Can I cancel my car loan?

I know that there is a cooling-off rule where you have three days to cancel big purchases. Can I do this with a car? I was so excited and the salesman was so charming that I went over my budget.

Answer
I’m sorry to say that that rule doesn’t work with cars. You still have options though! For one, you can go back to the dealership and downgrade your car. This should bring down your total, and the leftover amount can go into the new loan.
Here are two other options:
  • Look over your agreement and see if you there are any add-ons that you no longer want. You may be able to cancel those and get reimbursed.
  • Down the line, you could also get your car loan refinanced, although you would have to wait at least a couple of months. This option works best if you have good credit.
If you’re looking for cheap car insurance quotes for your new ride, go to the Jerry app. A licensed broker that offers end-to-end support, Jerry gathers affordable quotes, helps you switch plans, and will even help you cancel your old policy. The average Jerry user saves $879 a year on car insurance.
Lauren Smith
Answered on Nov 17, 2021
Lauren has written for World Nomads, the Matador Network, Korvia Consulting, and once upon a time Three Fates Games. She graduated from Columbia College of Chicago with a BFA in Creative Writing. After graduating, she moved overseas and lived in South Korea where she spent her free time traveling and going on road trips with friends. She misses the rest stop potatoes and is trying to figure out how to recreate them at home. She's now based outside of Chicago and when she's not writing she spends her free time reading, playing video games, and exploring whenever she can.
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