> ... [to] borrow money to buy _a car_ is a huge red flag ...
Hi Jeff
Just a polite reminder that a) there's nothing wrong with financing, it's essential to the buildup of the US and b) the average US citizen doesn't have the same income distribution that the average HN reader does.
The median price of a car in the us is $35K [1] and the median household income is $59k [2]; For most families in the US the car is absolutely essential for work, life (kids) and basic necessities of life. The median American has less than $5000 in a savings account. This is especially bad for marginalized minorities [3]. It's practically impossible for most Americans to walk in and buy a car with straight up cash, and even if they could, I would consider that unwise.
Back to debt: there's nothing wrong with debt, and some of the smartest richest people I know use debt carefully to manage cash flow.
[1] https://www.researchgate.net/profile/Till_Stowasser/publicat...
[2] https://en.wikipedia.org/wiki/Household_income_in_the_United...
[3] http://apps.urban.org/features/wealth-inequality-charts/img/...