Create Lenders & Loan Options

Creating Lender records

Follow along with the video or the step-by-step instructions below. 

To create a Lenders in the system, navigate to the Accounts Tab from the Nav Items menu

Click the New button 

Select Vendor as the record type and click Next

Populate the applicable fields, but be sure to select Lender for the Type and assign a Primary Contact for this Lender and give it an Account Name.  Selecting a Type of Lender ensures this Account is available to select from any Lender lookup fields within the system. 

Once finished click Save. 

Creating Loan Option records

 To create a Loan Option for use with Loans, navigate to the Related Tab from the Lendor Account. 

Click on Related and scroll down to Loan Options, and click New 

Note that the Loan Option has an Active checkbox. When a Loan Option should not be available for selection, simply uncheck the Active Checkbox rather than deleting the record. This ensures that any Loans already created in your system will retain the historical Loan Option data, and that new Loans created will not be able to select this Loan Option as its loan template. 

Fill in the appropriate information for the Factor %, Interest Rate and Type, and then click Save. If a Lender offers multiple types of Loan Options, you can use Save and New to create another Loan Option offered by the same Lender.

Not every company chooses to track Lenders, Loan Options, and Loans in their improveit 360 system, but an increasing number of businesses do. We have built our loan functionality to be used from the Quote record or from the Sale, which lets our clients use this Loan functionality during the Sales Appointment process or after the Sale has been made. The Status of the Loan can be updated on the Loan itself in the event it is used with the Quote and from the Sale.