No Hidden-Fee Auto Loan Refinancing with Gravity Lending

Gravity Lending Overview 

Gravity Lending, established in 2015 in Austin, Texas, under the name Wildhorse Financial Services and rebranded in 2019, is a financial technology firm dedicated to simplifying auto loan financing. Their mission is to "bring customers' payments back down to Earth," and, as such, they offer custom, no-fee, low-interest-rate auto refinancing and lease buyouts. As an online marketplace, they allow borrowers to compare auto refinancing loan offers from a vast network of approximately 70 lenders across the United States, including several top federal credit unions. This gives people access to the best deals without any hidden fees while lowering the monthly auto loan payments they make.

Once the company connects clients with a network of lenders, they help them find favorable interest rates and terms. On average, their customers save about $105 per month, with many qualifying for interest rate discounts of 0.25 to 0.50 percentage points when using automatic payments. It must be noted that they do not offer purchase loans. However, their streamlined online application process allows borrowers to customize their existing loan terms to fit their financial needs.

The company advertises having funded over $7 billion in loans and being recognized as LendingTree's #1 auto finance company for customer satisfaction for several years. Additionally, the company maintains an A+ rating with the Better Business Bureau (BBB) and is licensed as a registered lender with the Texas Office of Consumer Credit Commission, with all of their network being FDIC-insured banks or licensed lenders.

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Gravity Lending Features & Services 

They offer two main services: auto loan refinancing and lease buyouts, but they boast a selection of other services designed to meet a wide range of customer needs. 

• Auto loan refinancing: Their core service allows customers to refinance their existing auto loans, potentially securing lower interest rates and reducing monthly payments. Borrowers can compare rates from a wide network of lenders, ensuring competitive offers tailored to their financial situation
• Lease buyouts: Drivers nearing the end of their vehicle lease can take advantage of the company’s lease buyout options, helping them purchase the vehicle they’ve been leasing. This process can help avoid potential fees from lessors while securing a favorable financing arrangement for the vehicle purchase
• Online application process: They have a user-friendly online platform that enables borrowers to complete the two-minute application process from anywhere. The platform guides users through each step, ensuring a seamless experience and easy access to pre-qualified loan offers
• Pre-approval: They allow customers to begin the refinancing process with a soft credit check, which does not affect their credit score. This feature helps borrowers gauge their eligibility for refinancing and compare rates without any risk to their credit standing
• Nationwide lender network: The company partners with dozens of national lenders, including federal credit unions, to provide a diverse array of loan options. This extensive network increases the likelihood of finding the most suitable loan terms for borrowers across the country
• Co-borrowing and co-signing: Borrowers have the option to add or remove a co-borrower or co-signer on their auto loan. This feature is ideal for those who may not qualify for a loan on their own or for borrowers seeking to adjust loan terms

Additional services and perks

• GAP insurance: Gravity Lending offers Guaranteed Asset Protection (GAP) insurance, which covers the difference between the loan balance and the vehicle's value in case of theft or total loss, helping to prevent financial burdens
• Depreciation protection: This service allows you to recover up to $10,000 of your vehicle equity if it is stolen or deemed a total loss, mitigating the financial impact of depreciation.
• Vehicle service contracts: These contracts cover repair costs after the manufacturer's warranty expires, potentially saving you thousands on unexpected repairs
• Vehicle protection plan: This plan addresses unexpected issues with various vehicle components, including tires and body panels, providing peace of mind and reducing repair costs
• Vehicle debt protection: This product helps protect against unexpected financial hardships that could impact your ability to make loan payments, ensuring you remain covered during difficult times
• Flexible payment options: Borrowers can defer payments for up to 90 days after closing on their loan, offering short-term financial flexibility

Gravity Lending Fees & Costs 

The company indicates that there are no upfront fees required to initiate the application process, meaning you can pre-qualify and check potential rates without incurring any initial costs. This allows you to explore loan options with peace of mind, knowing that there are no immediate financial obligations tied to the application process.

Their program’s interest rates, or APR, may start as low as 4.99%, depending on various factors such as your credit score, vehicle type, and loan amount. However, the actual rate you receive can vary significantly based on your individual financial situation. For those with excellent credit, lower rates will be more accessible, while borrowers with lower credit scores may face higher rates that could approach 18% or more. Their loan terms generally range from 25 to 84 months, providing flexibility to choose shorter terms with potentially lower overall interest payments or longer terms with lower monthly payments.

You need to have a minimum loan balance of at least $10,000 in order to qualify for any of the lenders in their network and a maximum loan balance of $250,000. Keep in mind that the company itself does not charge origination or processing fees; however, lenders within their network may impose these charges. These administrative costs could include document processing, title transfer fees, or other state-specific charges, which may be part of the final loan agreement. While the exact amounts of these fees are not readily available, research suggests they can vary depending on the lender and local regulations.

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Gravity Lending Advantages & Disadvantages 

When considering this service for your financing needs, it's important to weigh the advantages and disadvantages to determine if it aligns with your financial goals. While the company offers several compelling benefits, such as personalized support and nationwide availability, certain limitations may impact your experience. Below, we outline the key strengths and potential drawbacks to help you make an informed decision.

Advantages:

• One-on-one support: One of the key advantages of using this company is the assignment of a dedicated loan officer to each customer. This personalized approach ensures that borrowers receive one-on-one guidance through every step of the financing process. The loan officers help clarify questions, explain loan terms, and streamline the paperwork, which leads to a smoother experience and reduces stress for borrowers who may be unfamiliar with the refinancing process
• Nationwide availability: They operate throughout the entire United States, offering their refinancing and loan solutions to customers in all 50 states. This extensive availability makes them convenient for drivers nationwide, eliminating geographic limitations that some competitors may impose
• No hidden fees: A major benefit of theirs is transparency with fees. The company does not impose any hidden charges, which ensures that customers are well-informed about the costs involved in their loans. This level of transparency builds trust with borrowers and allows them to make financial decisions with confidence
• Flexibility in loan payment terms: Borrowers are given the flexibility to choose their loan payment due date, allowing them to tailor payments around their financial schedules. This can be particularly beneficial for those with varying income streams or individuals managing multiple financial obligations. Additionally, some borrowers can defer their first payment for up to 90 days, offering more breathing room to manage other expenses when securing a new loan

Disadvantages: 

• Higher credit score requirements: While they offer competitive rates, the minimum credit score required for approval is generally higher than that of many other loan providers. This could limit access for those with lower credit scores or who may already be struggling with credit issues
• Vehicle restrictions: The company imposes some specific restrictions on the vehicles eligible for refinancing. For example, the maximum vehicle age for refinancing is 15 years, and the maximum allowable mileage is 150,000 miles. These limitations could exclude some potential customers, particularly those with older or higher-mileage vehicles, from taking advantage of their refinancing options
• Longer funding timeline: While the company promises competitive rates, the timeline to finalize funding may be longer compared to other lenders. For borrowers who need immediate refinancing or quick access to funds, this delay could be inconvenient and create added stress, especially if they are facing pressing financial deadlines

Gravity Lending Customer Experience & Reviews 

Gravity Lending consistently receives high ratings across multiple review platforms. On Trustpilot, they boast an impressive 4.9 out of 5 stars rating, based on numerous customer reviews. Similarly, their Google Reviews present a high level of customer satisfaction, with a score of 4.9 out of 5 stars. Additionally, Gravity Lending scores a 4.9 out of 5 stars rating on their BBB page.

Positive feedback

Customers frequently praised the company for their professional, personalized service and ability to streamline the refinancing process. Many clients highlighted the helpfulness of their loan officers, noting their responsiveness and expertise. Many stressed their appreciation of the seamless, stress-free experience as well as the lower rates and added benefits such as extended auto warranties and GAP insurance, contributing to high overall satisfaction.

Critical feedback

Despite the overwhelmingly positive reviews, some customers have raised concerns. A few reviews mention delays in communication and issues with transparency regarding fees. Additionally, some clients expressed frustration with the processing time and discrepancies in loan terms. 

Gravity Lending Customer Support 

They offer a variety of customer support options to help guide clients through the auto refinancing process, including:

• Phone support: You can reach them by phone at their main customer service line, 888-602-1125. The support team is available Monday through Friday from 8:00 AM to 6:00 PM CST, and on Saturdays from 9:00 AM to 1:00 PM CST. However, their office is closed on Sundays
• Email support: If you'd prefer to reach out via email, you can contact them at [email protected] with any inquiries or for assistance. The team typically responds within the next business day
• In-office support: You can also visit them in their Austen office at 1835B Kramer Lane, Suite 2-150, Austin, TX 78758

In addition to these direct contact options, they have an extensive FAQ section on their website, where clients can find answers to common questions about the refinancing process, loan eligibility, and the required documentation. The company also maintains a helpful blog and glossary that covers a wide range of topics, from understanding the refinancing process to managing auto loans effectively.

Conclusion 

Gravity Lending stands out as a financial technology company that strives to offer transparent auto loan refinancing and lease buyout services. By offering a wide network of lenders, their platform ensures customers can access the best loan offers without hidden fees. They also advertise their client's ability to save an average of $105 per month while securing them with lower interest rates starting at 4.99%. 

The company offers several advantages, such as one-on-one professional support, flexible payment terms, and a network of around 70 lenders. These features enhance operational efficiency and customer satisfaction, particularly for those looking to have a seamless refinancing process. However, they also exhibit some drawbacks, including a higher minimum credit score requirement and restrictions on vehicle age and mileage.

We encourage you to explore customer reviews to gain insights into their performance and reliability. Understanding the experiences of others can help inform your decision-making process. For further research, you can visit our review page for comprehensive assessments of the company’s auto loan competitors. Our comparison tool allows you to evaluate various providers side-by-side, ensuring you find the best deal that suits your financial needs. Additionally, our blog articles in the auto loan category provide expert insights and advice to navigate the refinancing landscape confidently. 

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