Gravity Lending Auto Loan Refinancing: 2023 Review

Types of Auto Loans Offered by Gravity Lending 

Gravity Lending Auto Loan Refinancing Terms, Rates, and Fees

Who May a Gravity Lending Auto Loan Be Right For?

• You want additional products. Gravity Lending offers a variety of additional products including gap insurance, depreciation protection, debt protection, vehicle service contracts, and vehicle protection plans. Although many may not be useful to everyone, if you are looking for these additional products, Gravity Lending could be a good option. You should make sure that the additional product is providing a service that you need at a price that you think is fair. 
• Looking for a fast and easy refinancing process. Refinancing an existing loan involves unique aspects. Gravity Lending specializes in vehicle refinancing and can help you to do things like adding or removing co-borrowers or buying out a lease. Gravity Lending’s process is fast and easy. 
• You want a lender with top-rated customer service. Gravity Lending was rated A+ by the Better Business Bureau (BBB) with a 4.95 out of 5 star rating, based on 1,183 customer reviews as of Jan. 21, 2023. Reviews praise the customer service and the speed of the service. Many reviews also state that they saved money on their monthly payment after refinancing with one of the lenders from Gravity Lending.
• You want to work with a lender that provides other types of loans too. Gravity Lending specializes in auto refinancing but says it also offers student loan refinancing. If you are looking to refinance an auto loan and a student loan, you may prefer to go through one service instead of contacting multiple companies. Gravity Lending could streamline that process.

Who Gravity Lending May Not Be Right For

• You don’t have much left to pay on your auto loan. You must have at least $10,000 left on your current auto loan to qualify for a loan with Gravity Lending. If you are looking to refinance a small remaining auto loan, you should go with a different lender.
• Those looking to refinance a commercial vehicle. Gravity Lending may not refinance car loans for commercial vehicles.
• You don’t want additional products or upselling. Gravity Lending offers a variety of additional products including gap insurance, depreciation protection, debt protection, vehicle service contracts,  and vehicle protection plans. Most of these you probably don’t need. Some of them may also prompt robocalls.
• You prefer to work directly with a lender. Gravity Lending is not a direct lender. They match borrowers to lenders. If you prefer to go directly to a lender, you should not bother with Gravity Lending.

What to Watch Out for With Gravity Lending Refi Loans

• Vehicle restrictions. Autos must have at least $10,000 left on the current auto loan. Vehicles more than 10 years old and cars with more than 100k mileage may have difficulty qualifying.
• Upselling. Gravity Lending upsells on a variety of additional products that you probably don’t need. Some of them may also prompt robocalls.
• Individual lender fees. While Gravity Lending doesn’t charge hidden fees, individual lenders that you may get matched with could have their own fees or costs. Look into all fees and costs.

Gravity Lending Auto Loan Eligibility Requirements

• The borrower must generally be at least 18 years old
• Borrowers with bad credit may not qualify
• The vehicle must have a minimum loan balance of $10,000
• Vehicles with more than 100k mileage may have difficulty qualifying
• Vehicles older than 10 may not qualify for refinancing

How to Apply for a Gravity Lending Auto Loan

1. Contact Gravity Leding. You can contact Gravity Lending by email, by phone, or by filling out a form on its website. You will need to read Gravity Lending’s disclosures and give Gravity Lending permission to run a soft pull of your credit. After this initial step, Gravity Lending will request a soft pull of your credit report, which won’t affect your credit score in any way. This is for Gravity Lending to determine the probability of getting your loan approved prior to proceeding with the process. See: How Does Auto Loan Preapproval & Prequalification Work?
2. Submit documents. As with any loan, there are several documents that you will have to submit. These include your driver’s license, proof of auto insurance, proof of residence, and proof of employment and income. Gravity Lending will then check your credit reports. For more information, learn which credit bureau Is used most for auto loans.
3. Select a new loan. Gravity Lending’s customer service will present you with several options and help you to select the type of loan that’s right for you. For more information, see our guide to car loan interest rates. If you need additional help or support, Gravity Lending has business hours of 8 am to 6 pm CST Monday through Friday. It is closed Saturday and Sunday. You could also contact Gravity Lending on social media or email them. 

Alternative Auto Loans to Consider

• AutoPay: Autopay offers new vehicle purchases and refinancing loans to borrowers with a wide range of credit profiles, and you can receive prequalification with no impact on your credit. Its interest rates start at 2.99% APR for the most qualified borrowers, and cosigners are allowed. 
• RefiJet: RefiJet is a vehicle loan company that specializes in auto loan refinances. It promises personalized service and offers loans to people with a wide variety of credit scores.
• iLending:  iLending offers vehicle refinancing for cars, trucks, vans, SUVs, motorcycles, boats, RVs, and ATVs. It offers interest rates as low as 2.24% APR and is available to applicants with a wide variety of credit profiles.
• Lantern: Lantern works with a network of auto refi lenders to bring a selection of refi offers with competitive rates. Just fill out one simple form, explore your financing options, and apply for an auto loan refinance that can lower your monthly payments, reduce the interest you pay over the life of the loan, or both.