So the family vehicle we have now is getting up there in milage (200k miles) and is really too small for our family. So I have been looking for almost a year on purchasing a new vehicle, but due to availability, market, etc… prices have been ridiculous and I haven’t found anything I could reasonably fit in my current budget. Well I have recently found a vehicle that I think I can fit into my budget, but there are a few issues.
Issue 1 is due to losing hope and thinking this is the new “norm” for the market I spent a portion of my “saved cash” I was planning for the down payment. Well now I am considering on pulling a 401K loan to shore up the amount I am short for a comfortable down payment and will put me comfortably inside my budget, and then using part of my tax return (when it comes in) to immediately turn around and pay off the 401k loan. Is this simply robbing Peter to pay Paul kind of deal? Is this a dumb idea due to the interest I would have to repay for the 401k loan on top of the interest i have to pay for the vehicle loan?
Issue 2 is I have very recently been accepted for a new job with a new company that will include about 10k/year pay raise but will also most likely require me to move sometime in the near future (6mo to 1yr). Side Note: All of my current budgeting is based off my current income, not my future income. Is it dumb for me to be looking at adding a vehicle loan and hurting my credit when I’m going to be having to sell my house (which I have equity in) and possibly be looking to buy another? Given the above issue of a 401K loan I am not sure when my exact start date will be, or who or how all of my retirement/401k will be transferred, or if all of this will take place prior to me being able to pay back the loan. So is it way too risky to do the 401k loan this close to a possible major change?
TLDR: Needing a new vehicle, but dont have the same amount i had planned for a down payment, and also about to make a career change. Thanks for any help.
Is your family vehicle still in working condition and able to transport your family? Then you don’t NEED a new vehicle, you want one. You also wanted whatever you spent your vehicle fund on, so now you’re going to be delayed in getting what you want while you save.
Your 401K loan is not going to transfer to your new employer, that’s not how that works. Most likely, it will have to be repaid within 90 days of leaving your current employer, or you will owe tax and penalty on the withdrawal. Regardless of that, it’s silly to borrow money from your retirement savings for something you don’t need in the first place. Taking out a car loan will also certainly affect your ability to prepare for your move financially, and the amount of mortgage you qualify to borrow.
Make due with your current vehicle and use your $10k pay raise to save up.
>Needing a new vehicle, but dont have the same amount i had planned for a down payment, and also about to make a career change.
Include some numbers/details. Your question is quite hard to answer in any meaningful way when everything is so vague
[These](https://www.motortrend.com/features/top-10-cheapest-new-cars/) are the cheapest, new vehicles in America.
You can order and wait at some dealers for your vehicle delivery and pay msrp.
I would wait until you have changed jobs and moved before buying a new car.
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