While some speculate that interest rates may go down within the next few years, you may not be in a position to wait. However, the good news is that there are plenty of affordable loan options available to you in 2023.
Despite the state of the economy, there are several things you can do now to reduce your borrowing costs.
Instead of directly applying for a low interest loan, consider opening a 0% APR credit card. A credit card can be a cheap short-term borrowing solution. Often, credit cards have promotional offers with low APRs for up to a period of 20-24 months.
Otherwise, there are a number of government subsidized loans for students, business owners and home buyers who demonstrate merit or need-based eligibility. These loans typically have lower (or no) down payments, reduced interest rates and flexible repayment schedules.
Finally, consider taking steps to improve your credit score, so that if interest rates do go down, you will be in a better position to secure your desired loan.