There are three primary ways to reduce your interest rates and repayment costs on a home renovation loan. These include: Keeping your credit score as high as possible. The higher your score may be, the better your interest rate will become. Increasing your term length. Longer terms reduce the cost of individual payments, among other things. Securing your personal loan with collateral. Secured loans with NOW Finance receive a discounted interest rate and can allow you to borrow more.