If Caleb is applying for a loan that requires no down payment, the true statement would be:
- Caleb is seeking a loan where he doesn't need to provide any upfront payment or initial cash deposit to secure the loan.
A down payment is typically a percentage of the purchase price that borrowers are required to pay upfront when obtaining a loan, such as a mortgage or auto loan. However, in some cases, lenders offer loans that require no down payment, particularly for certain types of loans or for borrowers with excellent credit or other qualifying factors.
It's important to note that while no down payment loans can offer advantages such as requiring less cash upfront, they may also have drawbacks such as higher interest rates, stricter qualification criteria, or additional fees. Borrowers should carefully evaluate the terms and conditions of no down payment loans to ensure they align with their financial situation and long-term goals.
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