I'd rather get a loan for my ill advised RV purchase rather than withdraw from my IRA and pay income tax. My credit scores are north of 800 but evidently that does not matter in today's world of loan rates.
Question - I thought about a trustee to trustee transfer from Vanguard to my local bank. Set up an IRA CD and borrow against that to get a lower rate. But the bank will not use an IRA CD as collateral. Regular CD, yes, IRA CD no.
I'm out of ideas, anyone got another work around? I got cash coming in three years from my rental property sale, so not worried about paying off the debt. At 65, I don't want to wait another three years for some RV adventure.
Question - I thought about a trustee to trustee transfer from Vanguard to my local bank. Set up an IRA CD and borrow against that to get a lower rate. But the bank will not use an IRA CD as collateral. Regular CD, yes, IRA CD no.
I'm out of ideas, anyone got another work around? I got cash coming in three years from my rental property sale, so not worried about paying off the debt. At 65, I don't want to wait another three years for some RV adventure.
Statistics: Posted by breeves2245 — Tue May 07, 2024 9:02 am — Replies 0 — Views 30