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SecurityTrax

Consumer Financing with Dealer Ally

Introduction

Consumer financing allows service providers to offer customers the option to pay for specific devices or entire home security and automation systems through installment loans. Benefits include no money down, affordable monthly payments and competitive interest rates that are typically much lower than credit cards. Financing options have low payment factors and interest rates translating to the most affordable monthly payment. Programs have fixed terms of 36, 60, 96 and 120 months and include options such as Same as Cash, 90 day deferred payments or deferred interest. The specific programs and amounts available to your customers will depend on their application information and credit rating.

Configuring Consumer Financing

Registering with DealerAlly

To provide financing, we have partnered with DealerAlly, a highly reputable technology based company, focused on providing debt free capital solutions to dealers who promote products and services for residential homeowners and renters. CLICK HERE for more information on DealerAlly.

Before using the consumer financing feature you will need to register for an account with DealerAlly.

Company Settings

To begin using consumer financing you will need to set up the feature. Navigate to Company Settings → Integrations → Consumer Financing. Enter your username and password as well as the API key provided by DealerAlly. Toggle the button for the lenders you have configured with DealerAlly and click SAVE.

Consumer Financing Applications

Create a New Application

  1. From the customer record, navigate to Accounting → Financing

    • Existing applications are shown in the table

    Note once an application is submitted, the applicant and loan details cannot be edited.

    • To create a new application for consumer financing click the + ADD button.
  2. Select Lender

    • From the list, select the lender you would like to send the application to.
  3. Applicant(s)

    • The primary applicant information should be pre-populated with available information from the customer record.
    • Fill out the information in the remaining fields.
    • If the application will include a co-applicant, click the + ADD APPLICANT button at bottom.
    • Click + ADD OTHER INCOME to include additional income sources that the customer would like to have considered as a basis for repaying the loan.
  4. Loan Details

    • Input the total amount of the equipment and services being purchased as the Selling Price.
    • If the customer will be paying a portion of the total with another payment method, input the amount as the Down Payment. The Amount Financed will be automatically calculated.
    • If sales tax needs to be calculated separately from the Selling Price, click the Include Sales Tax toggle. Input the Sales Tax Rate and the Sales Tax Amount will be automatically calculated.
    • Fill the remaining fields and click NEXT.
  5. Review

    • Review all the details of the application.
    • If there are errors, click the BACK button to correct.

    Note once an application is submitted, the applicant and loan details cannot be edited.

    • If all the information is correct click SUBMIT to send the application to the selected lender for approval.
  6. Decision

    • Decisions from the lender will typically be returned within 60 to 120 seconds.
    • If the loan is approved, you will be presented with the loan details. Depending on the selected lender you may also be asked to select from a list of available promotions.

    Note available promotions are configurable by the dealer.

    • In some cases you may receive a message that the loan is pending. At this point you may exit the application. If the status changes you will receive a user notification in SecurityTrax. If the application status is either “pending” or “denied” you may call the lender to get a faster response or a second look.
    • If the loan is denied, you will receive a message indicating that the customer will receive a letter with details of why the lender is unable to approve the loan.

    Note: Approximately 40% of initial denied decisions revert to approved with an added co-signer.

  7. Contract

    • Depending on the lender there may be several documents that require signatures from the customer and/or the dealer.
    • You have the option to sign the documents in person or send them to the customer via email. To email the documents to the customer select the Sign via email button.
    • The Customer Contract contains the details of the loan and requires signatures from both the customer and dealer.
    • ACH Bank Information is the customers bank account that will be used for the monthly payment of the loan.
    • Completion Certificate is a document signed by the customer and dealer confirming that the products and services the loan is paying for have been completed.
    • Depending on the lender, you may also be directed to the lenders portal to complete the process.
  8. Documents

    • Loan approvals often come with conditions that must be satisfied before the loan can be fully approved. Examples would include a copy of the customers HUD/deed or an image of the customers photo ID.
    • Upload the documents by dragging them onto the page or by clicking SELECT FILES.
    • Select the Document Type from the drop down and click SUBMIT.
  9. Notifications

    • Users will get notifications with loan application status updates in SecurityTrax and by email.
    • If desired, a dealer may set up one email address to receive a copy of notifications from all loan applications. This can be done from the Dealer Ally portal.

Editing Existing Consumer Financing Applications

  • From the customer record, navigate to Accounting → Financing

    Note once an application is submitted, the applicant and loan details cannot be edited.

    • Existing applications are shown in the table

    • Select an existing application to edit.

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