Gravity Lending: 2024 auto loan review

Gravity Lending refinancing is best for minimal fees

Gravity Lending is a marketplace that can help you find a good option to refinance your current auto loan. It encourages borrowers to work directly with a loan officer, which is perfect for those who are nervous about changing their loan. This process provides extra assistance that is not available through all lenders.

Gravity is an auto loan marketplace for comparing top refinance and lease buyout offers. The application process can be done completely online and only requires you to upload a few documents. You can also add or remove a co-borrower — something not every lender offers.

Do you qualify?

Each lender in the Gravity network has its own requirements for approval. Gravity Lending doesn’t list specific eligibility criteria, but these are the most common ones you may need to meet.

• Income: Lenders will want to see that you have sufficient income to cover your monthly payment. 
• Vehicle: Lenders have restrictions on how old a vehicle is and how much mileage it has. In addition, some lenders will not approve cars used for ride-share apps.

How Gravity Lending compares

Gravity Lending primarily works with borrowers who have fair or better credit — its minimum requirement is FICO score of 640. This is about average, and as with any loan, you will get the best rates on refinancing if you have excellent credit.

However, Gravity Lending has a much higher minimum loan amount than other refinancing marketplaces. You will need to have a loan balance of at least $10,000 to qualify for any of the lenders in its network.

Gravity Lending vs. RefiJet

Like Gravity, RefiJet works with an expansive network of lenders to match borrowers with refinance or lease buyout loans. Along with this, both lenders boast excellent customer service with available financial advisors to walk you through the funding process. RefiJet stands out against the competition for its faster funding timeline — as soon as one day — which is better for borrowers who are in a pinch. 

Gravity Lending vs. RefiJet: Full review

Gravity Lending vs. iLending

Another loan marketplace, iLending, offers refinance loans to borrowers with a range of credit backgrounds. The process comes with personalized assistance to navigate the complexities of refinancing. Its minimum APR is similar to that of Gravity Lending but has a much lower minimum loan amount of just $5,000.

What we like and what we don’t like

Gravity Lending’s biggest benefit is the option to delay your first payment. However, your application can take up to 10 days to process.

What we like

• No origination fee: Like many other marketplaces, Gravity does not charge any fees when you compare lenders. However, the lender you refinance with may still have fees.
• Online application: The application process is entirely online. You can compare offers and upload your documents without needing to leave Gravity Lending’s website. 
• Delayed payment schedule: Gravity Lending allows borrowers to delay payments for up to 90 days. However, interest will continue to accrue. 

What we don’t like 

• Long potential funding timeline: Although approval can be as soon as the day you apply, funding can take 10 days or longer.
• Refinancing restrictions: The lenders in Gravity Lending’s network have refinancing requirements. You must have a minimum loan balance of $10,000. Some rivals have a much smaller minimum loan amount.
• Max rate not disclosed: While Gravity’s minimum rate of 4.99 percent is competitive, that rate is reserved for borrowers with excellent credit. It’s not clear how high rates can go for borrowers with lower scores.

How to contact Gravity Lending

You can email Gravity Lending at loans@gravitylending.com or call at 888-602-1125. Customer service is available Monday to Friday from 8 a.m. to 6 p.m. CT and Saturday from 10 a.m. to 5 p.m. CT. Specific questions can also be uploaded online through its contact form. 

Auto loan types offered

The Gravity Lending marketplace presents borrowers with options for auto loan refinance and lease buyout. While terms and rates vary between lenders, you will likely be offered terms between 36 and 84 months. 

Refinance 

• Amounts: $15,000-$125,000
• Terms: 36-84 months
• APR: From 4.99%

Drivers looking to lower their monthly payments or adjust lending terms can refinance through one of the lenders in the Gravity Lending network. The auto loan refinancing offers you receive can potentially have an APR below the current average rate, but only if you have excellent credit. Otherwise, you will need to use a refinance calculator to ensure you are saving money in the long run. 

Lease buyout

• Amounts: $15,000-$125,000
• Terms: 36-84 months
• APR: From 4.99%

A lease buyout is a great way to hold onto your current set of wheels and avoid potentially high fees from your lessor. However, Gravity Lending doesn’t provide much information on its lease buyout process. You will need to contact customer support for details on how it works.

How to apply for a loan with Gravity Lending

You can apply to refinance or buy out your lease on Gravity Lending’s loan products online. Gravity Lending isn’t a direct lender, however, and will instead match you with lenders you might qualify for. Following a soft credit pull, you will be paired with a loan officer who will assist you in the loan process. 

After being matched with one of Gravity's nationwide lenders, you can finalize your application to refinance your auto loan. If you are approved, you will review your new loan terms and determine if you’d like to shorten or stretch out your loan term.

Features and additional perks

The biggest perk offered by Gravity Lending is the option to delay your first payment for up to 90 days. While interest will still accrue, it can provide you with breathing room while you handle other aspects of your finances. 

Available in all 50 states, Gravity Lending is also open to a range of credit backgrounds. You even have the option to add or remove a co-borrower. If you don’t quite meet a lender’s requirements, adding a co-borrower may help you secure a lower rate or better terms.

Fees and penalties

Gravity Lending doesn’t charge any fees to use its service. However, the lenders in its network might charge an origination fee, early payment fee or late fee.

Gravity FAQs

How Bankrate rates Gravity

Methodology

The Bankrate team assessed more than 35 auto lenders to find the best. Bankrate considered 18 criteria, such as acceptance criteria, loan amounts and APR range. These scores are broken into four categories.

• Availability: Loan amounts, repayment options, dealership requirements and state availability all contribute to this category. Lenders that serve customers nationwide with flexible loan amounts rank higher.
• Affordability: This section houses APR ranges, acceptance criteria, fees and discounts. Lenders with the lowest rates, fewer fees and most generous acceptance criteria receive higher scores.
• Customer experience: Our team looked at how easy it is for customers to apply for and manage their loans. Criteria include how long you have to shop, customer service hours, whether there’s an app and autopay availability.
• Transparency: This includes prequalification and disclosure of rates and fees. We favored lenders that make it easy for customers to preview possible costs.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.