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Gravity Lending Auto Refinancing

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Highlights
Credit Score Range 580 - 699
Loan Amount $10,000 - $200,000
APR  (Fixed APR) 2.74% - 15.99%
(Verified 09/09/2022)
Loan Term (Months) Up to 96 months

Gravity Lending Auto Refinancing Review

Gravity Lending Auto Refinancing is an auto loan refinance offering by Gravity Lending, based in Austin, TX. Founded in 2015, Gravity Lending offers auto refinance loans in 30 states across the USA.

Key Takeaways

  • APRs starting at 2.74%. The starting rates for Gravity Lending Auto Refinancing are on the lower end of the spectrum.
  • Vehicle types. Gravity Lending only refinances cars and trucks.
  • Lease buyouts. Offers refinancing to buyout an expensive lease or purchase a company car.
  • Fair credit accepted. The credit score needed for Gravity Lending Auto Refinancing is relatively low. Borrowers with a credit score as low as 580 may qualify for Gravity Lending Auto Refinancing.
  • Vehicle requirements. Vehicles must have less than 100,000 miles and a maximum age of 9 years.
  • Refinancing for large loan amounts. You can refinance auto loans of up to $200,000 with Gravity Lending Auto Refinancing.
  • No origination fee. Gravity Lending Auto Refinancing does not charge an origination fee for processing your loan application.
  • No late fees. Missing a payment can seriously damage your credit, but Gravity Lending Auto Refinancing will not charge additional fees if you miss the due date on a payment.
  • Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Gravity Lending Auto Refinancing.
  • Long loan terms. Gravity Lending Auto Refinancing offers loan terms of up to 96 months. Most auto refinancing loans have a maximum term of 60 months.
  • Minimum income of $2,000. You will need an annual income of at least $2,000 to apply for Gravity Lending Auto Refinancing, which is below average for the lenders in our database

Gravity Lending Auto Refinancing Pros & Cons

Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • Loan options with $0 origination fee.
  • Considers applicants with fair credit.
  • Considers older vehicles (max. 9 years)

Gravity Lending Auto Refinancing FAQ

How much can you borrow via Gravity Lending Auto Refinancing?

Auto refinance loan amounts start at $10,000 and go up to $200,000.

What are the auto loan refinancing rates offered through Gravity Lending Auto Refinancing?

Gravity Lending Auto Refinancing offers a fixed APR car loan refinancing product that ranges from 2.74% APR up to 15.99% APR.

What is the maximum loan term you can get with Gravity Lending Auto Refinancing?

Gravity Lending Auto Refinancing offers auto refinancing with a maximum term of 96 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto refinancing loan, the more interest you will pay.

Does Gravity Lending Auto Refinancing charge an origination fee on auto refinance loans?

No, Gravity Lending Auto Refinancing does not charge a loan origination fee for refinancing a car loan.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount.

Does Gravity Lending Auto Refinancing charge a late fee?

No, Gravity Lending Auto Refinancing will not charge you a late payment fee of up to $0.

Does Gravity Lending Auto Refinancing charge prepayment fees?

No, there is no prepayment penalty.

What do you need to qualify for Gravity Lending Auto Refinancing?

Applicants with a credit score of at least 580 and up to 699 may be eligible for Gravity Lending Auto Refinancing. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loan refinancing with Gravity Lending Auto Refinancing, applicants need a minimum annual income of $2,000 or higher. Gravity Lending Auto Refinancing only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner or a co-borrower to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Gravity Lending Auto Refinancing. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Gravity Lending Auto Refinancing. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of insurance
  • Driver's license
  • Proof of identity

What is the maximum mileage to refinance with Gravity Lending?

Gravity Lending is an option for high-mileage vehicles. They will consider car loan applications for vehicles with up to 100000 miles on the odometer.

What is the maximum car age to refinance with Gravity Lending?

Only vehicles that are 9 years old or less can qualify for an auto refinance.

Does Gravity Lending Auto Refinancing report your account activity to credit bureaus?

Yes, Gravity Lending Auto Refinancing reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Gravity Lending

At Gravity Lending we do things differently, starting by not charging a fee for your auto loan refinance. We truly have the best reviews in the industry (see for yourself), and with rates as low as 1.99%, you can save thousands in minutes from your phone. Review offers, customize your loan, and sign from anywhere. Really, it is that easy to grab life by the payments.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 6:00am - 4:00pm
  • Tuesday 6:00am - 4:00pm
  • Wednesday 6:00am - 4:00pm
  • Thursday 6:00am - 4:00pm
  • Friday 6:00am - 4:00pm
  • Saturday Closed

About Gravity Lending Auto Refinancing

Icon for Auto Loan Refinancing
View all auto loan refinancing offered by Gravity Lending

Availability

  Available in 30 states
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Delaware
  • Florida
  • Georgia
  • Iowa
  • Illinois
  • Kansas
  • Kentucky
  • Maryland
  • Michigan
  • Missouri
  • Mississippi
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Washington
  • Wyoming

Feature Breakdown

Late Fee Amount $0
No Late Fees
No Origination Fee
No Prepayment Fee
Origination Fee (%) 0%
Credit Score Range 580 - 699
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Maximum Mileage 100,000
Maximum Vehicle Age 9
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Annual Income $2,000
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Vehicle Type Auto
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Identity
  • Proof of Insurance
Approval Speed 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Customizable Payment Dates
Deferred Payments First 3 payments
Payment Options
  • Automatic Payments
  • Check by mail
  • Storefront
  • Credit/Debit Card
  • Bank Transfer
Pre-Approved Soft Credit Inquiry
APR (Fixed APR) 2.74% - 15.99%
(Verified 09/09/2022)
Loan Term Up to 96 months
Loan Amount $10,000 - $200,000

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