Is zakat obligatory on an amount borrowed from a company for the purpose of buying a car, and a hawl (full lunar year) has passed without the purchase being made yet, knowing that the amount is being repaid in monthly installments over 5 years?

Scholars have differed regarding the deduction of debt from the wealth subject to zakat (definition). However, the ruling that is issued as a fatwa (definition) is that if the zakat payer possesses surplus assets beyond his needs that he can use to offset the debt, then he pays zakat on the wealth he possesses. Otherwise, he deducts the debt from the wealth subject to zakat and pays zakat on the remainder if it reaches the nisab (definition). The more precautionary approach is to pay zakat on all the wealth and not deduct any debt whatsoever.