AutoPal makes it very easy to set the appropriate defaults to ensure your loans always have the correct settings applied. One default set of particular importance are the “Interest Defaults”, which allow you to have the “Interest Rate” field automatically applied based on the amount entered into the “Loan Amount” field.
For an overview of the Defaults tab, please review the following article: Defaults – Overview.
To access the “Interest Defaults” select Settings > Defaults > Interest Defaults. Once selected, you will be redirected to the following page:
The Interest Defaults are set in “Tiers” meaning that each default setting is based around a loan amount range. For example, you could set an interest rate tier for all loans with a loan amount of $2500 – $7500 to have an automatically applied rate of 10.00%. On this page you will notice the list of currently implemented “Interest Tiers”, as well as icons allowing you to add new tiers, and edit or delete the existing tiers.
To create a new interest tier select the New Tier icon. Once selected, you will be redirected to the following page:
From this page simply enter the following information:
- Tier Name: This field is used to give the new interest tier a name to differentiate it from other tiers. For example, you could have a Bronze, Silver, and Gold tier loan.
- Range Base: The base value used for the range. In the case of Interest Rate Tier’s, this will default to Loan Amount.
- Range Begin Value: The start value of the new interest rate tier. This value must be a dollar value, and is based on the Loan Amount (range base).
- Range End Value: The end value of the new interest rate tier. This value must be a dollar value, and is based on the Loan Amount (range base).
- Interest Rate: Use this field to assign the value that will auto-populate in the Interest Rate field of the loan.
Please note, if you are creating multiple tiers, and would like an open end on the “Range End Value”, simply enter a “+” value.
Once you have entered the required information, select the Save Tier icon. Once selected, the new tier will be added to the list.
Using The Interest Rate Tiers
The interest rate tiers will apply to loans after a loan amount has been entered.
Please note in the example above that a loan amount of $10,000.00 has been entered, populating an interest rate of 3.99%. Please note that this feature will not work if the box in the upper right of the Interest Rate field is not checked.
Once checked, the interest rate tiers will apply based on the Loan Amount, and you will not be able to enter a value into the interest rate field. If unchecked, you will be able to manually enter your desired rate.