SwiftQuote-Reviewed

Motor Finance Document APRs, Calculations and Printing.

SwiftQuote addresses a number of issues regarding Hire Purchase calculations. Calculations for Hire Purchase agreements have, historically been performed on small handheld calculators.
Clients are becoming more technology aware, when the motor dealer or finance company starts tapping away on their calculator, clients may feel they are being left out on part of the purchasing process. Calculators do perform a function in ensuring that the figures are correct, but are they? When the rules for Annual Percentage Rate were recently changed how many calculators were reprogrammed and at what cost? The same applies for rate changes on Payment Protection or Life insurance, how long does it take to collect the calculators from the motor dealers and send them away to be corrected. The calculators are now however becoming increasingly scarce and expensive to purchase.
 A new solution has been needed for some time, SwiftQuote has been designed for Finance Companies and Motor Dealers with a fast Point of Sale and consumer friendly computer solution.
 A number of Finance Companies that use the Hire Purchase Forms tested the original version. The feedback obtained was used to refine the software to include the features that were requested. These included overprinting Motor Finance documents, saving the considerable amount of time that it takes for handwritten completion.  A common suggestion was to recalculate the agreement to the clients budget and also providing Rule of 78 rebate figures. It is also possible to print summaries.
 The most valuable benefits however is the facility to provide a total Point of Sale system for Motor Dealers and finance companies. A client can sit with a Sales Representative who input the basic details about the finance. It may be the case that a client would like to purchase a vehicle for £4000.00 with a £500.00 deposit over say 24 months at an interest rate of 9%. This would produce a monthly payment of £172.08. This may be outside the client’s budget of £150.00 per month, however by entering the clients budget amount, SwiftQuote can recalculate the agreement and this would produce a monthly payment of £146.94 but increase the term by 5 months to 29 months. This allows the client to purchase the vehicle within their budget. Although this type of calculation can be prepared on the old style pocket calculators. It may require the agreement details to be re-entered.