401K loan for down payment with repay in 2 or 3 months My wife and I are considering borrowing from my 401k to use as a down payment on a new house we are looking to purchase out of state. When our current house ends up selling, we will have more than enough to repay the loan which we expect to do in 2- or 3-months max. Besides the money not working for us during the 2 or 3 months that it will take …

Car loan went down by itself? My monthly car loan payment is usually $254 and some change, but I usually just pay $260 to make budgeting easier. Today I went to pay it and it was at $80? I don’t know what could’ve possibly happened for this to go down so much. submitted by /u/THE_A_TRA1N

Should I pay off car loan with savings? Or should I invest what I have. So I have a car loan of $22000 with a 6.49 interest rate. I have 72 months of payments. I have just enough in my hysa to cover the whole loan. My hysa makes 4%. My question is should I pay this off right now. Draw it out for a while, or continue on making the payment of less that 400 to term. This is my first loan on my credit history. I have a …

Student Loan Payoff Options w/Inheritance I have approx 65K student loan debt at 6.5%. Less than 24 months from PSLF. Recently came into inheritance that will allow me to become debt-free. Do you recommend that I: a) Payoff full $65K now OR b) Continue paying monthly for less than 24 months (+/- $12K). PSLF erases remainder. Is it as simple as paying $65K vs $12K? Just want to maximize …

Aggressively paying off home repair loan. 10 year loan to 3.5 years Aggressively paying off home repair loan, 3.5 years into a 10 year loan. Loan terms: $145.53 minimum payment at 7.99% for 120 months started on July 30, 2021. Up until September 2023 I was paying $200 a month and since September 2023 I’ve been paying $400 a month after my finances got better at that time Currently owe $4,165.24 after dumping $23…

My mum asked me to take out a loan for her Ok this is my first Reddit post pls be nice lol. My mum has always struggled with finances, cycle of poverty, we get it. Lately with the cost of living crisis it’s gotten really bad and she’s struggling to make mortgage repayments. Her health has also gotten a bit worse recently and the loan is to cover the costs of private health care. I’m 21 …

Does this make sense to wait to pay off entire student loan? So essentially I have about ~$15k in student loans and ~$30k in a high yield savings. I was a pell grant recipient in undergrad so I would have had my entire student loan forgiven before the Supreme Court struck it down. I know I’m in a lucky place where I’m actually able to pay it off entirely. However, I have heard that pell grant recipients…

Loan officer is asking to allow title company to pay off $25k auto loan, is it risky to give them the funds to pay it off? Loan officer is asking to pay off $25k auto loan to qualify for a mortgage, but is wanting me to pay it off at closing. That means giving the funds to a title company that will then send the payment for me. Is this too risky? Or should I ask to pay it off through my mobile app? Due to close in 3 days. submitted by /u/Muab_D1b

401k loan to pay off Payday loan? TLDR; I have dug myself into a hole with $1600.00 in payday loans and want to use a 401k loan to keep myself from drowning in payday loan debt. The title screams “financially irresponsible” and you would be right. Finances have been a large struggle of mine for years but I am done living this life and I am determined to make a change. My car en…

Old mortgage servicer took payment after selling my loan I had a servicer for the last year, Planet Home Lending, that I set up autopay with. They recently sold my loan to Mr. Cooper, with an effective servicing date of November 1st. Mr. Cooper decided to suffer a cyberattack, so I only was able to access my account today. During this blackout period, I saw money leave my account to autopay my mortga…

Personal Loan vs 401k withdrawal I think I need some help determining the best option here. I have 90k in credit card debt I am looking to clean up. Yes, I know. Most of that came from a combination of helping family through the covid years and some absolutely needed household repairs. I’ve also been contributing the max to my 401k to offset taxes but being that aggressive cert…

Student loan lump sum payoff I have about 20k in student loans @ ~5%, I have enough to pay them off immediately + emergency fund, but I worry about possible repercussions with credit score. I currently am paying 3x the minimum payment to speed up paying them off. Paying off would significantly reduce/eliminate interest on the loans. How much would paying off the loans in 1 …

My 15.7% rate private student loan is killing me I need some serious advice and not sure where else to go. In 2019 I took out a $66,000 private student loan with meritize to finance my pilot flight training. Because I was young I had nothing on my credit and my rate was 15.7% fixed. Fast-forward to 2022 and I am two weeks away from getting my instructor license and can finally start getting pa…

Worth refinancing auto loan to save 1%? Original loan opened six months ago for $27,600 – 7.79% for 72 months. Currently paid down to $20,000 Capital One offered me 6.7% for 48 months, monthly payment is nearly the same. Knowing that the interest is front loaded and having aggressively paid down the balance, I feel like I should go ahead and take the credit hit and do this to save a c…

Post Office lost my loan repayment check I took out a $42,000 loan against my 401k to help with a down payment for a home purchase. The plan was to pay it back once my current home sale closed. Everything went smoothly with buying and selling and I was basically immediately ready to repay the loan. My 401k group would only accept a certified check, so I had my bank write me one and ma…

Auto loan not reflecting total payment on the deduction? Hi, I just wanted to verify a question as neither the bank or car dealership notified me about this. I took out an auto loan for a used car in august, and after looking at the previous payments the payment amount I make isn’t deducted correctly. For example, out of a $800 payment only $500 of that reflects on the total. I called the bank and th…

Construction loan way over budget My wife and I got a construction loan to build an addition onto our house. The contractor and his team did excellent work, but was horrible at bookkeeping, communication, and most importantly estimating. Long story short, the project went over 70K what the bank construction loan was set up to pay. Half of that has already been paid by us, but th…

Does it make sense to pay off car loan? Have 24k left at 3.3%. I was thinking about paying it off in one lump sum around December. I was also toying around with just keeping the money and having it in a HYSA like ally or Marcus by Goldman Sachs(open to suggestions here). Which would make it a significant amount in savings to hopefully be able to gain a decent amount in savings. Althou…

22K in personal loan, 4k in CC debut, 33k in car loan. Whats the best way to dig myself out? I have a personal loan 24k at 19.95% interest and credit card debt ~4k.(lost this money in options trading) I also took a 33k car loan recently at 6.99% interest where monthly payment come around 750$ and auto insurance around 210$ per month. I pay around 850$ monthly for the personal loan. My monthly paycheck is 4780$ after all the taxes. My l…

Should I take out a 5k loan to Study Abroad? I plan on studying abroad Jan 2024 in Barcelona for 3 weeks and will need around $4300-4500 to finance this opportunity. I am graduating college in December ’23 w/ a BS in Information Science (ie. Data Science) 1.5 years early and would no longer be eligible for financial aid for this trip. I currently have just under 8k in federal student loans…