Gravity Lending Review – Can It Help You Find The Best Auto Loan?

Finding the right auto refinance loan isn’t simple in many cases. But Gravity Lending’s goal is to make the process simple. If you’ve got an auto loan that you’re looking to refinance, read our Gravity Lending review to learn more about this service, its refinancing process, and the potential loan savings it may offer.

What is Gravity Lending

Gravity Lending is a fintech whose mission is to “bring our customer’s payments back down to Earth”. Gravity Lending offers personalized, low-interest auto refinancing for new and existing customers and other consumer lending products.

gravity lending

You can review offers on a National level to help find the lowest-cost loans. Its service is free to borrowers.

Gravity Financial Services is its sister company that works with families in Texas that may need Tax Lien loan services to work through situations like financial hardship.

Auto Refinance Loans

The main product that Gravity Lending offers is auto loan refinancing. If you’ve taken out auto loans before with less than favorable terms, a refinancing car loan could save you thousands.

Gravity Lending will take your current loan and help you get the best possible deal and save money. It has an extensive lender network to leverage for this.

gravity lending auto refinance loans

Some of the extra benefits of refinancing include:

  • A lower monthly payment – Through a lower interest rate or longer term, you’ll be able to reduce your monthly car payment, so you have access to more of your money.
  • A lower interest rate – Refinancing may lower payments and also reduce your interest rate, which results in loan savings.
  • Extended loan term – The length of time of your auto loan increases which lowers your monthly car payments.
  • Reduced loan term– By shortening your auto loan, you increase your monthly payments but also get a loan savings by reducing how much interest you pay.

Lending Terms, Fees, and Conditions

The terms on a Gravity Lending loan will range from 36 months to 84 months. Interest rates are currently between 2.74% to 20%.

Your credit score, vehicle, and other information will determine what terms are available to you.

Gravity Lending doesn’t charge any fees to use its service.

How to Qualify for a Car Loan Refinance

To qualify for an auto loan refinance, you’ll need at least a 510 credit score. Co-borrowers can be added or removed with a refinance.

Your vehicle can’t be older than 10 years. It must also have a minimum loan balance of $10,000. The vehicle can’t be a commercial vehicle or be salvaged.

Other Loan Options

Some Texas residents also have the option of getting property tax loans. The state has notoriously high property taxes.

gravity lending tax lien loans

If you’re not able to pay your property taxes, there are fees and penalties that quickly add up. Through Gravity Financial Services, you can receive a property tax loan for various types of properties.

Through Gravity Lending’s lender network, you can also get help with student loan refinancing. The website has a lender comparison tool where you can compare the rates, terms, and estimated payments from multiple lenders.

The tool only has three lenders in its current network, however. So You’ll need to shop around to find the right student loan refinance loan for you.

How to Apply for an Auto Loan Refinance

To apply for a car loan with Gravity Lending, you’ll need to follow four easy steps. The whole process takes about 5 minutes as long as you have all your information available which we mention below.

gravity lending applying options

Step One: Apply for a Refinance Loan

You’ll get access to Gravity Lending’s nationwide lender network so you can find the best loan option for your lending needs. During the online application, you’ll be able to sign and upload your documents electronically.

Step Two: Look over your new Refinance Details

Gravity Lending will assign you a dedicated loan officer who will review your application. They will go over your refinance terms and help answer questions so you can determine which loan to choose.

Step Three: Upload your Required Documents

There are several documents that you’ll need to upload to secure your loan. Lenders will need:

  • Valid driver’s license
  • Proof of auto insurance
  • Proof of Residence
  • Proof of employment and income

Step Four: Complete the Loan Application Process

Once you’ve determined which loan to proceed with, you’ll need to sign your loan documents electronically.

There might be other stipulations that will need to be sent, dependent on your application. Once this is completed, Gravity Lending will transfer all the information to the lender to start the funding process.

Gravity Lending Pros and Cons

Pro: Can fund older vehicles

Your new loan savings can come from vehicles that are as old as 10 years. That gives more customers the opportunity to potentially save money by refinancing their auto loan.

gravity lending products

Pro: Lenders available in all 50 states

The online marketplace makes it possible to find a good loan no matter where in the U.S. you live. They have lenders that have loan options in all states.

Pro: $0 Origination Fees

One of the new loan savings that might be possible is receiving an auto refinance that comes with fewer stipulations. There are some lenders and loan options that don’t charge origination fees. This means you’ll save on costs.

Pro: $0 Prepayment fee

If you want to pay off your loan early, you won’t have to pay extra costs to do this. Another new loan savings benefit of working with Gravity Lending.

Pro: Qualified borrowers can get a low APR

Many customers who have great credit may receive a favorable interest rate which can save them hundreds or thousands on interest.

Pro: Entire process takes a few minutes

Applying for a loan with Gravity Lending won’t take all day. Less than 10 minutes will get you closer to a new refinance on your car.

Pro: Strong Better Business Bureau rating

The BBB rating for Gravity Lending is over 4.5 out of 5 stars ratings. This is an awesome review status that demonstrates that the company does indeed provide the best stress-free service.

Pro: No annoying sales calls after applying

One of the key comments you’ll find in its Better Business Bureau rating is that customers really appreciate having one point of contact. You won’t get the hassle of receiving a bunch of sales calls from multiple sources.

Pro: Up to 90 days with no car payments

It’s possible to not have to make your first payment until 3 months after the entire process. This provides you with some time to get your finances in order or simply take a break from regular payments.

Pro: Takes Joint applications

Unlike other lenders, you may apply for a refinance with a joint applicant on the loan.

gravity lending auto refinance calculator

Con: Funding could take 5 days or more

Gravity Lending is not particularly known for fast funding. If you’re looking for quick access to loan funds, it might not be the right option for you.

Con: Minimum of $10,000 balance

An easy process doesn’t help if you don’t qualify for a loan with Gravity Lending. You must owe a minimum of $10,000 to apply for a loan.

Con: Can’t get pre-approved online

There is no pre-approval process with Gravity Lending. So that means you’ll have a hard hit on your credit.

Con: Commercial vehicles aren’t available

If you have a vehicle that’s used for commercial purposes, Gravity Lending doesn’t have any loan options available.

Con: Not a direct Lenders

Gravity Lending works through its lender network. However, it doesn’t actually lend money to customers.

Bottom Line: Gravity Lending Review

Since Gravity Lending is not a direct lender, it’s best to research the lenders that are part of its network. It works with Federal Credit Unions around the states. Its BBB rating is strong which indicates it’s a great company to consider working with.

Overall Rating: 3.83 out of 5

Anjana Paul

Anjana Paul is a financial writer with extensive education and experience in the financial industry. She received a Marketing and Management degree from Kansas State University and a Masters in Business Administration (MBA) from Baker University. Anjana also holds a Business Analytics Certificate from the Wharton School. Throughout her career, Anjana has worked in multiple roles within the financial industry. She has worked in banking, finance, student loans, consumer credit cards, and tech. Anjana's experience and education allow her to bring a credible, well-informed perspective to the content she writes at Wealth Pursuits, where her primary areas of focus include investing, credit, and personal finance.