HOW DO I REFINANCE MY AUTO LOAN?

1. Evaluate Your Credit

Allow Gravity Lending to conduct a soft inquiry on your credit, which does not affect your credit score. By doing a soft-pull we are able to determine the probability of getting your loan approved prior to proceeding with the process. Know before you commit, it only takes minutes.

3. Review Your New Loan Terms

Once your dedicated loan officer has reviewed your application, they will contact you to discuss your options.

A few things to consider regarding your term options:

• Shorten the term – if you’re already accustomed to the current payment, you may be able to keep the same payment and shorten the remaining term of your loan. You will pay less interest this way, saving money over the life of your loan.
• Stretch out the term – If your monthly budget could use a break, you can always lengthen your loan term to decrease the amount of your payment each month.

Below is a common savings comparison*

4. Required Documentation to Refinance Your Auto Loan

Valid Driver’s License

In order to secure your new loan, all lenders will require a copy of your valid driver’s license. In the event you do not have one, please discuss with your loan officer.

Proof of Auto Insurance

Proof of full coverage insurance is required on all loans. You may either provide your insurance ID card or the declarations page from your insurance company. If you don’t have either of these, let your loan officer know the contact information for your insurance company. Many times we’re able to call them and collect proof of insurance!

Proof of Residence

Proof of residency may be requested if there is a discrepancy in the credit report or the address on your driver’s license does not match. Below are some of the documents you can use to prove your physical address.

Proof of Employment & Income

Lenders may require verification of income. If proof of income is requested, lenders are typically looking at two factors – The amount you have earned and the sources of the income.

5. Finish the Loan Application Process

Conveniently sign your loan documents electronically and upload any stipulations straight from your phone. Gravity Lending will take care of getting everything over to your new lender for funding and you can start enjoying your new loan!

To get started simply Apply Here or feel free to contact us at 888-602-1125 or loans@gravitylending.com.

FAST, SECURE AND EASY. APPLY FOR YOUR AUTO REFINANCE IN MINUTES WITH OUR SIMPLE STEPS