Is there a cooling off period for car loan agreements?

Yes, in the United States, most states have "cooling off" or "rescission" periods that give consumers the right to cancel a car loan agreement within a specified period of time after signing. These periods typically range from 1 to 3 days, but can be longer in some cases.

The purpose of these periods is to allow consumers time to reconsider the purchase of a vehicle before getting fully committed to a loan agreement. During the cooling off period, consumers can cancel the agreement without penalty or further obligation, and the dealer must refund any deposit paid.

However, it's worth noting that cooling off periods might not be available or have specific conditions if the loan is arranged directly with a bank without involving the dealer. Additionally, some states may not have such provisions for car loans. It is always important to check the specific regulations in the state where you are purchasing a vehicle to understand your rights and cancellation options.