Paying for a car: pay in cash or finance and if I finance, what is the best way?
I have cash to purchase a small used car and would still have money in savings. However it would take up about 60% of my savings. If I finance a car, I have no room in my budget for a payment other than to draw from my savings (from which I’m drawing about 4% interest). I do own a home but am paying on the mortgage. From letters I receive in the mail I have about $ 50,000 available to me through my house equity. Given my financial situation (if I were to qualify for 2.9% financing (or lower) on a car loan, what is in my best interest financially to pay for my vehicle.