Gravity Lending Auto Refinance and Lease Buyout Loans: 2024 Review

Gravity Lending matches applicants to the best auto refinancing or lease buyout loan from a network of lenders.
Last updated on June 27, 2024
Written by 
Lead Writer
Julie Myhre-Nunes
Edited by 
Fact Checked
Assigning Editor
Fact Checked
Shannon Bradley
Written by 
Lead Writer
Julie Myhre-Nunes
Edited by 
Fact Checked
Assigning Editor
Fact Checked

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NerdWallet's auto loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have also appeared on NerdWallet's "Smart Money" podcast.

Auto loan reviews

Gravity Lending - Refinance loan
Auto loan refinancing
The Nerdy headline:

Best for applicants wanting the help of a dedicated loan officer to find the best refinancing or lease buyout offer from a network of lenders.

Auto loan refinancing review

Gravity Lending - Refinance loan
Gravity Lending - Refinance loan

4.5
NerdWallet rating
Est. APR
4.99-17.99%
Loan amount
$3,000 - $250,000
Min. credit score
500
on Gravity Lending's website

Pros

  • Works with a network of lenders to find the best offer.

  • Minimum APR possible tends to be lower than similar aggregators.

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

  • Co-signers and co-borrowers allowed.

  • Borrowers can choose loan payment due date.

Cons

  • Uses a soft credit check to determine if applicants will pre-qualify. However, lending partners could do a hard credit inquiry prior to an applicant accepting a pre-qualified offer.

  • Application is online but requires some phone verification.

  • A small percentage of borrowers could pay a lender origination fee of up to $149.

  • 24-month loan term not available.

Best for applicants who want one-on-one assistance throughout the loan process and who need flexible loan requirements.

.

Compare auto loans lenders
Lender
Est. APR
Loan amount
Min. credit score
RefiJet
5.0
Visit Lenderon RefiJet's website
on RefiJet's website
5.29- 21.99%
$5,000- $150,000
500
5.49- 29.90%
$5,000- $100,000
600
4.99- 17.99%
$3,000- $250,000
500
Visit Lenderon Gravity Lending's website
on Gravity Lending's website
5.99- 28.55%
$10,000- $125,000
580
Consumers Credit Union
Visit Lenderon Consumers Credit Union's website
on Consumers Credit Union's website
6.24- 17.54%
No min.- $100,000
600
Visit Lenderon Consumers Credit Union's website
on Consumers Credit Union's website
View more

Auto lease buyout loan review

Gravity Lending – Lease buyout loan

4.5
NerdWallet rating
Est. APR
4.99-14.99%
Loan amount
$3,000 - $250,000
Min. credit score
500
on Gravity Lending's website

Pros

  • Works with a network of lenders to find the best offer.

  • Minimum APR possible tends to be lower than similar aggregators.

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

  • Co-signers and co-borrowers allowed.

  • Borrowers can choose loan payment due date.

Cons

  • Uses a soft credit check to determine if applicants will pre-qualify. However, lending partners may do a hard credit inquiry prior to an applicant accepting a pre-qualified offer.

  • Application is online but requires some phone verification.

  • A small percentage of borrowers (less than 25%) could pay a lender origination fee of up to $149.

  • 24-month or shorter loan term not available.

Best for applicants who want one-on-one assistance throughout the loan process and who need flexible loan requirements.

Full Review of Gravity Lending

Gravity Lending partners with a network of approximately 70 lenders — including several top federal credit unions — to provide auto loan refinancing and lease buyout loans. It also offers cash-out auto refinancing, so borrowers with vehicle equity may be able to receive cash with a new refinance loan. Gravity Lending doesn’t offer purchase loans.

When you submit an application, Gravity Lending will attempt to pre-qualify you with its lenders using a soft credit check, which will not affect your credit scores. However, lenders you are matched to may use a hard credit inquiry to move forward with approving your loan, before you see and accept the actual pre-qualified offer. Because of this, Gravity Lending may not be the best choice if you’re on the fence about getting a loan and only shopping rates.

Through its network of lenders, Gravity Lending offers a great deal of flexibility for loan applicants — including lenders that have no minimum credit history or income requirements. Unlike many other auto loan aggregators, Gravity Lending doesn’t have origination or processing fees itself, although a few lending partners could charge such fees.

The majority of Gravity Lending borrowers can be matched to lenders that offer an interest rate discount of 0.25 to 0.50 percentage points when automatic payment is used.

🤓

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.

Table of contents

Gravity Lending at a glance

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

Minimum credit score

500.

Minimum credit history

At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is three months.

Minimum annual gross income

At least one lending partner has no minimum income requirement. Among lenders that have a minimum, the lowest is $24,000 annually.

Maximum debt-to-income ratio

Can be greater than 100%.

Maximum loan-to-value ratio

186%.

Loan terms

36-120 months.

Co-applicants allowed?

Co-signers and co-borrowers allowed.

Pre-qualification or preapproval offered?

Offers pre-qualification with a soft credit check, but some lenders may do a hard credit inquiry prior to an applicant accepting the pre-qualified offer.

Origination/processing fee?

None charged by Gravity Lending itself. Less than 25% of borrowers could have a fee of up to $149 charged by the lender.

Rate discount offered?

More than half of lending partners offer an APR discount (ranging from 0.25% - 0.50%) when a borrower sets up autopay.

States covered

Available in all states.

    • Maximum vehicle age: 15 years for refinancing; 5 years for lease buyouts.

    • Maximum vehicle mileage: 150,000 miles.

    • Other vehicle restrictions: Does not refinance or do lease buyouts for commercial use vehicles.

    • Loan amount minimum: Prefers $10,000 but can make loans for a lower amount.

    • Loan amount maximum: $250,000.

    • Maximum loan-to-value ratio: 186%.

    • Refinance time restrictions: Will refinance as soon as the previous loan's paperwork is complete and the title can be transferred.

    • Bankruptcy restrictions: Minimum of one month since bankruptcy discharge.

    • Approval speed: Immediate in most cases.

    • Initial deferred payment: Up to 90 days.

    • Existing loan payoff: Funds are sent directly to the previous lender, electronically if possible. Otherwise by check.

    • Selected payment due date: Borrowers can select their payment due date at any time during the application process.

    • Maximum debt-to-income ratio: Can be greater than 100%.

    • Hardship plans: Does not know if lending partners offer hardship options.

    • Contact options: Phone, email, text. Spanish-speaking agents available by phone, email and text.

    • Availability: Mon-Fri 8 a.m.-6 p.m. CT, Sat 9 a.m.-1 p.m. CT.

    • Online resources: Offers a resource page with topics about refinancing a car, a glossary of common refinancing terms and auto refinancing FAQs.

    • Related services: Offers guaranteed asset protection (gap insurance), depreciation protection, vehicle debt protection, vehicle service contracts and vehicle protection plans. If selected, these can be rolled into the auto loan for an additional price.

Gravity Lending may be a good fit for those who:

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

  • Need more flexible loan requirements. The Gravity Lending network includes lenders that have no minimum credit history or income requirements.

  • Could benefit from having a co-applicant. Gravity Lending can match applicants to lenders that allow both co-signers and co-borrowers. Having a co-applicant can help borrowers who might not qualify alone.

Do you qualify for a Gravity Lending auto loan?

Gravity Lending’s basic eligibility requirements to apply for an auto refinance or lease buyout loan include the following:

  • U.S. citizens, permanent residents, individuals with an ITIN and anyone with a work visa may qualify.

Here are Gravity Lending’s minimum borrower requirements to qualify for an auto loan. Note that meeting these requirements doesn’t guarantee approval. However, since aggregators work with a network of various lenders, some may be more flexible with minimum requirements when considering an applicant's total financial picture.

  • Minimum credit score: 500.

  • Minimum credit history: At least one lending partner has no minimum length of credit history requirement. Among lenders that have a minimum, the shortest is three months.

  • Maximum debt-to-income ratio: Can be greater than 100%.

  • Minimum annual income: At least one lending partner has no minimum income requirement. Among lenders that have a minimum, the lowest is $24,000 annually.

Before you apply for auto refinancing or a lease buyout loan

Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. If you find errors, file a credit dispute to correct them before you apply for an auto loan.

Figure what monthly payment you can afford. Use an auto refinance calculator or lease buyout calculator to determine what APR and repayment term you need to get monthly car payments that fit your budget. An auto refinance calculator also shows how much you can save by refinancing.

Gather your documents and information. Gravity Lending requires the following to submit an initial auto loan refinancing or lease buyout application: address, time at address, phone, email, birthdate, employment status, employer name, income, housing status, housing payment amount, basic vehicle information.

How to apply for a Gravity Lending auto refinance or lease buyout loan

  1. Apply to pre-qualify on Gravity Lending’s website. Use the “Apply Now” button to submit information like employment status, income, housing information and basic details about your current car. You also have the option to provide your Social Security number, which helps to match you to the correct credit bureau information. Gravity Lending also has the option to apply by phone at 888-602-1125. At this point in the process, pre-qualification with a soft credit inquiry is used to determine whether you can be matched with a network lender. A matched lender will do a hard credit inquiry to move forward with approving your loan, and this could occur before or after you accept the pre-qualified offer. A hard credit inquiry may cause a slight, temporary drop in your credit scores.

  2. Discuss and accept your loan offer. If you pre-qualify and are matched to one or more lenders, a Gravity Lending loan officer will present what they determine to be the best offer from a single lender. The lender’s offer may show you options for different loan terms and payment amounts.

  3. Stay on top of your loan payments. According to Gravity Lending, all of its lending partners report loan payments to the three major credit bureaus, so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments if available is a good way to make sure your payments arrive by the due date.

How auto loan rates work and how we collect them

The auto loan APR range NerdWallet displays is provided by the aggregator. We make every attempt to keep rates updated, by sending out bimonthly rate surveys and encouraging aggregators to send us updates when rates change. We also compare these rates to APRs on the aggregator's website, if available. The accuracy of our rates depends on the information aggregators provide to us. It’s always a good idea to check average auto loan interest rates, and compare to similar aggregators or lenders, to determine if the provided rate seems realistic.

We ask aggregators to provide the lowest rate among their lending partners without including any potential rate discounts. We also ask that the provided rate be one that at least 10% of applicants applying for the lowest rate have qualified for in the previous three months. The lowest rates shown are typically available only to borrowers with good or excellent credit (a FICO score of 690 and above).

We also ask aggregators for the highest rate among their lending partners, which typically reflects rates available to borrowers with fair or bad credit (a FICO score in the mid-600s or below). The highest interest rates result in higher monthly payments and more total interest paid.

Actual rates received by this aggregator’s auto loan borrowers may be different from the rates shown in this review.

How do we review auto loan aggregators?

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Because aggregators are not the actual lender and servicing of the loan passes to the lender in most cases, NerdWallet focuses most heavily on the front end of the loan process. This includes level of service/support and transparency, with less focus on the actual loan product. In all, our survey for aggregators includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, an aggregator must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered when rating aggregators and our process, read our full methodology.

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Frequently asked questions

  • Headquartered in Austin, Texas, Gravity Lending was launched in 2015 as Wildhorse Financial Services and became Gravity Lending in 2019. Online customer reviews tend to be positive, and the company was named a top workplace by the Austin Business Journal in 2020, 2021 and 2022.

  • Gravity Lending may use personal information for it or its subsidiaries to market auto-related products to you. The Gravity Lending privacy policy states the following: “Gravity Lending may share information with trusted partners to help perform services on our behalf. All third parties are prohibited from using your personal information except to provide these services and are required to maintain the confidentiality of your information.”

    To opt out of having your personal information shared, you can contact Gravity Lending after submitting your loan application. An opt-out form is available on the Gravity Lending website.

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