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Pricing for Vehicle and Asset Lending
Configure fees, interest rates, and repayment terms for loans and leases. Set up a pricing procedure to dynamically calculate the interest rate for estimated offers.
Required Editions
| Available in: Enterprise, Unlimited, and Developer Editions. |
- Add Product List Rates for Vehicle and Asset Lending
Create product list rates and relate them to financial products such as vehicle loans and leases. The list rates are used to calculate the interest rate on a loan or lease. - Add Product Fees for Vehicle and Asset Lending
Create fees and relate them to financial products such as vehicle loans and leases. Fees can be of multiple types, such as late payment fees, prepayment penalty, and origination fees. During application intake, a customer or an agent can view the applicable fees on the FAQ tab of a product. - Clone a Context Definition for Vehicle and Asset Lending Proposals
When customers or agents use the intake guided flow to submit an application for a loan or a lease, they are shown the estimated monthly payment, interest rate, and repayment term based on the information they provide. Use the predefined LendingProductProposalContext definition and its context mapping in a pricing procedure that dynamically calculates the interest rate for a proposal. The context definition nodes represent the typical proposal attributes such as stage, term, interest rate, validity, and amount. The context mapping maps the attributes to the fields of the Application Form Product Proposal object which stores the proposal details. - Create a Decision Table for Vehicle and Asset Lending Proposals
Use products as input and get the list rate as output for each financial product such as a vehicle loan or lease. Create a decision table that can be used in a pricing procedure to dynamically get the interest rates for a loan or lease. - Create a Pricing Procedure for Vehicle and Asset Lending
Create a pricing procedure that uses the decision table and context definition to determine the interest rates of vehicle loans and leases. These interest rates are used to calculate the offers presented to applicants during the application intake process. - Extend the Pricing Procedure for Vehicle and Asset Lending with Adjustments
Calculate offers for vehicle loans and leases based on interest rates that are dynamically adjusted based on the credit score of the applicant and the repayment term selected by the applicant. For example, the interest rate for a vehicle loan is adjusted to a lower percentage when the credit score of the applicant is higher than 750 and the repayment term is 36 months.
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