Low interest rates mean it's a great time to borrow money even while it's a terrible time to lend it. Get yourself a long-term loan at very low rates and do something useful -- or even just enjoyable -- with the money.
I borrowed some money from my 401(k) account to finance some expenses related to a new business I've started. I'm paying the money back -- to myself -- at a rate of 4.25% over five years. And since the interest is tax deductible, I've got a really good chance of coming out ahead in the long run.
Please be careful with 401(k) loans. You’re borrowing your own money and paying yourself “interest” as you repay the loan. It’s not the same thing as earning money on your investments. The hidden cost of 401(k) loans comes from the earnings you’re not receiving on your savings while they’re borrowed from your account. The interest you pay yourself is not a true interest expense since you’re paying it to yourself and its definitely not tax deductible.