Everybody loves new cars. They have that smell that everyone associates with "new", and all the gizmos and gadgets actually work. The paint looks like it's wet all the time, and the drive is smooth.
Nobody should like paying for a new car. They are usually 25 to 50% more expensive than used versions of the same car from a few years before, and they'll lose 10 to 20% of their retail value the moment they're driven off the lot. Who likes new car purchases? Banks and credit card companies.
My friend bought a brand new car, but he didn't have the money to pay for it. Not even close to enough money. No problem, he thought. I can get a loan, and I've got good credit.
Fast forward three years. That friend still has the car, although it doesn't run as smoothly as it once did. He's still paying for each month, with a bill that would make most people cringe. He fell on some hard times, as many of us do, and missed a few payments. He used a credit card to cover a few loan payments, then missed some credit card payments. He's in credit hell right now.
Bad credit auto loans are a part of life for many people. Getting out of this credit nightmare is a struggle faced by millions of Americans each year. If you are not in that situation, remember what I just wrote about my friend before you buy that new car, or even that house that's really nice but too pricey for your salary. Just because you can get a loan does not mean you should take it. Remember that your credit rating will follow you wherever you go in life. Don't ruin your future just so you can have something nice now.