Final answer:
When looking for a loan to buy a car, Gene should consider factors such as a low interest rate, a good credit score, an open line of credit, and a deferred payment plan.
Step-by-step explanation:
When looking for a loan to buy a car, Gene should consider several factors:
- A low interest rate: A low interest rate means that Gene will pay less money in interest over the life of the loan. This can save him a significant amount of money.
- A good credit score: A good credit score will help Gene qualify for a loan and get a better interest rate. Banks typically offer lower interest rates to borrowers with higher credit scores.
- An open line of credit: An open line of credit means that Gene can borrow more money in the future if he needs to. It provides him with flexibility.
- A deferred payment plan: A deferred payment plan allows Gene to postpone making payments for a certain period of time. This can help him manage his finances more effectively, especially if he needs time to save up for the loan.