Replacing the original loan term with a new loan means paying off the original loan with a new loan and readjusting the loan term to a new loan term. This kind of replacement operation is common when the borrower wants to adjust the loan interest rate, extend the loan term or rearrange the loan conditions. When the loan is replaced, the borrower negotiates with the lending institution and signs a new loan agreement. The new agreement defines the loan conditions such as the amount, interest rate and term of the new loan, and clarifies the repayment method of the original loan. Once the new loan is issued, the borrower can repay the original loan with the new loan funds and repay it according to the terms of the new loan.