401k

Some 401K plans allow you to take loans against your balance. Not all do. It is somewhat dangerous because if your jobs ends, the loan becomes due. If you cannot pay, then it is treated as income, and you have a big tax bill.

I doubt that you can get a distribution from the 401K without quitting your job. If you have an old 401K somewhere else, you can roll it over, and then use the money for up to 60 days (once per year, in fact). If you are late on the 60 days for any reason, including reasons that are not your fault, the money is treated as income and you get a huge tax bill.

Do you have a credit card? That is one option. The high rate of interest is better than spending a million dollars fixing a car. What do I mean spending a million to fix you car? Well, if you are relatively young, taking a $1000 out of retirement savings can have a million dollar impact at age 70. Think about that very hard, is your car worth a million? Will your car last until you are 70? If not, then don't spend retirement money on it.

You could also rent a car, maybe take the bus, maybe car pool, or pay someone at work to pick you up, or borrow a car from a relative. There are lots of options. You just have to want it badly enough, and not be looking for an easy way out.

-john-

Can you repay the loan within 1 year? If not, I would think you need to change some financial habits to better account for situations like this.

I do not think 401k loans for car repairs is a good choice. How much is the car repair? What kind of car (how old)?