Gravity Lending Auto Refinance and Lease Buyout Loans: 2023 Review

Gravity Lending matches applicants to the best auto refinancing offer from a network of lenders.
By Benjamin Din 

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Auto loan reviews

Gravity Lending – Refinance loan
  • Auto loan refinancing

  • Auto lease buyout loan

The bottom line:

Best for applicants who want to refinance their auto loan using the help of a loan officer and without paying origination fees.

Auto loan refinancing review

Gravity Lending – Refinance loan

Not yet rated

Est. APR
5.04-14.99%
Loan amount
$10,000-$200,000
Min. credit score
580
Learn more

on Gravity Lending's website

Pros

  • Majority of lending partners offer rate discount with automatic payment.

  • Social Security number not required to pre-qualify.

  • No origination or application fees.

  • Applicants can delay payment for up to 90 days after approval.

Cons

  • Applicant does not see pre-qualified rates. If applicant is matched to a lender, application is automatically sent to partner for approval via a hard credit check.

  • No special programs or flexible requirements for first-time car buyers.

Best for applicants who want assistance in the loan application process without paying extra origination fees.

Full Review

Launched in 2019, Gravity Lending connects applicants with lenders in its network of more than 70 partners — mostly federal credit unions, as well as some standard credit unions and subprime lending institutions — to provide auto loan refinancing, including cash-out refinancing, and lease buyout loans. Gravity Lending does not charge an origination fee for its services, and it does not offer auto purchase loans.

The Gravity Lending application process can be completed entirely online, including document upload. After the application is submitted, Gravity Lending will attempt to pre-qualify you through a soft credit check, which does not impact your credit scores, but you will not receive pre-qualified rates.

If its software successfully matches you to a lender, your application will automatically be submitted to the lender, which will conduct a hard credit pull to approve your application. Because of this, Gravity Lending may not be the best choice for those who are still on the fence about refinancing their auto loan or are shopping around for the best rates.

Next, a dedicated loan officer from Gravity Lending will contact you to discuss the offer and what your best options are based on your priorities and financial situation. They can also match you with a different lender if you’re not satisfied with the offer. Loan servicing transfers to the lender after loan closing, but you can still contact Gravity Lending with questions about your loan.

The majority of Gravity Lending’s partners offer a rate discount when automatic payments are set up, ranging from 0.1 to 0.75 percentage point. Some have discounts for low loan-to-value ratios, or LTV, and low mileage; these can range from 0.25 to 1 percentage point.

🤓Nerdy Tip

Gravity Lending is an auto loan aggregator, meaning it works with a network of lenders to match borrowers to loans. Aggregators can connect you to several lenders with one application. However, you should be aware that aspects of your loan — such as fees, customer service and how your personal information is used — will depend on the lender.

Gravity Lending may be a good fit for those who:

  • Want to have different options: As an aggregator, Gravity Lending can connect applicants with offers from multiple lenders through a single application. If applicants are unsatisfied with their matched lender, Gravity Lending can find them another option.

  • Need assistance with the loan process: Applicants receive one-on-one assistance from a loan officer throughout the process.

  • Prefer a digital application: Gravity Lending’s application can be completed 100% online.

Gravity Lending at a glance

Gravity Lending works with many different lenders, so the information provided is general and can reflect the high or low end available among its lending partners.

Application process
  • Origination fee: None.

  • Personal information needed: For the initial application, applicants will need their address, length of time at address, phone number, email address, birthdate, employment status, employer name, housing status, housing payment amount, basic vehicle information and payment amount. Later, a copy of the borrower’s driver’s license and auto insurance is required. Proof of income is occasionally required.

  • Pre-qualification available: Yes, borrowers can pre-qualify with a soft credit check. However, if the application pre-qualifies, it will be submitted to a lender automatically, which will conduct a hard credit pull to decide the application. If it doesn’t, there will be no hard credit pull.

  • Online, in person or both: Process can be completed 100% online, including document upload, or over the phone.

  • Approval speed: Within 24 hours. Offers are good for 30 days.

  • Minimum FICO credit score: 580.

  • Minimum credit history: 12 months.

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: 60%.

  • Bankruptcy-related restrictions: Minimum two-year discharge.

  • States covered: All 50 states.

  • Maximum vehicle age: Up to 10 years for refinancing. More than five years for lease buyouts.

  • Maximum vehicle mileage: At least one partner has no maximum for refinancing, but it varies by lender. For lease buyouts, up to 100,000 miles.

  • Other vehicle restrictions: None.

  • Loan amount minimum: $10,000.

  • Loan amount maximum: $200,000.

  • Maximum loan-to-value ratio: 150%.

  • Refinancing restrictions: Lending partners may require a remaining balance of at least $10,000.

  • Loan terms: 24 to 96 months.

  • Rate discount: Yes, the majority of lending partners offer a rate discount when automatic loan payments are set up, which can range from 0.10 to 0.75 percentage points. Some may offer discounts for low LTV ratio and for low mileage, ranging from 0.25 to 1 percentage point.

  • Greater-than-minimum payments: Accepted and can be made by automatic payment. Surplus automatically applied to principal.

  • Biweekly payments: Not accepted.

  • Late payment fee: Yes, varies depending on the lender.

  • Prepayment penalty: None.

  • Co-applicants allowed: Allows both co-signers and co-borrowers.

  • Payment options: Varies by lender. Options could include mail-in check, phone, online banking, mobile app, through website, ACH or in person.

  • Selected payment due date: Borrower can select the due date before signing the loan agreement. Changes can be requested through phone or email.

  • Hardship plans: Yes, borrowers may be able to skip payments.

  • Cash-out refinancing: Yes, with a $2,500 maximum.

  • Existing loan payoff: Funds are sent to the lender, electronically if possible.

  • Assistance provided: A loan officer contacts the borrower to discuss financing options and assist with the loan process.

  • Availability: Monday through Friday, 7 a.m.-6 p.m. Central time and Saturday, 8 a.m.-5 p.m. Central time.

  • Contact options: Phone, email, text message, Google chat.

Auto lease buyout loan review

Gravity Lending – Lease buyout loan

Not yet rated

Est. APR
5.04-14.99%
Loan amount
$10,000-$200,000
Min. credit score
580
Learn more

on Gravity Lending's website

Pros

  • Offers pre-qualification with a soft credit check.

  • Most network lenders offer rate discount with automatic payment.

  • No origination fee.

  • Available in all 50 states.

Cons

  • Applicant does not see pre-qualified rates. If applicant is matched to a lender, application is automatically sent to partner for approval via a hard credit check.

  • Minimum loan amount is higher than that of some other lenders.

  • Mileage restrictions are lower than those of other lenders.

Best for applicants looking for assistance during the lease buyout loan application process.

More from Gravity Lending

Based in Austin, Texas, Gravity Lending’s offerings include gap insurance, depreciation protection and vehicle repair coverage. In addition to auto loan refinancing, it offers student loan refinancing, personal loans and credit cards.

Gravity Lending’s website offers a tool for prospective applicants to estimate their potential savings and see an “as low as” rate based on their credit rating and state. It also provides a glossary of auto refinancing terms and educational content on the topic.

Many lenders quantify how much money they save their customers, and Gravity Lending says it saves clients an average of $121 monthly in car payments. NerdWallet is unable to verify any of these claims.

Gravity Lending auto loan rates

Lenders set their own requirements, but Gravity Lending’s lowest rates are typically available only to borrowers with good or excellent credit (a FICO score of about 690 and above). With fair or bad credit, you won’t get the lowest interest rates, which means your monthly payment and total interest paid will be more. You can check your credit score before applying for a car loan.

Loan example: According to NerdWallet's auto loan calculator that uses the VantageScore credit model, a borrower with a credit score of 300-499 (considered deep subprime), a $20,000 used car loan, repayment term of 72 months, interest rate of 18% APR and $0 down payment would have monthly payments of $456. One year later, if all payments were made on time, the borrower will have paid the loan down to a balance of $17,963. If the borrower is able to then refinance at 12% APR for the remaining 60 months, the payment would drop to $399 and result in interest savings of $3,394 over the life of the loan.

To review Gravity Lending, NerdWallet sent a survey to Gravity Lending requesting more than 60 data points and followed up with company representatives. This information was compared with other lenders that seek the same customer or offer a similar product.

Frequently asked questions