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One way to loop a certain number of times while considering an external factor in Python is by using a for loop with a range function that generates the desired number of iterations and a conditional statement to check the external factor. For example:

external_factor = True
num_iterations = 5

for i in range(num_iterations):
    if external_factor:
        # Perform loop iteration
        print("Iteration", i+1)
    else:
        # Exit loop
        break

In the above code, the num_iterations variable sets the number of times the loop should run, while the external_factor variable determines whether the loop should continue or not based on a boolean value. The range function generates the sequence of numbers from 0 to num_iterations-1 (inclusive) that the loop uses as its index, which is why we add 1 to i when printing the iteration number. The if statement checks the value of external_factor and performs the loop iteration only if it is True. If external_factor becomes False at any point, the else block executes the break statement and exits the loop.