Can You Back Out of a Car Loan After Signing?
So, you have a new car. After a few days since bringing it home, you realize that you’ve entered into a bad car loan deal. Or you no longer think the car fits your needs or you suddenly experience financial difficulties. For some reason, you feel like you want to back out. How do I get out of a car loan? you wonder. Can you even do that?
Let us consider a few scenarios on the possible questions you have when you want to cancel your car loan agreement.
Can You Cancel a Car Loan When You Change Your Mind?
The short answer is no. There’s normally no buyer’s remorse in the car loan contract nor a cancellation clause. The federal cooling off rule, which gives you three days to cancel a high-pressure purchase, doesn’t apply to car sales.