Friday, January 17th
2025 Car Loan Refinance Reviews
Gravity Lending
- Hands-on guidance to connect with the right lender and refi loan
- Car must be model year of 10 years or newer
- Loan must be at least $10,000
- Terms range from 25-84 months
- Welcomes all credit scores
- No hidden fees
- Fully online process
- "A+” rated and accredited by the BBB
- Thousands of five-star reviews
Gravity Lending wants to help you "grab life by the payments”. With a focus on transparency and customer satisfaction, Gravity Lending offers a range of services, including car loan refinancing, lease buyouts, and cash-out loans, fee-free for borrowers.
Car loan refinancing with a concierge feel
If you like the idea of having options from multiple lenders, but you don't feel particularly excited about having to wade through those loan possibilities, Gravity Lending takes an approach that gives you the best of both. It's almost like having a refi concierge at your disposal: Gravity Lending's expert team of loan officers is dedicated to providing personalized assistance to each customer, ensuring that you find the loan terms that best suit your individual needs and financial goals.
No impact on your credit score to get started
One of the standout features of Gravity Lending is its user-friendly application process. Applicants can quickly and easily apply online, and thanks to Gravity Lending's nationwide lender network, pre-qualification can be achieved without impacting your credit score. This allows you to explore your options with confidence, knowing you won't face any hidden surprises along the way.
Prequalify online, then work with a loan expert
Here's how it works. Start by clicking on "Apply Now”. This will let Gravity Lending do a soft pull on your credit, so they can determine how likely it is that you'll be approved before you submit a full application (and have the subsequent hard pull on your score). Assuming you prequalify, one of their loan officers will reach out to make sure they understand what you're trying to do (lower your monthly payments, lower your interest rate, add or remove a co-borrower). The Gravity Lending team will hand-select the loans from their lender network that are the best option for your goals and extend that offer to you.
All documents can be submitted electronically
When you're ready to move forward with the official application, everything can be done electronically, from e-signatures to real-time photo ID verification. You'll have to show a valid driver's license and proof of auto insurance, as well as proof of residency, employment, and income.
A few eligibility requirements
Here are a few things we found as we went through the application (that we didn't necessarily see as we looked through the FAQs). First, your model year must be within 10 years of the current year (so 2014 or newer in 2024, 2015 in 2025, and so on). Most vehicle makes are included on their list, with the exception of a few luxury brands (like Maserati and Lamborghini, to name a couple). Your loan balance must be at least $10,000, and your repayment term will be anywhere from 25-84 months.
Exceptional reputation
Gravity Lending has the best reputation of any lender or referral service on our list. Not only is the company fully accredited and "A+” rated by the Better Business Bureau, but they've also received only one complaint there over the last year. But, before you think that means that Gravity Lending must not be doing much business, look at the 1,500+ reviews left on the BBB site with an impressive average of 4.96 stars out of 5. That's practically perfect.
Great customer feedback
You'll find the exact same feedback elsewhere, from Trustpilot to WalletHub and everywhere in between. Is it strange that some of the reviews are actually what we would call "heart-warming”? Time and again, people who use Gravity Lending say that there's never any pressure, that the loan officers genuinely care about finding clients the car loan refinancing that will help them to meet their goals, and that every interaction is the perfect blend of professional and personalized.
#1 pick for car loan refinancing
It's hard to beat an auto refinancing specialist that earns a near-perfect average across thousands of client reviews. We love that Gravity Lending gives people the ideal hybrid between a lending referral service with an extensive finance network and the hands-on, personalized attention you might get at your local bank. And then they take care of the whole application process online. We're pleased to make Gravity Lending our newest first-place company among the options for car loan refinancing.
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Where's the Best Place to Refinance Your Car Loan?
Imagine this: you've got a car, and you've got a loan to pay for it. But what if you could find a better deal, a way to pay less each month or even pay off your ride sooner? That's where refinancing comes in.
Maybe when you first got your loan, your credit score wasn't so hot, and you ended up with a not-so-great interest rate. Or maybe the economy has shifted, and interest rates have dropped since you first signed on the dotted line. Whatever the reason, if you can snag a lower interest rate by refinancing, you could end up saving some serious money in the long run.
Car Loan Refinance FAQ
Continued from above...
Like anything in life, there are pros and cons to consider. On the upside, refinancing could mean lower monthly payments, which can free up some cash in your budget for other things, like saving up for a rainy day or treating yourself to a fancy coffee every now and then. Plus, if you can get a lower interest rate, you'll pay less in interest over the life of your loan, which means more money in your pocket.
But there are downsides too. Refinancing usually means extending the length of your loan, which could mean paying more in the long run, even if your monthly payments are lower. And if your credit score has taken a hit since you first got your loan, you might not qualify for a better rate anyway. Plus, there are often fees involved with refinancing, so you'll want to make sure the potential savings outweigh the costs.
All pluses and minuses aside, it's a smart idea to start your car loan refinancing online. Instead of driving down to your local bank or credit union, you can compare rates and apply for refinancing right from the comfort of your couch. Plus, online lenders often have lower overhead costs than traditional brick-and-mortar banks, which means they can sometimes offer better rates and terms.
When it comes to comparing different sites for auto loan refinancing, there are a few criteria you'll want to keep in mind:
- Interest rates and terms. The whole point of refinancing is usually to get a better rate than you currently have. But don't stop there - be sure to look at the terms of the loan as well. How long will you have to pay it off? Are there any fees involved? And don't forget to read the fine print - you'll want to make sure there are no sneaky clauses that could come back to bite you later on.
- Referral platform or direct lender. Some sites you'll visit serve as a referral platform, helping you check out your options with different banks and credit unions all in one shot. Others will offer to lend you the money directly. Make sure you know what you're getting before you start entering your SSN and other sensitive data.
- Reputation. Is it a trustworthy service? Has it been rated by the Better Business Bureau? Are car owners like you getting good refi rates and excellent customer service?
Ultimately, the decision of which site to use for auto loan refinancing will depend on your individual circumstances. Maybe one lender offers a slightly lower interest rate, but another has better customer service or more flexible repayment options. To help you do your homework and crunch the numbers, the experts here at Top Consumer Reviews have rated and ranked some of today's most popular options for car loan refinancing. At the end of the day, those car payments are your hard-earned money, so why not make it go a little farther with a better loan?
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