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.
Min. Loan Amount
As low as 2.74%
- Highly reviewed by customers
- Accepts fair credit
- Joint applications accepted
- Older vehicles or vehicles with more mileage OK
- No customer fees
- 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?
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 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:
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
- Monthly income of $1,800+
- 640+ credit score
- Proof of employment, residence and insurance
- At least $10,000 left on current auto loan
- 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.