Can I cancel a car loan before signing?

I’ve been looking for a new car and considering getting a car loan for a few months now. I almost signed the papers the other day, but now I’m sure that it isn’t the right move for me. Can I cancel before signing or am I already locked into this since I’ve done everything else?

Answer
You absolutely can cancel a car loan before signing! Since you have not signed the paperwork, you have no contractual obligation to the lender and they have no power over your decision.
Simply give the lender a call and let them know you are no longer interested in signing on with them. If they have a cancellation process, see that through and that should be the end of it. You should not have to pay any fees during this process.
Taking on a car loan is a major financial decision that can be stressful if you can’t make payments on time. Adding a new financial responsibility isn’t always the best decision for your current finances. However, if you feel that you could make these payments if you have a little extra cash, check out the Jerry app and see how you can save on your car insurance.
You can sign up for Jerry in less than 45 seconds and you’ll immediately get car insurance quotes for coverage similar to your current plan or better! Jerry customers save an average of $879 a year without ever having to sacrifice great coverage!
Chloe Jenkins
Answered on Nov 05, 2021
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