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Originally Posted by Cam 6
There is a penalty for removing retirement funds outside of a hardship situation, correct? I'm thinking it is 10%.
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You can take a loan out from a deferred comp savings plan with zero penalty (other than a $25 processing fee), and the interest on the payments goes to yourself.
You would have to do the math if makes complete sense. If you're deferred comp account makes a significantly a higher return rate than the interest on your loan, it may make more sense to just get a low interest conventional car loan. Talk to your financial advisor to see which stretches your dollar best.