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Gravity Lending review

Fair credit is OK — but the best savings and interest rates require solid finances.

Bottom line. Gravity Lending can help you find better interest rate — and a lower monthly payment — on your auto loan. But you need to have at least $10,000 left on your current loan to qualify. Get our 30-second take or read the full review.

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$10,000

Min. Loan Amount

As low as 2.74%

APR

Details

Min. Loan Amount$10,000
APRAs low as 2.74%
Interest Rate TypeFixed
RequirementsUnder 150,000 miles, 2010 model year or newer, owe at least $10,000 on current loan

Pros

  • Highly reviewed by customers
  • Accepts fair credit
  • Joint applications accepted
  • Older vehicles or vehicles with more mileage OK
  • No customer fees

Cons

  • Must have at least $10,000 left on current auto loan
  • Funding may take five or more days
  • No preapproval option with an online application

Our take on Gravity Lending

Based on other similar services I’ve reviewed, Gravity Lending is pretty standard — and that’s not a bad thing. Not only does it provide personalized service to each customer, it also works with credit unions to ensure access to low interest rates. On average, Gravity Lending states that its clients save $121 per month when they refinance their auto loans.

But there are some drawbacks, of course. You’ll need to have at least $10,000 left on your current loan to qualify, and there’s no online preapproval process. When you submit your information, Gravity Lending may pull your credit to see if you qualify.

Still, it’s a solid option. And depending on the lender you’re matched with, you may not need to make a payment for 30 to 90 days.

Is Gravity Lending legit?

Yes, Gravity Lending is a legitimate service that matches borrowers with lenders, including local credit unions. Its privacy policy covers what information it collects and how that information is used.

And most importantly, it states that you agree to allow Gravity Lending the ability to access your credit report when you submit an online application. This means that you may see an inquiry on your credit report when you apply for refinance.

While there’s no way around the credit inquiry, a Gravity Lending Finance representative told me that calling with specific information ready — like a VIN and Social Security number — may allow a lending advocate to estimate rates. This isn’t guaranteed, though. And you’ll still need to have your credit checked if you want to submit a full application.

Gravity Lending reviews are overwhelmingly positive

BBB accredited Yes
BBB rating A+
BBB customer reviews 4.96 out of 5 stars, based on 895 customer reviews
BBB customer complaints 4 customer complaints
Trustpilot Score 5 out of 5 stars, based on 1,117 customer reviews
Customer reviews verified as of 26 August 2022

Gravity Lending receives high ratings on both its Better Business Bureau (BBB) page and its Trustpilot page. Not only has it responded to each recent review — albeit with a form response — Gravity Lending is one of the few matching services I’ve seen that gets this much feedback.

Typically, people praise customer service and the speed of the experience. Many also state they saved money on their monthly payment after refinancing with one of the lenders in Gravity Lending’s network.

Gravity Lending is a competitive service

While other services can help you find a lender to refinance your car loan, Gravity Lending is one of the most transparent I’ve reviewed. It also has great ratings from its customers — that’s pretty rare for a service that isn’t a direct lender.

Here are a few more ways to refinance, including options from direct lenders:

1 - 6 of 6
Name Product Filter Values Minimum credit score APR Loan term Requirements
LendingClub Auto Refinancing
Fair or better credit
2.99% to 24.99%
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
Lower your monthly car payments and save on interest through a fast and easy online application process.
Ally Clearlane
580
3.74% to 13.49%
3 to 7 years
Monthly income of $2,000+, live in an eligible US state, ages 18+
SuperMoney Auto Loan Refinancing
600
Varies by lender
Car must be less than 10 years old with fewer than 150,000 miles. Fair to excellent credit, an income source, US Citizen or Permanent Resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
LendingTree
Good to excellent credit
Starting at 1%
1 to 20 years
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Caribou
525
3.49% (as low as)
1 to 6 years
18+ years old, US citizen or permanent resident
A car loan connection service for borrowers looking to refinance.
RateGenius Auto Loan Refinance
510
3.09% (as low as)
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
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Compare up to 4 providers

Gravity Lending auto refinance rates start low

The lenders in Gravity Lending’s network offer interest rates as low as 2.74%. While not everyone will qualify for rates that low, it’s one of the more competitive deals out of the providers I’ve reviewed. However, this doesn’t include potential origination fees or application fees the lender might charge.

Also keep in mind the fees charged by your current lender. While rare, you may be responsible for early payoff fees or closing costs if you refinance.

Another benefit is the wide range of loan terms available: between 24 to 84 months. But while a long loan term might be tempting — it will typically reduce your monthly payment — be careful. A longer loan term will only increase the overall amount of interest you have to pay, even if you get a lower interest rate.

Gravity Lending requirements

Because Gravity Lending isn’t a direct lender, it only has a few basic criteria for you and your vehicle. The lender you’re matched with may have more specific requirements you need to meet.

Personal

  • Monthly income of $1,800+
  • 640+ credit score
  • Proof of employment, residence and insurance
  • At least $10,000 left on current auto loan

Vehicle

  • Under 150,000 miles
  • Model year 2010 or newer

How the auto loan refinance process works

Gravity Lending isn’t a direct lender, so you’ll only need to submit some basic information about yourself and your vehicle to speak with a lending advocate. From here, you will learn more about your options and potential rates so you can determine the best course of action for your finances.

What sets it apart

Gravity Lending is pretty standard when it comes to providers that help you find a lender to refinance with. That said, it also offers a variety of additional products — though many may not be useful to you. They include:

  • Gap insurance.
  • Depreciation protection.
  • Debt protection.
  • Vehicle service contracts.
  • Vehicle protection plans.

Some people may be eligible for a personal loan or lease buyout, but the terms and requirements vary. If you’re interested in either product, contact Gravity Lending directly.

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