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hi


You are replying to:
JohnMD
Posted 10/19/2006 7:36 AM (#215696 - in reply to #215687)
Subject: RE: Boat loan?





Posts: 1769


Location: Algonquin, ILL		401K Loans, The way this works is that you are not Taking Money out of your 401k but using your 401k as collateral, You pay back the amount borrowed plus interest usually lower than a Banks, Now if you Fail to pay you will be taxed at the regular rate on the amount remaining PLUS a 10% penalty, In short using your 401K can work to your adavantage just check with you account manager for the details


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