Is it still worth taking out a loan at such high interest rates?

Wow, that's pretty brutal 😅 but with €8,000 and 6.5% you're gonna pay a decent amount of interest over a normal loan term.

If you can manage to save up somehow, I'd do it - especially with smaller amounts. But definitely try to check out multiple banks and negotiate, sometimes there's wiggle room, especially if you're a good customer!

And honestly, I'd rather drive around in an old car a bit longer than burden myself with an expensive loan 🤷‍♀️

Before you sign: Ask your savings bank straight up whether they can offer you a better rate as an existing customer. A lot of banks have some kind of goodwill leeway, and 6.5% really isn't rock bottom. Worth asking, doesn't cost you anything.

But here's the thing that the others mentioned - what exactly do you need the 8,000 euros for? If your car needs an expensive repair, then obviously you gotta act. But if it's about the vehicle itself (buying, replacing), then patience really pays off. Over four years you'll pay a whole lot extra at 6.5%, and the thing isn't going anywhere tomorrow anyway. Can't you scrape together the 8,000 in four or five months? Maybe by picking up a side gig for a bit or selling stuff? Most people underestimate how fast you can save money when you actually set yourself a concrete timeframe.

And if it's gotta be quick: Check if you know someone who'd lend you the money - family, close friends. Zero interest and way less hassle than a bank. There are also peer-to-peer lending platforms, sometimes they've got cheaper rates, but you gotta watch out so you don't fall into a trap.