Auto Loan Questions

(and Answers)

Auto financing is new to a lot of people. Here are answers to typical auto loan questions we regularly hear from our prospective clients. Again, we want to make things easy on you. If you feel you still have any auto loan questions after reading our FAQs, don’t hesitate to give us a call!

Q: How do I know if auto financing is right for me?

A: Paying for a car is often the largest and most common expense for people these days. Receiving car loans is ideal for individuals who simply cannot meet deadlines for paying auto bills. If you find yourself in a tight spot financially, auto loans can help you keep your car by paying it off in a reliable way. Keep in mind that we don’t offer point of sale loans and are unable to help someone who is simply in the market to buy a car. You will need to borrow money against your car in order to qualify.

Q: Do I have to temporarily sell my car to receive an auto loan?

A: No. This is a popular misconception. A lot of people are scared off from auto title loans because they think it means that they will be temporarily selling their car, but this is not the case. We simply take possession of the title while allowing you to keep your car, while you pay back the loan. You will still be able to drive your car and rely on your car as you normally would.

Q: How soon can I get my money once I am approved?

A: You will have your money in your possession before you can even leave our office doors. That’s how quickly we operate. We know how burdensome bills can be and that’s why we want to be your financial lifeline at the moment you need us.

Q: I’m ready to apply for a car title loan. What do I do next?

A: There are two ways you can apply for a car title loan. You may either apply online through our website or give one of our offices a call to speak with a loan representative. Our application process is incredibly short. Within 24 hours of application you will be notified about whether your candidacy is strong for borrowing money from Fox Title Loans.

Q: If I am unable to pay back my car loan on time, will my car be repossessed?

A: Repossessing a vehicle is always an absolute last resort process that nobody wants to be involved in, and we’ll do everything possible to make sure that never happens. All California title loans require that the customer must show some ability to pay back the loan with an existing income, so repossession is an extremely rare occurrence. We’re committed to forming a relationship with each one of our clients to make sure that they have a reliable and easy path to paying back their loan.

Q: What is the minimum amount I can loan with Fox Title Loans?

A: In general, you only have to borrow as much as you can afford to pay back. Our policy is that you borrow at least $2,550 each time you work with us, as per state law.

Q: What are your refinance rates (also known as interest rates)?

A: While we do not publicly list our refinance rates, our rates are competitively priced compared to other Los Angeles lending companies. If you tell us the rate you were quoted from another competitor, we will beat them.

Q: If I want to pay back my auto loan early, will I be charged?

A: Unlike other auto financing companies, there are no pre-payment penalties with Fox Title Loans. Pay back your loans in a manner that works best for you.

Q: What is the maximum amount I can receive for a car title loan?

A: You can expect to receive a loan for around 40 to 70 percent of the value of your vehicle, which can go up or down based on condition and mileage.

Q: Do you offer loans for people with bad credit?

A: Yes, we regularly offer loans for bad credit borrowers. So long as you own your car, have a steady source of income and a stable residence, you have a strong chance at meeting our eligibility criteria. We work differently than banks do and won’t hold you accountable for bad credit records from your past.

Q: Do I have to go to the DMV to transfer the possession of my car title?

A: No, you won’t have to. Fox Title Loans will handle all pink slip DMV paperwork in-house so you don’t have to waste any time over a DMV appointment. This complementary service is another way we make it easy on our borrowers.

Q: Are there any processing fees or lengthy paperwork I have to worry about?

A: Upon request, we have honored requests in the past to waive processing fees and paperwork for qualified borrowers. We understand that many of our clients require certain accommodations and we always do our best to make things manageable.

Q: I live outside of California. Can I still receive an auto title loan?

A: Yes. However, in order to get a car title loan directly from us, we must meet you in person at one of our loan centers. Even if you are not a resident of California, we can help. We can also fulfill title loan requests from residents of Arizona, New Mexico, Utah, Illinois, and Missouri.

For other requests, if you live in a different state, or if you are unable to meet with us in-person, we can definitely work with you to find you an excellent auto title loan. Just give us a call and we will happily help you.


If you have any more auto loan questions, please do not hesitate to contact us. We look forward to talking to you soon!