Why would someone choose to refinance their loan?

People choose to refinance their loans for various reasons, but the most common reason is to get a better interest rate or loan terms. By refinancing, they can reduce their monthly payments, pay off the loan faster, or both. Refinancing can also be a way to consolidate multiple loans into one, making it easier to manage debt. Additionally, if someone's credit score has improved since taking out the loan, they may be able to qualify for a lower interest rate through refinancing. Finally, some people may choose to refinance to switch from a variable rate to a fixed rate, or vice versa, depending on their financial goals and market conditions.