I'm pretty impressed with some of the DeFi projects that are being developed. There have been some growing pains with issues like contract bugs and liquidation events during high volatility, but they seem to be improving.

MakerDAO has a pretty well thought-out economic model that lends out stablecoins to borrowers that provide crypto collateral: https://youtu.be/wW1IEZeWY4k

Seems like a good way to get access to spendable funds to buy something like a car without losing crypto exposure and subjecting yourself to capital gains taxes.

It doesn't work as a way of leveraging your money with a small "down payment" like you'd do with a traditional auto loan or home mortgage.