First of all, if you have enough saved to make this type of decision, good for you!
Car ownership is parallel only to home ownership. And, if you’ve been disciplined and fiscally responsible enough to ask this question, then we think that is awesome!
When making decisions on large purchases, you should always consider your budget and the level of your savings account. It’s great not to have a monthly bill; it is even greater if you don’t have to pay interest. However, depleting your savings can come at a cost too.
It is important to your overall financial health to have enough to draw upon in case of emergencies.
Don’t forget you can always put more down on a loan, which will result in lower payments. This can also result in lower terms, and often time lower interest rates.