Loans for created by the devil. Take out a 5 year loan on a car.. and you end up paying a crap load more for the car than if you just bought it out right.
If you pay for the car yourself then you can do away with full coverage insurance. Not to mention if you miss a couple payments and they take it away you have lost all the money you have put into the car.
IMO, if you cannot afford to pay for something you dont need it. Taking out loans is just a way to go further into debt and end up paying more for something.