For example, lenders consider your vehicle's mileage, model year, and intended purpose. If your car is more than 125,000 miles or is more than 12 years old, lenders may not want to refinance your vehicle. Or, if you use your vehicle for business purposes, including ridesharing, you may not comply the requirements for refinancing.
Jasmin Bing3 minutes 9, seconds read
With a 30-year mortgage, you make 360 monthly payments. Because you pay a smaller portion of the amount you borrowed (or principal) each month, your monthly payments are lower than with a 15-year loan.