Aqueous dispersions having low VOCs are dispersions or solutions of polyesters. The polyesters useful are formed from A) between about 30 and about 60 mole percent polycarboxylic acids, of which at least about 80 mole percent comprises cyclohexanedicarboxylic acids, B) between about 35 and about 70 mole percent polyols of which at least about 95 mole percent comprises diols, and between about 40 and about 100 mole percent of the polyol content comprising cycloaliphatic diols, and C) between about 5 and about 25 mole percent of a monomer having dihydroxy, monocarboxylic acid functionality. The molar ratio of (B+C)/A is between about 1.01 and about 1.30, whereby the polyester is hydroxyl-terminated having hydroxyl numbers of between about 20 and about 150 and acid numbers between about 30 and about 100. The weight average molecular weight of the polyester is between about 1000 and about 20,000. In aqueous dispersions or solutions, the acid functionality of the polyester is neutralized with base to at least about 40%.