RefiJet and Gravity are both online auto loan refinance marketplaces, helping match borrowers to lenders that might offer a lower rate.

RefiJet offers prequalification without an impact on your credit and the option to take cash out of your car’s equity but charges a hefty processing fee. Gravity also has the benefit of offering very long loan terms, but its loans take longer to fund.

To help you choose the right lender for your needs, we broke down the key differences between the two.

RefiJet vs. Gravity at a glance

RefiJet and Gravity are both online marketplaces for finding auto loan refinancing, but the details of the loans on offer vary.

RefiJet

Gravity
Bankrate score 3.9 3.9
Better for •Borrowers who want to cash out equity
•Borrowers who want quick funding		 •Borrowers who want long loan terms
•Borrowers refinancing a large loan amount
Loans offered •Auto refinancing
•Lease buyout		 •Auto refinancing
•Lease buyout
Loan amounts Varies by lender $10,000-$125,000
APRs From 5.24% From 5.74%
Loan term lengths 24-84 months 25-84 months
Fees $495 processing fee plus possible fees from lenders None, though its lender network may charge fees
Minimum credit score Not disclosed Not disclosed
State footprint Not disclosed All 50 states
Time to funding One business day 10 days
Autopay discount? Varies by lender Varies by lender
Refinancing restrictions •Have full coverage insurance on your vehicle
•Be current on your current auto loan payments
•No RVs or motorcycles
•Have a vehicle that is fewer than 10 years old with less than 150,000 miles		 Varies by lender

RefiJet auto loans

RefiJet helps borrowers find auto loan refinancing and lease buyout lenders with a simple online application process. In fact, much of RefiJet’s value comes from its efforts to make refinancing stress-free.

When you work with RefiJet, the company will match you with a financial expert that can walk you through the refinancing process. They can help you fill out the application and compare the various loan offers that you receive to find the best one. They’ll also help fill out paperwork to submit your final application.

After you’ve signed on a new loan, you can defer your first payment by up to 60 days.

However, RefiJet does not offer many details about the available loans until after you prequalify. While you can do so without taking a credit score hit, it’s still an extra step. You also have to pay a $495 fee to RefiJet when you get a loan, which is in addition to any lender fees charged.

Pros

  • Prequalify without impacting your credit. You can fill out a prequalification form to get rate quotes and offers from lenders without impacting your credit score.
  • Get cash out of your car’s equity. RefiJet has the relatively unusual option of letting you cash out your vehicle’s equity by refinancing with a loan with a higher balance than your existing one.
  • Hands-on assistance. RefiJet provides you with a financial expert that can walk you through the refinancing process. While this level of assistance isn’t unheard-of — iLending offers a similar service — it is unusual.

Cons

  • Lack of transparency. RefiJet doesn’t offer many details about the loans you may qualify for until after you submit your financial details.
  • High fees. RefiJet charges a $495 application processing fee. Most competitors don’t charge this fee. The lender you choose may charge additional fees, including origination fees.
  • Not a fully online application. You cannot complete the full application process online, which may be inconvenient.

Gravity auto loans

Like RefiJet, Gravity is a website that helps match borrowers to auto loan refinancers. It also connects borrowers with loan officers that can hold their hand throughout the process and help them compare loan options.

Gravity has a few clear advantages compared to some other auto lenders. One is the option to refinance to a loan term as long as 84 months. Extending your loan to that extent can mean a higher overall cost but can keep your monthly payments quite low.

It’s also relatively transparent about loan costs and doesn’t charge a fee to match you with lenders. And, after you’ve signed, you can defer your first payment by 90 days — a month longer than RefiJet offers.

Where it struggles is with its high loan minimum. You can’t refinance an amount smaller than $10,000. It’s also slow to fund loans, making borrowers wait as long as 10 days before they get their loan.

Pros

  • No fees. Gravity doesn’t charge a processing fee for loan applications. Its lending partners may still charge fees, but compared to RefiJet’s $495 fee, $0 is a significant savings.
  • Long terms. Borrowers can refinance with loans as long as 84 months, which can keep payments low.
  • Fully online application. Applicants can complete the full process online, making it quick and easy to apply for a loan.

Cons

  • Slow funding. Gravity states that it can take as long as 10 days to get a loan approved and funded.
  • High loan minimums. Gravity will only refinance auto loans of $10,000 or more, meaning you can’t apply if you owe a smaller amount.
  • Potentially high rates. Though its minimum rate is advertised and competitive, Gravity, like RefiJet does not disclose its maximum rate. It could be high for those that have poor credit.

How to choose between RefiJet and Gravity

Both lenders offer competitive rates, terms up to 84 months, a deferral period before your first payment is due and the option to add or remove co-borrowers. With so many similarities, it could be hard to choose.

RefiJet offers some unique advantages, such as letting you cash out equity, but charges a hefty fee processing fee that Gravity does not.

If you can’t decide, why not prequalify with both? Prequalification is free and doesn’t impact your credit score, so you can see whether RefiJet or Gravity matches you with a better deal.

Choose RefiJet if you want a quick loan or to cash out equity

Two of RefiJet’s biggest value propositions are its speed and the opportunity to cash out your vehicle’s equity. Taking equity out of your car is a relatively unusual option among auto loan refinancers. If your car is worth more than the loan balance and you need a relatively low-interest way to borrow money, that can make RefiJet very appealing.

The main cause for concern is the high cost of borrowing with RefiJet. Its lowest advertised rate, 5.24 percent, falls far under the national average used car rate of 11.70 percent. But the application processing fee and potential origination or other fees can limit your savings.

Choose Gravity for big loans or a fully online experience

Gravity gives borrowers the ability to refinance a loan of up to $125,000. While RefiJet’s maximum amount isn’t advertised, it’s likely smaller: Most rivals max out at $100,000 or far lower. If you want a lower rate on your hot rod, Gravity may have you covered.

Additionally, unlike RefiJet, Gravity lets you complete the full prequalification and application process online. If you’d rather skip the phone call and are comfortable navigating online forms, you might prefer Gravity.

However, if you need a quick loan, you should look elsewhere. Gravity can take a week and a half to approve and fund your loan, which may be a deal breaker if you need to refinance quickly.

Compare more lenders before applying

Comparing RefiJet and Gravity is a good start, but you should also take the time to look into other auto lenders. Other loan aggregators, like myAutoLoan, might match you with a better deal. If you’re trying to find the best auto loan refinance rates, shopping around is the best way to find a good deal and save money.