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Finance Choice on vehicle with only 78,000 miles 700 1986

posted by  someone claiming to be Ed Piatek on  Sat Mar 31 15:33 CST 2001 [RELATED]

This question is not mechanical unless you are a banker..... What is better? A bank loan for 10.2% on $10,000 borrowed with insurance to cover the difference between actual value and loss value should a total loss occurr OR a 10% loan from my 401K where the interest gets paid into my 401K after a one time loan origination fee of $85.00. The amount of interest charges is approximately $1800 over the three year life of the loan. What are your opinions on these two choices. I plan to carry collision and comp with $500. deductible.

I am truly baffled by this one and any opinions would be greatly apreciated.......Regards,





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