# Fixed Terms Fixed terms help a borrower know exactly when their repayment will be required. In combination with a fixed interest rate they will know exactly how much they owe and when they owe it. Fixed terms help a lender know exactly when they will be paid. Again, in combination with a fixed interest rate the lender will know exactly how much they will be paid on that date. Having fixed terms allows a lender to create multiple terms and loan options. Having different dated loan terms would allow a borrower to [rollover](/overview/vendor-finance-v1/definitions.md) to another term, therefor making the loan perpetual for how ever long the lender wants. {% hint style="info" %} Example: There are 2 different loans terms created by the lender, one ending on Feb. 28th and the other ending on Mar. 31st.\ \ If the borrower was in the first loan term (Feb. 28th) they could then extend it to the next one (Mar. 31st), if they choose to. \ \ Rolling over is optional for the borrower and at the lenders discretion. {% endhint %} --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.vendor.finance/overview/vendor-finance-v2/benefits/fixed-terms.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.