Commercial simulator - Financing
In this article, we will explain the “Financing” tab found in the commercial simulator settings. Through this tab, we can configure and set the parameters that will apply to the financing we offer to our end customers. This functionality is crucial to define the financial conditions under which our products or services will be offered, and you can also ensure that the financed offers are clear, competitive and tailored to the specific needs of your customers, thus improving customer satisfaction and the profitability of your company.
Where can I find this option? → Settings → Commercial Simulator → Financing
Remember that this tab will only be visible if you have the following permissions enabled: commercial simulator and if you have contracted the commercial simulator module Profitability constants related to financing
1) Interest rate
Description: Here we must enter the nominal interest rate (NIR) that will be applied to our financed offers.
Usage: Defines the cost of financing for the customer, expressed as a percentage.
2) Percentage financed
Description: We specify the percentage of the project that will be financed.
Use: Determines what portion of the total project cost will be covered by financing.
3) Number of terms
Description: Here we must define the maximum period in months for which we will finance our projects.
Usage: Sets the length of the payment plan for the customer.
4) Is the monthly fee prorated?
Description: If there is a grace period for financing, we can configure whether the interest accrued during that grace period has to be prorated over the remaining installments, or whether the client will pay the interest on the financing during the grace period.
Use: This setting is useful in the case where, for example, the financing of the installation starts 4 months after obtaining the financing, and it is desired that during those months the client does not have to pay any type of interest, by prorating the installment. The interest accumulated during those 4 months will be distributed among the remaining installments.
5) Is there a waiting period?
Description: We specify whether a grace period will be granted during which the client will not be required to make regular monthly installment payments at the start of the project.
Use: This option allows the customer to enjoy an initial period during which he is not required to pay the full installments of the financing plan. Depending on the conditions, the customer may be exempt from any payments or only pay the interest generated during this period. It is a useful strategy to offer financial flexibility at the start of the contract.
6) Grace period
Description: The grace period is an agreed period of time, at the beginning of the financing plan, during which no regular installment payments are required.
Use: This period, often used in financial products, provides the customer with a period of time before starting to make principal payments. During this time, the customer may not have to pay anything or only cover the interest, allowing them to better adjust to new financial obligations.
7) Monthly commission
Description: We establish the monthly commission that will be applied.
Usage: Adds an additional monthly cost to financing, reflecting administrative fees or other charges.
8) Opening costs
Description: We indicate the opening costs associated with project financing.
Use: Defines the initial costs that the client must pay to start the financing plan.
Visualization in the Simulator
Once set, these financing parameters will be automatically applied in the commercial simulator when new offers are generated. This allows clients to clearly see the financing conditions, including monthly payments, the applied interest rate, the grace period (if applicable), and any additional costs. This transparency facilitates informed decision-making by clients and ensures a clear understanding of the financial terms.
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