Loans: Mistakes and Best Practices (Loan Basics 3/3)

T/F: If you have a credit score of 640 and a debit/income ratio below 36%, you should be able to get a loan easily?

• True

• False

T/F: If you have bad credit, there is NO way that you are able to still take out a loan.

• True

• False

T/F: Banks are the ONLY place that you can shop for loans?

• True

• False

If you are trying to pay off loans/credit cards, you should try to pay off the accounts with the ________ interest rates FIRST.

• Highest

• Lowest

T/F: If interest rates drop significantly after taking out a loan, refinancing is a good option to consider?

• True

• False