only refinance auto loans of $10,000 or more, meaning you can’t apply if you owe a smaller amount.
- Potentially high rates: Its minimum rate is competitive, but it doesn’t disclose a maximum APR — which could be up to 35.99 percent.
How to choose between RefiJet and Gravity
Both RefiJet and Gravity work with lenders that offer competitive rates and long loan terms. They also have a deferral period before your first payment is due and the option to add or remove co-borrowers.
Because they are such similar companies, you may want to consider prequalifying with both. Prequalification is free and doesn’t impact your credit score, and it allows you to see whether RefiJet or Gravity matches you with a better deal.
Choose RefiJet if you have bad credit
RefiJet may be the better option if you don’t have the best credit. Because you can qualify with a score as low as 500, it may make it easier to find a bad credit auto loan. You are also able to borrow less, which makes RefiJet a good choice if you don’t have much left to pay on your current loan.
The main cause for concern is the high cost of borrowing with RefiJet. The application processing fee and potential origination or other fees can limit your savings.
Choose Gravity for low starting rates
The lenders in Gravity’s network offer a very competitive starting APR — most lenders start at 7 percent, according to data from Experian. Additionally, unlike RefiJet, Gravity lets you complete the full prequalification and application process online. If you’d rather skip the phone call and are comfortable navigating online forms, you might prefer Gravity.
While your lender may still choose to charge an origination or other fee, Gravity does not charge any additional fees. But the high minimum loan of $5,000 means that you won’t be able to qualify if you owe less on your current auto loan.
Compare more lenders before applying
Comparing RefiJet and Gravity is a good start, but you should also take the time to look into other auto lenders. Other loan aggregators, like myAutoLoan, might match you with a better deal.
If you’re trying to find the best auto loan refinance rates, shopping around is the best way to find a good deal and save money.
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