What are the differences between fixed and variable loan terms?
An example of an AI chatbot conversation about comparing loan terms and their implications.
What are the differences between fixed and variable loan terms?
Fixed loan terms have a set interest rate for the entire loan duration, while variable terms can change based on market rates.
Which one is better for long-term loans?
It depends on your financial situation. Fixed rates provide stability, while variable rates might offer lower initial payments.
What are the risks of choosing a variable loan term?
The main risk is that your interest rate can increase, leading to higher monthly payments over time.
Can you give me examples of when to choose each type?
Choose fixed if you plan to stay long-term and want predictability. Opt for variable if you expect rates to drop or plan to refinance soon.
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