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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.

> my father keeps saying pulling from 401 k is good

Your father probably means well.

But quite frankly, stop taking financial advice from dear father.

Be wary of draining your future to finance you present.

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I guarantee your dad has financial issues if he told you that and as such I would probably never take financial advice from him if I were you. The market is down so let’s sell off some stock and lock in our losses. Nope.

Yes I would buy a 2k car on my credit card but not because it is zero percent interest but because you probably need a car and you’re broke

And how are you going to afford the installation of a dui breathalyzer and monthly costs?

All this plus his insurance costs will be huge.

That’s the problem I’m facing. It’s been ten years since I’ve driven (I waited until I got sober didn’t want to get locked down or jail time) and the only way I can get a better job is to get a car and get the interlock Otherwise I’m stuck picking a job that’s within walking distance. Yes I can afford the installation and the monthly as I have a job I just need to get the car under my belt. Figured if I had a zero percent interest I could use my card and pay it off monthly. Because the dealership I went to has a minimum of 48 month loan at 6.9%. So I didn’t know if a 401k loan would work or a personal loan I could use? I tried going to my bank and credit union but the car couldn’t be older than five years. So what would you recommend to get a car loan for an older car? I can’t make more money without going to college or taking a different job and I can’t do any of that without a car as furthering my education the college is 45 min away

I can afford the insurance, interlock and monthly check costs for the interlock. I just need the bulk cost of the car without being stuck in a 4 year loan. I just can’t find a place that’s willing to take outside financing and trying to stick me with a 4-5 year loan at 6-7%

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.

Thanks for reply. It wouldn’t be a lot just enough for a 5k vehicle or less. He made it sound like I’d be selling at the high point when I first invested but I guess that really means I’d be selling at the low point now. And even if I pay it back it’s be rebought at a higher price depending on the market. I just need a car to get better job opportunities and go to college that’s an hour or so away. So figured giving up a future investment would be worth it if I can get a better education or better paying job in the long run