Ok, already lots of answers that you should use your savings, and I agree with them. But I wanted to put the question in a different light.
With a 11% interest rate, the issue is not if you should take a loan or use your savings. Use your savings as long as they are enough. If some unplanned expense comes by, then you take the loan to face that expense.
So, given that you have the option of not getting a loan, the questions are:
For the first part, there are some questions that only you can ponder:
- Can you get a cheaper car? Just putting this point for completitude, certainly you are going for something cheap enough.
- Do you know what are you buying? In order to ensure that you do not get some car with hidden defects that come bitting you later on. Here you are already covere
- Can you get by without a car? Public transport, or public transport + electric scooter, or whatever alternative is available to you.
For what I read, it seems that you have done your research and it seems that you are being sensible. In any case many of these questions can only be answered by you.
For the second question, the main problem of not getting a loan would be that you have unexpected expenses and need to get a loan later on. That would be a problem only if that later loan were more expensive than the car loan.
So, to answer this question, you should have some idea of what it would cost you to get a personal loan.Typically you would get a cheaper loan for your car if it was used as a collateral (to reduce the risk to the lender). If the IR of a personal is the same than the car loan, the risk of needing that money later on costs you nothing.
An additional advantage is that you would get some info about the actual cost of loans; 12% seems awfully expensive and car dealers often do not give good offers.