Once you set up the financing plans you can now estimate the monthly payment based on those plans you have set up. As we discussed in this related article, the only lender with which you would have to make a plan selection is GreenSky, so this is also the lender with which you can estimate the monthly payments using your Finance+ app. In addition to GreenSky, PEAC(formerly Marlin) also allows for payment estimation based on their 2 most popular terms. However, this lender does not require you to set up plans prior. Let's discuss this in more depth:
a) Estimating monthly payments with GreenSky
b) Estimating monthly payments with PEAC
a) Estimating monthly payments with GreenSky
From the Home screen, please select Estimate and Apply
Input a loan amount and select GreenSky as the financing option. You will now be able to see the different estimated monthly payments based on the plans you have previously set up.
Select a plan and hit Next or send an Easy Link
Your customer will be able to proceed to fill out the application on your device if you have hit Next or will receive a text or email with the link to get started if you have sent an Easy Link instead.
Once the application is filled out and the consumer has agreed to the terms and conditions, a financing decision will be made in a matter of seconds!
When approved, the consumer can accept the offer right away, but if this is not the case, the offer will be available for 30 days and you will be able to go back to the offer at a later date and accept it then. All offers can be found under Leads and History.
b) Estimating monthly payments with PEAC(formerly Marlin)
From the Home screen, please select Estimate and Apply
Input a loan amount and select PEAC as the financing option. You will now be able to see the estimated monthly payments based on PEAC's most popular terms (36 and 60 months). These 2 terms are meant to be informative, but neither you nor the consumer will have to select one in order to proceed.
Your customer will be able to proceed to fill out the application on your device if you have hit Next or will receive a text or email with the link to get started if you have sent an Easy Link instead.
Once the application is filled out and the consumer has agreed to the terms and conditions, a financing decision will be made in as little as 15 minutes, but it can take up to 4 business hours. Both the consumer and you will be notified by Marlin through email once a decision is made.
Now that you know how to start the conversation with your customers and discuss what estimated monthly payments you have available, you are ready to get out there and close some sales with your Finance+ app!
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