The Motley Fool Discussion Boards

Previous Page

Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: The downside of 401k loans... Date:  2/12/2015  10:27 AM
Author:  jeffbrig Number:  309030 of 312970

Have you considered selling a car or two ?

Nope, and I don't think there'd be much of anything to gain by doing so. We have two cars, and need two cars. One car is paid for and worth about $14k. The other might bring $25-30k, but it'd be a slow sale (unless priced absurdly low), and has a $15k loan outstanding. So we'd likely net around $25k and then need to find two replacement cars for us. Realistically, that's just not going to solve the 401k loan issue.

Now, one thing I am considering is paying off the $15k car loan using a bonus and ESPP sale coming at the end of next month. Between that and clearing the 401k loan obligation, we could easily cash flow a HEL, actually come out a few hundred $ a month ahead. That seems like the clearest path to me right now.
Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us