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alexm2816 t1_j6ogtel wrote

Borrowing from your 401k is the worst thing you can do in a down market. That means you'll liquidate your holdings which when you 'pay the loan' you'll re-buy plus after tax interest at a potentially different price.

If you can't afford a cheap car and are going to need to buy and maintain an interlock device along with an SR22 insurance plan then I'm not sure you can afford a car and putting it on a credit card (which isn't possible most places) is just leading you down a slippery slope.

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narcoyouth OP t1_j6p67si wrote

I just feel stuck. I waited until I got sober to try to get a car. But even though it’s been ten years since my DUI I’m still stuck getting an interlock. What am I to do? All cars I bought cash so I’m still a first car owner so even with going to my bank or credit union the car can’t be older than five years. So I can’t afford that. But I can’t afford that much in cash since I’m pay check to paycheck. Can I get a personal loan? The car dealerships want a four year loan minimum at 6.9%. I guess I should just suck it up and pay crazy interest? I can afford the interlock and the high insurance with the job just not the bulk payment for a car. I know borrowing from 401k is bad but if I don’t have a car I can’t continue my education or look for a new job or opportunity. I get not selling out my retirement but I can’t do anything without a vehicle to make my life better.

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