I’m taking a $5k 401(k) loan to lessen the bank loan I need to take for an auto purchase and pay myself the interest instead. I want to use that money as effectively a down payment on the auto lender side.
The thing is, I want to buy the car this weekend (used dealer has a good price). My partner has the 5k to front me, so I wanted to pay the dealer with their 5k, then pay my partner the 401(k) loan balance next week.
Is this how this works? Am I allowed to do this? Does someone on the 401(k) side check where the money goes?
It is going to the auto purchase, I just don’t want to do something that seems sketchy.
Thanks
Submitted January 07, 2023 at 02:08AM by PM_ME_EXE_FILES https://ift.tt/xOntcrh
