What is asset finance and how it is divided based on purpose of the finance?
Asset finance is a form of lending that allows businesses and individuals to acquire vehicle, equipment or other assts. Purpose of the finance determines whether the deal is consumer or commercial.
Creating a new Asset Finance deal
To add the new deal of asset finance type (consumer and commercial) firstly you need to open Asset Finance workflow. Once you have switched to Asset Finance workflow (1) click on Add new button (2).
A new window will open with deal information where you are required to input certain information, such as deal type, contact information and deal information.
Deal type
Asset finance deals are divided to following:
Asset finance - consumer
Asset finance - commercial
Please note that deal type is set by default to Asset finance-consumer deal.
Once the deal is created deal type can not be changed. So if you miss this step you will have to create a new deal to select the correct type.
Further more asset finance deals for consumer and commercial are equipped with asset finance tools. However if you select Personal loan tools will not be available.
Adding a contact and contact details
Contact is a mandatory field which has to be populated in order for you to create the deal in the first place. You will have a warning written until you add your contact.
Click Add contact button (6) to add the contact.
System will prompt you to select either New contact (1) (it is not on your existing contact list) or Existing contact (2) (it is already added in the system).
New contact
When you are adding new contact right side menu will open and it will prompt you to add contact details (most of them are mandatory - in red):
Client full name (1)
Phone number (2)
Email (3)
You can also set client Title (4) and type (5). These fields are not mandatory.
When mandatory contact details are entered, click Add button to confirm (6).
Existing contact
If you want to add an existing client, select the option to add an existing client and a right side bar menu will open.
To add them to the deal you will need to:
Type at least three letters of their name for the dropdown to appear (1)
Select the client from the presented dropdown (2)
Click on Add (3)
This will auto populate the mandatory fields that you were inquired to add manually when adding a new client.
Deal information
In deal information section you can add:
Deal title - name of the deal
Deal owner
Lead source - this field is mandatory
Team members - people who will have access to the deal i.e. assistant
Partners to the deal
Stage
Value of the deal
Finance due date
Estimated settlement date
Summary note
Please note Partner field will be greyed out if you do not have any partners added in your Settings> Organization> Partner Portal. If you do have partners simply click on the field and select from the dropdown.
When all above information are entered click Save button and your deal will be crated.
Newly created deals are always shown at the top, right under the stage name
Asset Finance Consumer - Broker Tools
Asset Finance tools are available to users with this feature enabled.
To access the tools click on Asset finance consumer option from the left side deal menu.
Tools are divided into two categories:
Client profile (1)
Asset finance consumer (2)
In Client profile section you can add:
Client personal details
Assets
Liabilities
Income
Expenses
Needs and Objectives
Insurance
Other advisors
In Asset finance consumer section are the tools developed for this type of deal. They consist of following tabs:
Asset to be financed
Lender and product
Compare product
Finance proposal
Commission
Compliance comments and documents
Summary
Lodgement
Asset to be financed
In this tab you can add:
Asset (which will be financed)
Scenarios
There is no limit on how many scenarios you can add.
Once you click on Add asset detail you will be prompt to enter details regarding that asset:
Name of your scenario
Asset age
Asset type
Car type
Year
Estimated compliance date
Glass search integration option or you can manually populate the rest of the asset data
If you choose Glass integration search option (click on magnifying glass - (7)) this will open right side menu where you will be able to search the and add asset details (1).
Once you enter the search details click on Search button (2) and system will return a list for you to select asset.
Select your asset (1) and click on Import button (2) to add the asset to the deal.
As you can see fields regarding asset details will be auto-populated.
In case your client is indecisive of what type of asset are they looking for you can add various scenarios and name them:
Lender and product
In Lender and product tab you can:
Select desired lender or lenders for the loan (1)
Enter basic information on the asset (this is pre-populated) (2)
Loan structure section is used for the loan, here you enter criteria for the loan (3)
One above is set up click Search (4) for products
When you click search after you set your search criteria > lenders and their products will be listed below in Search result.
By clicking on + (1) you will add your lender product to the deal, meaning you will select the product.
By clicking on arrow down (2) you will be able to see more of that product details.
If you have multiple scenarios added in Asset to be financed tab, you will be able to generate separate search for each of those scenarios. To switch between them and search for lender products simply click on scenario name.
Selected scenario will always be highlighted in blue.
Compare products
In compare product tab you will still be able to see your scenarios and variety of products you have selected for that scenario.
Please note that you will be able to select maximum of 4 products per scenario.
You will be able to see product name with details regarding the loan. In order to continue with the rest of the tab you need to select recommended product (1) in Compare products tab.
When a recommended product is selected, product column will be highlighted in green.
Fees section will be editable and can be capitalised.
Summary with a chart.
Finance proposal
Check everything is in order under Finance Proposal tab.
In this tab by clicking on a little checkboard icon (1) you will be able to manually edit the Finance proposal and you will be able to check and see the Amortization schedule (2)
Commissions
Select the correct commissions group on the drop down in Commission tab.
If your account role allows it, you will be able to see splits right after commission group is selected.
Compliance comments and documents
First section of this tab is related to broker comments, which are mandatory and have to be populated. Without them you will not be able to create compliance documents.
In case you do not want to type in manually you have an option to add a note template (1).
Second part is monthly financial position with the comments. Fields that are greyed out can not be edited in this tab.
Third section is related to Basis for recommendations made and customer disclosure
Please note that in this section you have mandatory fields. In case you do not complete them all you will not be able to create compliance documents.
Lodgment tab
We are adding lender gateways as they become available to us.
Asset Finance Commercial - Broker Tools
When adding a new asset finance commercial deal please make sure that you select Commercial type in Deal type section.
Add client as an entity (company).
Section Contact Details > Add contact > you will be able to choose between Add new company and Existing company.
If the company client is not on system contact list then you should create a new contact and choose Add new company option.
If however you already have that company in system's contact list then you should choose Add existing company option.
To start populating details please click on left side menu > Asset finance commercial tools option.
Commercial deals will have slightly different items available in the Client Profile section.
Commercial deals will focus on the company information and will omit expense tab (unless a person contact guarantor is present in the deal). Asset commitment schedule option will be showing as well.
Asset finance tools for Commercial deal are the same as Consumer you will have:
Asset to be financed tab - where you can add asset details that will be financed
Lender and product tab - where you will be finding desired product for the loan
Compare product tab - if you had multiple product selected in this tab you will choose recommended product.
Finance proposal
Comments and documents
Summary
Lodgement
In case detailed information is required regarding each asset finance commercial tools tab please see article section on Consumer deal tools.