Maybe you could use the money to fund small family outings (a trip to the shop to get ice creams). What that means is that the depreciated value of your vehicle may be $10,000 but you owe more than $10,000 to the finance company, credit union or bank. All in all these requirements do sound fairly simple to meet for most people but there are other things you should consider when buying from one of these companies. My blog post - Ez Credit car loan