Tom obtains a car loan from Old Town Bank. October 5, 2022 by 8i9x6 The car loan is Tom’s asset and the bank’s liability. The car loan is Tom’s asset, but the liability belongs to the bank’s depositors. The car loan is Tom’s liability and an asset for Old Town Bank. The car loan is Tom’s liability and a liability of the bank until Tom pays it off. See Answer The car loan is Tom’s liability and an asset for Old Town Bank.