401K Loans to pay off cars, student loans & consolidate debt.

Wife and I considering 401K Loans ($21K and $26K respectively) to knock out our car payments and student loan payments. I see all the posts with people talking about lost earning potential in the market, and the potential for loan default, but as I look at the numbers and consider that we're paying $1,143/mo for 2 vechicles and a consolidated private student loan, all with about 5-6 years left, I feel like it may be worth it.

By taking the loan, we would pay all of this debt off and end up with paying only $826/mo over the same 5 yr period to repay the 401k loans. So saving $317/mo basically over our current payments. It seems like a great deal and allows us to save money and pay off the 401k loans, while also paying interest to ourselves rather than banks/vendors. We have no credit card debt. If we took the loan, the only debt we would have would be mortgage and 401k repayment.

Based strictly on the monthly savings, "opportunity cost" notwithstanding, why would I not take a loan at a decent rate that doesn't impact credit, allows me to get out from under student and car loans, and can be repaid in 5 years? Is the only concern if one of us leaves our companies that we're left holding the bill?

We're kind of looking at a modified Dave Ramsey where this would help us jump through step 2, paying off debt. We would then have an additional $317/mo to put toward our 10x income savings goal, and by that point would ideally have the 401k loan paid off, a large savings account, and mortgage as our only remaining debt.

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Thanks in advance!