If you’re considering refinancing your auto loan, the abundance of lenders can be overwhelming. Online loan marketplaces like Gravity and iLending can simplify your search by connecting you with their partner lenders.
Gravity, established in 2019, focuses on auto refinance and lease buyout loans. It offers competitive rates and provides a personal loan officer to guide you through the selection process. However, be aware that Gravity may have longer approval times and some restrictions on refinancing.
iLending, founded in 2006, collaborates with a network of lenders to assist borrowers in finding refinance options for their car loans. Known for its quick approval process and personalized service, iLending offers prequalification and dedicated loan consultants to enhance your experience.
Gravity vs. iLending at a glance
Gravity is notable for not charging an origination fee and for providing lease buyout loan options. On the other hand, iLending is recognized for its speedy approval process and the additional support it offers to borrowers.
| Gravity | iLending | |
|---|---|---|
| Better for | Low starting ratesNo fees | Fast approvalPersonalized experience |
| Loans offered | Auto loan refinancing, auto lease buyout loan | Auto loan refinancing |
| Loan amounts | $10,000-$150,000 | $5,000-$150,000 |
| APRs | From 4.99% | 5.49%-18.79% |
| Loan term lengths | 25-84 months | 12-96 months |
| Fees | None | Varies by lender |
| Minimum credit score | 640 | 560 |
| State footprint | All states | All states |
| Time to funding | Up to 10 days | As little as 1 day |
| Autopay discount? | Varies by lender | Varies by lender |
| Refinancing restrictions | Varies by lender | Age: Model year 2013 or newerMileage: 150,000 or fewerAnnual income: $24,000 or higher |
Gravity auto loans
Gravity is a relatively new company specializing in auto refinancing and lease buyout loans. To qualify, you need to have at least $10,000 remaining on your current loan.
While Gravity’s APR starts at 4.99 percent, these rates are generally reserved for those with good or excellent credit. Borrowers with credit scores as low as 640 may still qualify, but they are less likely to receive the best available rates.
Operating in all 50 states, Gravity partners with lenders nationwide to find the most favorable loan terms for its customers. Each borrower is assigned a loan officer to assist in selecting the best loan option.
Pros:
- No fees: Gravity does not charge application fees, though partner lenders may have their own fees.
- Online application: Apply easily online without needing to visit an office or fax documents.
- Deferred payments: Gravity offers the option to delay payments for up to 90 days.
Cons:
- Longer funding timeline: Processing can take up to 10 days, which is longer than the average online lender.
- Refinancing restrictions: Requires a minimum loan balance of $10,000, which is higher than many refinance lenders.
- Maximum rates not disclosed: The highest possible rate from Gravity’s partner lenders is not listed.
iLending auto loans
Similar to Gravity, iLending connects borrowers with a loan consultant to help navigate the terms and available offers. Unlike Gravity’s $10,000 minimum loan balance, iLending allows for refinancing with a minimum loan amount of just $5,000. While its network’s starting APR is slightly higher, it caps at a competitive 18.79 percent.
iLending provides quick approvals, often within one day, and offers customer service on weekends. However, it doesn’t offer payment flexibility or deferment, although some lenders might provide autopay discounts.
One major downside is the potential documentation or administration fee, as many similar services, like Gravity, do not charge for their connections.
Pros:
- Personal lending specialist: Access to a dedicated consultant to guide you through the refinancing process.
- Low minimum credit score: With a minimum credit score of 560, iLending is accessible for those with poor credit, though competitive rates may require a score in the mid-600s or higher.
- Simple application process: The online application is straightforward and quick to complete.
Cons:
- Unclear timeline: Financing can take anywhere from several days to “a few weeks,” according to iLending’s website.
- No in-person service: Assistance is available only online or over the phone, with no option for in-person support.
- Unclear fees: Fees vary among iLending’s partner lenders and are not detailed on the platform’s website.
How to choose between Gravity and iLending
Gravity and iLending offer similar services, but choosing between them might be easiest if you submit an application to both and compare the offers, as prequalifying doesn’t impact your credit score.
Choose Gravity for low starting rates
Gravity is an excellent choice if you want to refinance your auto loan or get a lease buyout. With starting rates as low as 4.99 percent, Gravity offers significantly better rates than the average used car loan rate of 11.91 percent. Additionally, Gravity doesn’t charge application fees and allows you to delay your first payment by up to 90 days. If you’re looking for the best rates and a lease buyout option, Gravity stands out as the better choice.
Choose iLending for personalized guidance
While car loans are generally straightforward, understanding the refinancing process can be challenging. iLending provides a personal loan consultant to guide you through your options and loan terms, ensuring you understand the process fully. iLending is also suitable for those with less-than-perfect credit, offering approvals even for borrowers with lower credit scores. However, be aware that iLending may charge administration or documentation fees, which can add to the overall cost. This fee structure is less common with services like Gravity, so exploring other options might lead to a better deal.
Compare more lenders before applying
Comparing options such as Gravity and iLending is an effective way to quickly review your rates with multiple lenders. Even if you don’t end up borrowing from either, these platforms can help you identify the most favorable terms available.
For those with poor credit or limited credit history, comparing refinancing rates before committing to a lender is especially important to ensure you get the best possible deal.