Finding the right auto refinance loan can be challenging, but Gravity Lending aims to simplify this process. If you have an auto loan you’d like to refinance, read our Gravity Lending review to discover more about this service, its refinancing approach, and the potential savings it may deliver.
What is Gravity Lending
Gravity Lending is a fintech company whose mission is to “bring our customer’s payments back down to Earth.” The company specializes in personalized, low-interest auto refinancing for both new and existing customers, along with other consumer lending products.
You can review offers nationwide to identify the most cost-effective loans. The service is completely free to borrowers.
Gravity Financial Services serves as its sister company, assisting Texas families who require Tax Lien loan services during challenging financial situations.
Auto Refinance Loans
Auto loan refinancing represents Gravity Lending’s primary service. If you secured auto loans with unfavorable terms previously, refinancing could save you thousands of dollars.
Gravity Lending evaluates your current loan and leverages its extensive lender network to secure the best possible deal and maximize your savings.
Key refinancing benefits include:
- Lower monthly payment – Through reduced interest rates or extended terms, you’ll decrease your monthly car payment, freeing up more of your income.
- Reduced interest rate – Refinancing may lower both payments and interest rates, resulting in significant loan savings.
- Extended loan term – Lengthening your auto loan duration reduces monthly car payments.
- Shortened loan term – By reducing your loan duration, you’ll increase monthly payments but save substantially on total interest paid.
Lending Terms, Fees, and Conditions
Gravity Lending loan terms range from 36 to 84 months, with interest rates currently spanning 2.74% to 20%.
Your credit score, vehicle details, and other factors determine your available terms.
Gravity Lending charges no fees for using its service.
How to Qualify for a Car Loan Refinance
Auto loan refinancing requires a minimum 510 credit score. You can add or remove co-borrowers during refinancing.
Your vehicle must be less than 10 years old with a minimum loan balance of $10,000. Commercial or salvaged vehicles are ineligible.
Other Loan Options
Texas residents can also access property tax loans, particularly valuable given the state’s notably high property taxes.
When you cannot pay property taxes, fees and penalties accumulate rapidly. Through Gravity Financial Services, you can obtain property tax loans for various property types.
Gravity Lending’s network also provides student loan refinancing assistance. Their website features a comparison tool for evaluating rates, terms, and estimated payments from multiple lenders.
However, the tool currently includes only three lenders, so you’ll need to shop around to find the ideal student loan refinance option.
How to Apply for an Auto Loan Refinance
Applying for a car loan through Gravity Lending involves four straightforward steps. The entire process takes approximately 5 minutes when you have all required information ready.
Step One: Apply for a Refinance Loan
Access Gravity Lending’s nationwide lender network to discover the optimal loan for your needs. During the online application, you can sign and upload documents electronically.
Step Two: Review Your New Refinance Details
Gravity Lending assigns a dedicated loan officer to review your application. They’ll explain your refinance terms and answer questions to help you select the right loan.
Step Three: Upload Required Documents
Several documents are required to secure your loan. Lenders need:
- Valid driver’s license
- Proof of auto insurance
- Proof of residence
- Proof of employment and income
Step Four: Complete the Loan Application Process
After choosing your preferred loan, you’ll sign loan documents electronically.
Additional stipulations may apply depending on your application. Once completed, Gravity Lending transfers all information to the lender to initiate funding.
Gravity Lending Pros and Cons
Pro: Can fund older vehicles
Your loan savings can apply to vehicles up to 10 years old, giving more customers opportunities to save money through auto loan refinancing.
Pro: Lenders available in all 50 states
The online marketplace ensures access to quality loans regardless of your U.S. location, with lenders offering options in every state.
Pro: $0 Origination Fees
Potential loan savings include auto refinancing with fewer restrictions. Some lenders offer options without origination fees, reducing your costs.
Pro: $0 Prepayment fee
Early loan payoff incurs no additional costs, providing another savings benefit when working with Gravity Lending.
Pro: Qualified borrowers can get a low APR
Customers with excellent credit may receive favorable interest rates, potentially saving hundreds or thousands in interest payments.
Pro: Entire process takes a few minutes
Applying with Gravity Lending requires minimal time investment. Less than 10 minutes brings you closer to securing a new car refinance.
Pro: Strong Better Business Bureau rating
Gravity Lending maintains a BBB rating exceeding 4.5 out of 5 stars, demonstrating the company’s commitment to providing exceptional, stress-free service.
Pro: No annoying sales calls after applying
Better Business Bureau reviews consistently highlight customers’ appreciation for having a single point of contact, eliminating the hassle of multiple sales calls.
Pro: Up to 90 days with no car payments
Your first payment may be deferred up to three months after completion, providing time to organize finances or simply take a payment break.
Pro: Accepts Joint applications
Unlike many lenders, you can apply for refinancing with a joint applicant on the loan.
Con: Funding could take 5 days or more
Gravity Lending isn’t particularly known for rapid funding. If you need quick access to loan funds, this may not suit your timeline.
Con: Minimum of $10,000 balance
A streamlined process doesn’t help if you don’t qualify. You must owe at least $10,000 to apply for a Gravity Lending loan.
Con: Can’t get pre-approved online
Gravity Lending offers no pre-approval process, meaning your credit will receive a hard inquiry.
Con: Commercial vehicles aren’t available
Vehicles used for commercial purposes cannot access Gravity Lending’s loan options.
Con: Not a direct Lenders
Gravity Lending operates through its lender network rather than directly lending money to customers.
Bottom Line: Gravity Lending Review
Since Gravity Lending isn’t a direct lender, research the lenders within its network is essential. The company partners with Federal Credit Unions across the states. Its strong BBB rating indicates it’s a reputable company worth considering.
