Key takeaways
- RefiJet could be ideal if you have subpar credit or want to refinance a smaller auto loan.
- Gravity is a better fit if you have at least fair credit, as you can skip the pesky application fee and potentially get a better rate.
- Evaluate what partner lenders from both platforms offer and explore quotes from others to find the best deal when refinancing.
- RefiJet and Gravity are both online auto loan refinance marketplaces designed to help you save time on research and find a lender.
RefiJet and Gravity are both online auto loan refinance marketplaces designed to help you save time on research and find a lender.
RefiJet works with lenders that will refinance loans as small as $5,000 — the normal minimum is $7,500. However, processing your information can take up to 12 days, and you will be charged a $495 processing fee.
Gravity requires you to borrow more, but the lenders in its network have more competitive rates. You’ll need fair credit to qualify, though, and it may take up to 10 days to finalize your application.
Both can be good options, but you should compare them to other marketplaces and direct lenders to get the best deal.
RefiJet vs. Gravity at a glance
RefiJet and Gravity are online marketplaces for finding lenders that offer auto loan refinancing.
| RefiJet | Gravity | |
|---|---|---|
| Bankrate score | 4.1 | 4.4 |
| Better for | Poor credit and a flexible first payment | Low starting rates and no fees |
| Loans offered | Auto refinance, lease buyout | Auto refinance, lease buyout |
| Loan amounts | $5,000–$150,000 | $15,000–$125,000 |
| APRs | 5.29%-21.99% | 4.99%-14.99% |
| Loan term lengths | 24–96 months | 24–84 months |
| Fees | $395 processing fee | None |
| Minimum credit score | 500 | 640 |
| State footprint | Not specified | All 50 states |
| Time to funding | 3 to 12 days | 10 days |
| Autopay discount? | Varies by lender | Varies by lender |
| Refinancing restrictions |
|
Varies by lender |
RefiJet auto loans
Best for poor credit
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RefiJet can help you find options for refinancing a current auto loan or buying out your car lease, much like Gravity. When you work with RefiJet, it will match you with a financial expert to walk you through the refinancing process. They can help you fill out the application and compare loan offers, then work with you to finalize any extra paperwork. However, RefiJet does not offer many details about the available loans until after you prequalify.
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Pros
- Borrowers can defer initial payment by up to 90 days
- Cash-out auto refinancing option
- Hands-on assistance during the refinancing process
Cons
- Lengthy funding timeline of up to 12 days
- Steep application processing fee in addition to lender fees
- Not a fully online application
Gravity auto loans
Best for no fees
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Like RefiJet, Gravity is a service that helps you find lenders to refinance your auto loan or buy out your lease. Gravity has a few clear advantages. It’s relatively transparent about loan costs, doesn’t charge a fee to match you with lenders and lets you defer your first payment by 90 days. That said, you have to borrow at least $10,000 to qualify with a lender in Gravity’s network. And while it has a slightly lower starting rate than RefiJet, the minimum credit score requirement is much higher.
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Pros
- No loan application processing fee
- Option to delay payments for up to 90 days
- Fully online application
Cons
- Limited information about vehicle refinancing restrictions
- High loan minimum
- High maximum APR
How to choose between RefiJet and Gravity
Both RefiJet and Gravity work with lenders that offer competitive starting rates and long loan terms. They also have a deferral period before your first payment is due and the option to add or remove co-borrowers.
Because they are such similar companies, you may want to consider prequalifying with both. Prequalification is free and doesn’t impact your credit score, and it allows you to see whether RefiJet or Gravity matches you with a better deal.
APR range
The lenders in Gravity’s network offer a very competitive starting APR — most lenders start at 7 percent, according to data from Experian. RefiJet’s starting APR is also impressive, but you likely won’t qualify unless you have excellent credit.
Minimum credit score
RefiJet has a much lower minimum credit score requirement of just 500. But with Gravity, you’ll need at least a 640 to qualify, which could be a deal-breaker if your score is on the lower end.
Repayment terms
RefiJet’s lending partners offer terms of up to 96 months, which is rare. You’re a bit more limited with Gravity, as the maximum repayment period is 84 months.
Loan amount
RefiJet also wins in this category. The loan limit is much higher, and you’re also able to borrow less, which makes RefiJet a good choice if you don’t have much to pay on your current loan.
Fees
RefiJet charges a $495 processing fee and other lender fees. However, Gravity doesn’t have any fees at all.
Bottom line: Which lender is better?
RefiJet may be the better option if you don’t have the best credit. Because you can qualify with a score as low as 560, it may make it easier to find a bad credit auto loan. You are also able to borrow less, which makes RefiJet a good choice if you don’t have much left to pay on your current loan.
That said, Gravity could be more ideal, as its rates are more attractive and you can skip the costly application fee. And, unlike RefiJet, you can complete the full prequalification and application process online.
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