America is in a really terrible situation! A vehicle loan is a loan that is intended for a specific purpose: the purchase of a car. The monies received by the borrower cannot be used to purchase other items. Until the entire debt is paid off, the car purchased with an auto loan program remains in the bank's pledge. A consumer loan can be used for any purpose, and the loan agreement does not specify why the borrower is taking the money. I went to Mortgage Broker Birmingham when I needed a loan like this. You can get a car loan from the dealership where you bought the automobile or from a bank.

Paid off several years ago.

I've been in auto finance for the past 25 years and I can tell you it is out of control. Lenders keep offering longer terms... Now out to 96 months for just about every lender. Stipulations are usually that you are financing over $25k-$30k... But that is just about every vehicle these days. So many people are buried in the car they own. Like buying a house in 2007. (I still have an old neighbor buried almost $200k in their house.)

#Beowulfsfriend said it best and gives the advice I always give. DO NOT buy new... Buy a 2 year old vehicle with low or average miles. It usually still has manufacturers warranty. CPO units can actually give you an even better warranty than new in some cases. If you are going to keep it for a long time.. A good extended warranty is a good idea but you need to make sure it is a legit contract and not a fly-by-night company.

If I have a friend who wants a specific vehicle... I'll make a call to the dealer owner or GM and get them a great deal. If they are just shopping around, I recommend CarMax. They are actually not the "car business" types. They sell cars like toasters. (They are an old division of Circuit City) They are more than fair and you never have to worry about being ripped off.

i havent bought a new car since 1985 and won't ever again - bar nothing. I buy cheap - get more than two years and i have usually saved money. When i say cheap \ i mean cheap, but inspected for our state.

Seems like America has all.kinds of debt problems. It's almost like as a society we have collectively decided to live beyond our means as a requirement and it is crumbling.

So many people are indentured servants to shiny cars and matching living room sets that don't need to be.

Ummm, I signed up for those payments. I could have bought a used or cheaper car, I couldhavejust used taxis, why is somebody minding my business again? And you all know that many people's cell phones cost 5 times what a car payment might be..........where is the outrage over that?

Fortunate enough to have the cash.

No. I paid cash, $9,000 less than the original asking price for a new Honda.

Don't have a vehicle. So, no payments.

Took me 7 years to pay off my 2011 Kia Sorrento bought new. Under 90,000 miles - still alive and kicking!

Nope. Always pay cash.