what s the benefit of a fixed interest loan 
there are a few benefits to taking out a loan with a fixed interest rate fixed rates provide some degree of predictability because your interest rate is locked in you know exactly how much you ll have to pay each month this allows you to budget for other expenses you also benefit during low interest rate environments because you lock your rate for the life of the debt the bottom lineif you ve ever taken out a loan you know that you can t avoid paying interest but understanding how they work can certainly help you save some money they come in many different shapes and sizes including fixed interest rates this type of interest rate is locked in for the entire life of your debt whether that s a car loan line of credit or mortgage unlike variable rates which change according to the interest rate environment you ll know how much you have to pay each month and your interest rate will never change until you either pay off the debt or you refinance 