Can you back out of a car loan after signing the paperwork?
"Can I back out of the loan after signing the paperwork? I just signed a loan, but after driving my car, I realized it's probably not the best choice for me."
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Answered on Jul 28, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“No, you probably cannot take the car back because of buyer’s remorse. When you sign the loan for a new car, it’s just like any other contract in that it’s legally binding. Unless your car falls under your state’s lemon laws, you’re stuck with it.
One saving grace may be that your dealer has a stipulation for returning the car. In most cases, the contract may state that you have three days or so to return the car if you’re unhappy with it. Check with the car dealer to make sure.”
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