Is Zakat obligatory on a bank deposit from which a loan was taken to purchase a car, but the car has not yet been purchased, while loan installments are still being paid?

"One must be careful when dealing with interest-based banks, as the Prophet (peace be upon him) cursed the one who consumes interest, the one who pays it, its scribe, and its two witnesses. If a year passes on the borrowed money and it reaches the nisab, Zakat becomes obligatory on it. Scholars have differed on deducting debt from the wealth subject to Zakat. The majority of jurists hold that debt should be deducted for Zakat in cash and trade goods, citing the action of Uthman (may Allah be pleased with him) and arguing that obligating Zakat on the debtor leads to repeated Zakat on the same wealth. Conversely, Al-Shafi'i in his new opinion, and Ibn Baz and Ibn Uthaymeen, held that debt does not negate Zakat, citing the generality of Allah's saying: 'Take, [O Muhammad], from their wealth a charity.' The authoritative opinion is that of Malik, who deducts debt from the wealth subject to Zakat, unless the person liable for Zakat has other non-Zakat wealth exceeding their needs, which can be offset against the debt; then, they pay Zakat on the remaining wealth. If you have assets such as houses or a car that are surplus to your needs, you offset the debt with them, and Zakat then becomes obligatory on the deposit. In any case, it is safer to pay its Zakat."