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Can I cancel a car within 24 hours?
I just signed my car loan a few hours ago, but now I think I can't afford it. Can I cancel a car loan the next day?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear that you can’t afford the car you want! However, you may still have some options to remedy the situation.
Unfortunately, you can’t cancel a
car loan
based solely on buyer’s remorse or failing to do your homework. While many people cite the Federal Trade Commission’s cooling-off period, which allows you to return a purchased good after three days, it doesn’t apply to cars.However, here are a few situations where you may be able to return the car and cancel the loan:
- If the dealer misled you into buying a car
- If the dealer failed to disclose the terms of financing
- If the car falls under thelemon law
In the case of simply not being able to afford it, the best choice is to tell your lender. They’re often more willing to work with you than you anticipate!
Since you likely won’t be able to cancel the loan, one way to cut your expenses is to shop for new car insurance. The
Jerry
app makes it quick and easy. In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from 50-plus top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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