How soon can I borrow against my 401 (k) after I repay my current loan?
I did a loan with my JP Morgan 401 (k) account about a year ago for $2000. My payoff was $800 this week. I just paid off the full payoff amount and want to borrow again for a car. How soon can I borrow again? I think, right away, but I can not find one little piece of information on this. I know it is highly recommend not to borrow but that is not what I am asking. I appreciate advice based on my actual question. Thanks
One note.
When you re-pay a 401K you are paying back with AFTER tax money.
Then, when you retire, you will have to pay taxes again on that money.
If you need a car, you need a car. Ask your HR manager for the loan.
They will allow you to borrow right again in a hardship situation.
Note: If you have this much trouble saving, consider stopping your 401K contributions and start building up your 6 months worth of emergency living expenses.
No one, absolutely no one should live without this.
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You should be able to borrow in the period of 30 days or 60 days after you paid back the loan depend on the company policy.
But using 401k as a money pit is like playing with Russian roulette with your retirement.
You denied your future growth of your money. Every minutes passed, you can’t get it back.
Saving extra for your car. Leave 401k alone .
A lot of good advices on here, 401k purposes is for your golden years when you can’t work no more.
You don’t want to stand at Wal-Mart at 75 greeting people, do you?
Think about it before take out a loan.