Remember, your overall financial health can have a significant impact on your loan conditions, as well as the interest rate you qualify for. Some lenders charge fixed rates, which don’t change during a loan term. Others charge variable rates, which can go up and down with Canada’s prime rate.  Don’t worry, because there are a few surefire ways to earn the best interest rate available, including but not limited to:
Research and compare quotes – There are tons of online and physical lenders all across Canada, each offering different rates and loan conditions. Any good lender should also give you a free loan quote to factor into your budget. Be warned, the quote you receive may not equal the actual cost of your loan.
Improve your finances and credit – While it can be difficult to maintain a full-time or second job as a single parent, any income and savings you can generate will help make your application stronger. By paying down debt and not using too much credit, you can also gradually increase your credit score.
Find a Cosigner – If your income or credit score aren’t good enough to qualify, a more stable borrower can cosigner your loan, which should give you better approval odds. Your cosigner will become responsible for your loan payments if you can’t afford them on your own.
Apply For a Secured Loan – You may also get better approval odds by offering your lender some collateral, such as your vehicle, in order to decrease the amount of risk they’re taking. Be careful as a secured loan means your lender has the right to seize your asset if you miss too many payments.