Frequently Asked Questions

At this point, you can consider yourself pretty well-informed on the basics of economy car loans and how they can really assist you in your personal life. We completely understand that if this is new to you, you probably have some questions. We have answered some frequently asked questions submitted to Gas Economy.

Can I keep my car loan plan if I move states?

If you get an economy car loan in one state but then move out of state, you will be able to keep your car loan. The only aspect of your loan that will inevitably change is the tax or perhaps the interest payment you are making on in order to coincide with the new state’s policies.

Will my interest rate change?

Throughout the course of your economy car loan payments, your interest rate will most likely not change unless you have gotten an adjustable economy car loan, in which case, it is very likely that it could in fact change. Another circumstance in which your interest rate may change is if you look to make a lump sum payment on your economy car loan, and if you do this, than the rest of the payments you make from month to month will change and adjust accordingly, leaving you with a different interest plan.

Can I sell my car before finishing payments on my loan?

If you find yourself in the scenario of simply not wanting to own your car anymore because you either want a different car or have no need for it, you will be able to sell your car to someone else, but the person that buys the car will then be responsible for making payments on it. Either way, you are obligated to make sure that the payments are being paid for somehow, and the typical way to do this is to pass them along to the new buyer of the car.