5. General factors to consider when shopping for a consumer loan Aa Aa Factors to Consider before Taking Out a Consumer Loan You've made the decision to purchase an item that is affordable only with a loan. When shopping for a loan, there many aspects of the loans that you should examine. which of the following about a specific loan proposal before accepting a lender's offer? Select all that apply are questions should be asked and answered where is the lending institution located? Is the loan collateralized? What is the loan's APR? Do you need, or only want, the item being purchased? If I accept the loan, what is my new debt safety ratio? You're shopping for a big loan, but you have misgivings about John, the loan officer, at an institution you just visited. What are some reasons that may have you uneasy about accepting a loan there? Check all that apply. John spent most of the time emphasizing benefits of loans with balloon payments and interest-only payments. John told you that the interest rate is the only important fee to worry about and that discussing the APR is an unnecessary complication John said that his loan was most likely the only one you'd be able to obtain. D When you filled out the loan application, John told you to leave out the smaller amounts you owe to department stores. John pointed out that the APR and interest rate were different. When you filled out the application, John said if you werent sure about something on it, you could take the application home and complete it when you had the correct answers. John gave you a range of terms and said they'll be worked out at closing. John discussed options for taking out a smaller loan, such as selling current assets to raise a bigger down payment. what are characteristics of your reasons for feeling uneasy about John the loan officer? Check all that apply The way the loan officer omitted pertinent information John gave you a range of terms and said they'll be worked out at John discussed options for taking out a smaller loan, such as selling current assets to raise a bigger down payment closing. What are characteristics of your reasons for feeling uneasy about John the loan officer? Check all that apply. The way the loan officer omitted pertinent information Feeling under pressure to make a decision The loan officer's embellishment of the facts Your friend suggested you look into a variable-rate loan, What questians should you ask? Check all that apply What is the interest rate tied to? How often is the rate subject to change? Is there a maximum rate? How many points are added to the base rate? Given the long list of relevant loan-related considerations described above, the paradox of chaice often arises when attempting to make borrowing decisions. Which of the following phrases addresses the charactenstics and recommended solutions for this phenomenon? Check all that apply D Identify your goals and a framework for evaluating any trade-offs that must be made when making your decision Prepare a list of possible alternatives and make a random selection Keep it simple and select the easiest or least expensive alternative Arises when there are too many complicated choices, such you can become overwhelmed and make poor decisians