Initial Setup – Loan Terms


Correctly entering loan terms is necessary to generate correct payment schedules. AutoPal makes it easy to enter your data, and calculate your loans. In fact, there are only five fields required for loan calculation within AutoPal!

How To

The “Loan Terms” section of the initial setup is available by accessing a loan, and selecting the “Initial Setup” tab. The Loan Terms will be the first outlined section of the page.

Loan Manager - Initial Setup - Loan Terms2

There are a total of nine fields in this section dedicated to basic loan information.

Loan Manager - Initial Setup - Loan Terms2

Taking a closer look at the fields in this section, you will notice five fields outlined in pink. These fields are required for loan calculation, and must have data entered. A breakdown of the fields are as follows:

Required Fields: 

  • Total Loan Amount: Enter the total amount financed in this field. The amount entered in this field will show as the “Amount Financed” in the Truth in Lending box.
    Depending on how your company handles the input of data and which items you track, you can create custom fields that will automatically be added to the Total Loan Amount. For more information please see this article concerning custom field creation: 
  • Interest Rate: Enter the nominal interest rate that will calculate on the loan. You can also specify the frequency to which that rate applies (e.g. annually, monthly, bi-weekly). If the box to the right is checked, it will remove your ability to customize the interest rate, and will restrict you to preset interest tiers.
  • Term: Enter the duration of the loan in periods into this field. For example, if a loan is a monthly frequency for 2 years, the term would be 24.
  • Contract Date: The contract date of the loan. This date will serve as the starting point of interest accrual.
  • 1st Payment: The due date of the first payment on the loan.

Optional Fields:

  • Discount: Sometimes called “lenders fee”, discount is a fee charged to the broker or dealer for funding the loan. The funding check will be reduced by this amount. For example, if you fund a loan with a face value of $5,000 (Total Loan Amount), but you issue a funding check of only $4,000, the $1,000 difference is the discount on the loan. Once your discount amount is determined you will want to choose your Discount Calculation under the Advanced Configuration section of the Initial setup tab.
  • Underwriting / Refinance Fee: The underwriting fee is a pre-paid finance charge. It is added to the original principal balance to calculate payment and is amortized over the life of the loan as a part of the total loan amount. Entries in this field will affect the output APR of the loan. In the Truth in Lending box this fee is not realized as a component of the Amount Financed, but rather of the Finance Charge.
  • Payment Frequency: The frequency with which payments come due. Examples include: Monthly, Semi-Monthly (every 15 days), Bi-Weekly, and Weekly.
  • Grace Period: The number of days a loan can be delinquent each period without accruing a late fee.


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