[GhostRider]

Hello,

Since I'm planning on purchasing a new 959 in the next month or so I figured I should join this forum. My past bikes that I've owned over the years are: 99 R6, 03 R6, 03 600rr, 05 R1, 06 R1, 08 848 & a 08 1098S that I still regret selling. Well I ended up getting a lot more than I expected for my tax refund ($13k) So I've been thinking of borrowing another 3-4K of my 401k since the interest rate is far below the banks interest so that I can purchase the 959 in full with no lien holder. I'd have that 3-4K paid back to my 401k within a few months.

 

[corsa]

Good strategy for getting a 959. Fortunately it should hold it's value well over time, probably better than the 899, which I bet is taking a hit cause of the 959's release.

 

[avigil]

Hello,

Since I'm planning on purchasing a new 959 in the next month or so I figured I should join this forum. My past bikes that I've owned over the years are: 99 R6, 03 R6, 03 600rr, 05 R1, 06 R1, 08 848 & a 08 1098S that I still regret selling. Well I ended up getting a lot more than I expected for my tax refund ($13k) So I've been thinking of borrowing another 3-4K of my 401k since the interest rate is far below the banks interest so that I can purchase the 959 in full with no lien holder. I'd have that 3-4K paid back to my 401k within a few months.

Welcome to the forum! I picked my 959 up yesterday morning and love it. I'm guessing you know the following but I'll throw it out for you to consider.
1. There may be additional fees that you get charged for taking a loan out against your 401k. I'd suggest checking to find out.
2. If you quit your job, get fired, etc you'll have to pay back the loan immediately (or get a big tax penalty).
3. While you have this 401k loan out, you'd be able to take another 401k loan out if a real emergency occurs. - as if needing to buy a 959 isn't an emergency

If I were you I'd consider financing the 3 - 4k that you need (as opposed to taking it out of your 401k). I just got a 3.49% rate for mine from my credit union.

Do as you wish. But I figured I'd throw out things to think about. Now I have to talk myself into going into work tomorrow instead of skipping work to go riding all day!