Overview of Gravity Lending
Gravity Lending operates an online auto loan marketplace, connecting borrowers to lenders offering refinancing and lease buyout loans.
Key details about Gravity auto loans:
- Loan amounts from $10,000 up to $125,000
- Terms ranging from 25 to 84 months
- Fixed rates starting at 5.99% APR
- Loans fund within approximately 10 days
As Gravity works with various lending partners, exact rates, fees, and qualifications vary by the lender you ultimately choose. But the platform provides a nice way to easily compare multiple loan offers side-by-side.
Pros of Getting an Auto Loan Through Gravity
Here are some of the biggest advantages Gravity Lending provides:
Supportive Loan Officers Guide You
A dedicated loan officer assists you through every step of the application and approval process. This provides a more personalized comfortable experience for hesitant borrowers.
No Platform Fees Charged
While lenders may charge certain fees, Gravity itself does not charge any fees for accessing its comparison marketplace platform and tools.
Delayed Payment Option Available
Some Gravity lenders allow pushing back your first payment by up to 90 days after getting funded. This temporary reprieve helps borrowers low on cash flow.
Cons to Consider About Gravity
However, there are also a few potential limitations to note:
10+ Day Funding Timelines
While approvals can occur quickly, finalizing documentation and funding loans often takes 10+ days. So it’s not the fastest option.
High Minimum Loan Amounts
The $10,000 minimum loan won’t work for those with lower remaining principal balances on their existing car loan.
Max Interest Rates Not Disclosed
While you can see the starting rate, maximum rates aren’t advertised upfront for lower credit applicants.
How Gravity Compares to Top Competitors
Gravity is somewhat unique given their marketplace model and focus specifically on refinancing. But here is how they stack up against a couple key rivals:
Compared to RefiJet:
- RefiJet advertises loan funding in as little as 24 hours in some cases
- But Gravity provides more transparent rates and comparisons upfront
Compared to iLending:
- iLending has lower minimum APRs starting at 2.99%
- But does not have the supportive loan officer model that Gravity offers
So Gravity finds a good position in the middle – providing lots of assistance while also supplying decent rates from their lending network.
What We Like About Gravity Lending
Gravity deserves praise for these helpful features:
Free Prequalification Checks
See potential rates through a soft credit check before applying to decide if it’s worth it.
Loan Office Assignments
One-on-one guidance from a knowledgeable loan officer makes the process smooth.
Range of Lender Partners
Numerous lending companies compete for your business through Gravity’s marketplace.
Delayed Payments Allowed
Temporarily push back first loan payment by up to 90 days to assist with budgeting.
What We Don’t Like About Gravity Lending
In the interest of full transparency, couple disadvantages include:
10+ Day Funding Timelines
Getting money deposited can take over a week in many cases after approval.
Limited to Refinancing Only
No purchase loans offered for those seeking financing on a new or used car model.
Max Interest Rates Not Advertised
It’s unclear upfront exactly how high rates could go for lower credit tiers.
Gravity Lending Eligibility and Qualifications
Exact approval criteria varies across Gravity’s different lending partners. But here is what drives decisions generally:
- Income and employment status
- Existing debts and expenses
- Credit history length and mix
- Past loan repayment track record
FICO credit scores most likely need to sit around 640 or higher to qualify for competitive rates from top-tier Gravity lenders after the prequalification process.
Types of Auto Loans Offered by Gravity
The only loan purposes offered through Gravity Lending currently include:
Refinancing Existing Auto Loans
- Loan amounts from $10,000 to $125,000
- Loan repayment terms from 25 to 84 months
Financing Lease Buyouts
- Loan amounts from $10,000 to $125,000
- Loan repayment terms from 25 to 84 months
Again, exact APR ranges depend on the specific lender partner you choose as well as your own creditworthiness. But fixed rate financing is available.
Interest Rates Offered by Gravity Lending Partners
Here are the advertised rate parameters across Gravity’s lending marketplace:
Refinancing Rates
- Fixed APRs starting at 5.99%
- Maximum rates not disclosed
Lease Buyout Rates
- Fixed APRs starting at 5.99%
- Maximum rates not disclosed
So while the floor rates look competitive, only applicants with pristine credit scores likely see those lowest rates. Expect rates to scale higher for average credit borrowers.
How to Apply for an Auto Loan Through Gravity
Below summarizes the process of getting an auto loan through Gravity Lending:
- Submit Prequalification Request
- Get Matched With a Dedicated Loan Officer
- Discuss Options and Compare Loan Offers
- Finish Full Application With Selected Lender
- Sign Finalized Loan Contracts
- Loan Funds Deposit Within 10 Days
The loan officer assignment and partnership makes the application experience smooth compared to other lending websites.
READ ALSO: RateGenius Auto Loans in 2024: Refinancing Review
Fees, Penalties, and Fine Print to Know
Gravity itself does not charge any platform access fees or lender referral fees. But the individual lenders you ultimately finance with may charge certain fees such as:
- Origination fees
- Late payment fees
- Prepayment penalties
Carefully vet all loan costs and repayment terms before signing your selected loan offer. Auto loan defaults severely hurt your credit standing over the long run.
Getting Support From Gravity Lending
Contact Gravity Lending for assistance through:
Phone Support
- Speak to reps weekdays 8am – 6pm ET
Email Inquiries
- Email questions to loans@gravitylending.com
Online FAQ Resources
- Answers to common questions on their website
Your matched loan officer also provides dedicated one-on-one support.
To Recap: Who Are Gravity Auto Loans Best For?
To summarize key takeaways, Gravity Lending’s marketplace works well for these specific auto loan borrower profiles:
Those Seeking Lower Interest Rates
Applicants with strong credit may qualify for nice rate discounts compared to existing financing.
Drivers Who Want Flexible Terms
Choose from loan repayment spans between 2 to 7 years from Gravity’s lending partners.
People Desiring Extra Application Support
The loan officer assignment helps hesitant borrowers nail down financing smoothly.
While not the fastest funding option, Gravity fills an important niche. For those focused strictly on refinancing or lease buyouts, it brings nice value matching applicants to lenders for simplified auto loan comparisons.
Frequently Asked Questions About Gravity Lending
Below find answers to some commonly asked questions regarding Gravity Lending and their auto loan offerings.
Does Gravity Lending finance new or used car purchases?
No, Gravity solely focuses on auto loan refinancing and financing lease buyouts. You need to source purchase financing separately either from a dealership or alternate lender.
What credit score is needed to qualify for the best Gravity Lending rates?
While precise minimums aren’t shared, you will generally need credit scores of 720 or higher to qualify for Gravity’s advertised starting APR of 5.99%. Approvals down to 640 FICO may happen but bring higher interest rates from lenders.
How long does it take to get funded once approved?
Gravity states that funding typically occurs within 7-10 days after formally accepting your loan offer. Rarely does it take longer than that. Ensure you quickly submit all required verification documents to speed along funding.
Can I get prequalified to see what rates I may qualify for?
Yes, Gravity encourages all applicants to go through the quick prequalification process first. This allows you to view prospective loan offers without affecting your credit score before completing full applications.
More About Gravity Lending’s Founders and History
Gravity Lending was founded in 2015 by auto finance industry veterans Doug Hand and Brad Phillips. Located in Grapevine, Texas, their extensive executive leadership backgrounds shape Gravity’s supportive and transparent loan process.
With over 30 combined years in financial services, the Gravity team focuses on creating loans that provide optimal flexibility and competitive costs tailored specifically to each borrower’s situation. Even as they continue expanding partnerships with top national lending institutions, Gravity maintains its signature hands-on brokerage approach.
In summary, for those needing to compare auto refinancing or lease buyout loan offers all online, connecting with Gravity Lending delivers results. Backed by proven finance experts, borrowers benefit from helpful guidance combined with access to affordable auto financing rates.
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