Gravity Lending Review
Most of us would probably love to believe that we got the best deal on our car loan and that there’s no room for improvement, but that’s not always the case. Refinancing lets borrowers “fix” their loans and start with a new interest rate and term, but like everything else in the world, there are ups and downs with refinancing.
Gravity Lending offers auto refinancing and lease buyout loans, but it’s not a traditional bank. Instead, Gravity acts as a kind of marketplace, connecting lenders and borrowers and managing the customer service efforts. The company ranks high on our list of the best auto refinancing companies.
Pros
- Gravity’s lenders often have very competitive rates
- Customer support is available throughout the application process
- Significant discounts are available for autopay and other programs
Cons
- Gravity’s $10,000 minimum loan is higher than many competitors’
- Some reviewers experienced confusion about hard/soft credit inquiries during the application process
- Some borrowers may be required to pay an origination fee
About Gravity Lending
Gravity Lending has only been in business for around nine years, but it has grown into a popular option for people looking to refinance their vehicle. The Austin, TX-based company has an A+ rating with the Better Business Bureau and is BBB accredited. Unlike many lenders, Gravity does not offer loans to purchase new or used vehicles, and instead focuses on refinancing, lease buyouts, vehicle service contracts, and other services.
Features and Benefits
Even though it’s not a direct lender, Gravity has plenty to offer. Its customers enjoy a range of term lengths, reasonable loan policies, and more.
Terms of up to 96 months are available
Gravity lenders’ rates are typically lower than those of others
Vehicle service plans, GAP, and more are available
Most Gravity customers never see fees
Gravity allows co-signers for most loans
Gravity’s application and account services are completely online
Gravity Lending Costs and Fees
Gravity Lending advertises no fees, but some of its partner lenders may charge a small application or processing fee for a limited subset of borrowers. There’s more good news with the fact that Gravity’s rates are also very competitive, making it an excellent choice for many potential borrowers.
Gravity Lending Reviews: Editorial Rating
Trusted Company Reviews Rating Score for Gravity Lending: 9.0
We gave Gravity Lending a solid score for its customer service and widespread availability. It also offers extremely reasonable rates and no fees for most borrowers. It also has a fast, easy application process and focuses on underserved loan types, like refinancing and lease buyouts.
Gravity’s fees and terms are among the most flexible in the industry, but there are some policies that you should be aware of. The company requires that borrowers owe at last $10,000 to qualify for a refinance loan, and the vehicle cannot be more than 10 years old. Gravity also does not work with salvage-title or commercial vehicles.
Lowest Available APR | Loan Length Terms Length Range | Min/Max Loan Amounts | Fees |
4.99% | 36-96 months | N/A | $0 for most borrowers |
Why We Like It
Gravity’s all-online application and account management systems are well designed and easy to use, making it simple and quick to apply for a loan. The company also scored top marks for customer service, earning strong reviews from its borrowers. It’s also nice to have the ability to prequalify for a refinancing loan without a hard credit inquiry.
What We Don't Like
Gravity isn’t a direct lender, so your actual loan comes from a partner company. Additionally, Gravity’s $10,000 minimum loan limits its availability for borrowers with less expensive vehicles, and the company does not display sample rates until after the prequalification is complete.
Gravity Lending Customer Reviews
Unlike many banks and lenders, Gravity’s customer reviews are overwhelmingly positive. Many customers say the company was one of the easiest to deal with in the industry, and others note that their application and experience with Gravity were stress-free. People also rave about Gravity’s low rates and no fees, saying it saved them a ton of money over the life of their loan.
You can’t please everyone, though, so Gravity does have more than a few negative reviews. Most of them stem from confusion around add-on benefits, like GAP and vehicle protection plans. Some customers were confused about what was included in their policies.
Who Is Gravity Lending Best For?
Gravity is best for people who are comfortable with online applications and account management, but the $10,000 minimum loan likely means that many people won’t qualify to refinance with Gravity. It’s also important to note that Gravity only offers refinancing and lease buy outs, limiting its availability to those borrowers.
Gravity Vs Ally Auto Loan Refinancing
Gravity compares strongly to its rivals, especially Ally. Its customer reviews and rates are more favorable than Ally’s, but it’s good to note that Gravity doesn’t offer the breadth of lending products that Ally brings, and it doesn’t have the ability to work with the wide range of credit scores Ally can.
Gravity Vs Ally Auto Loan Refinancing
Gravity compares strongly to its rivals, especially Ally. Its customer reviews and rates are more favorable than Ally’s, but it’s good to note that Gravity doesn’t offer the breadth of lending products that Ally brings, and it doesn’t have the ability to work with the wide range of credit scores Ally can.
Gravity | Ally | |
Lowest APR | 4.99 | 5.99 |
Terms | 36-96 months | 24-75 months |
State Availability | All 50 states | 48 states |
Average Review Score | 4.4/5 | 2.6/5 |
Gravity Lending Alternatives
Gravity Lending is a strong choice for auto refinancing, thanks to its low partner rates, flexible loan terms, and seamless online process. Still, it’s worth exploring other lenders that may offer broader financing options or exclusive benefits. Comparing these options will help you find the right fit for your credit profile, loan size, and vehicle type.
Comparing alternatives is easy in our overview of the best auto refinance loan providers, and ensures you find the right match for your needs. Additionally, personal loans and HELOCs can serve as effective alternative auto loan solutions, offering flexibility for borrowers who want to consolidate debt, access cash, or finance a vehicle without a traditional auto loan.
Ally Bank: Established national lender offering refinancing, lease buyouts, and new and used vehicle loans.
PenFed Credit Union: Nationwide credit union with low rates and loan-to-value ratios up to 125%.
Navy Federal Credit Union: Military-focused lender offering some of the lowest APRs and 24/7 service.
Upgrade: Online refinance lender with fast approvals, strong customer satisfaction, and no prepayment penalties. Check your rates with Upgrade here.
Frequently Asked Questions
Conclusion
Gravity can be a great option for refinancing, but there are limitations that may make another lender a better option. While it offers low interest rates and no fees, you may find more favorable terms, better benefits, or lower costs with another lender, making it essential to do your homework and shop around before signing on the dotted line. Check out our overview of the best auto loan refinancing companies to learn more.
About Author
Chris Teague
After earning an MBA, Chris began writing about tech and finance as part of his work as a bank analyst and consultant. Wanting to pursue his first love in life, Chris jumped ship and turned his focus to the automotive industry, first as a freelance writer for Forbes, J.D. Power, The Drive, and U.S. News & World Report, before starting YourTestDriver.com and the America on the Road Radio Show. Chris brings more than ten years of experience in product reviews, in-depth analyses, and news, and has been recognized as a significant contributor in building the future of the automotive media field.