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Buying and selling cars demands an outgoing personality and meticulous paperwork. Watching a good deal walk out the door because the would-be buyer has problems on their credit; paying banks and finance companies to take a big slice of the pie after you've done the legwork to match the right customer with the right vehicle – this is why other dealerships have picked up Moneylender Professional. When you're the bank, you can decide if a buyer's going to be able to make good on their payments. You can keep the interest for yourself instead of handing it over at a discount to someone else.
Payments, Late Fees and Payoffs on Autopilot
Moneylender Professional will happily track the balance on your car loans. Applying money from borrower payments is automatic. If a borrower wants to pay off early and they send you extra money, it goes to principal automatically. If they miss the grace period, the late fees are added automatically. Need to add other fees to the loan? Just tell it the date and amount. And you can show your buyer every penny of every calculation, so your credibility remains pristine.
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From the Lot to the Loan and Back
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Moneylender's inventory system lets you specify the cost basis for an asset, and when you sell, it'll track your profit over the life of repayment. If you need to repo a vehicle, you can return it to inventory with an automatically calculated updated cost basis, ready to sell to a new customer. When you sell from inventory, you can enter a down payment first and then set up the terms of financing, and Moneylender will track the receipts and cost basis accurately.
VINs, Policies, Paperwork — All On the Loan
Moneylender lets you add custom fields to your borrowers and loans. Need to track a VIN or vehicle locator code? Insurance policy information? Add custom fields and you can keep that information handy. You can write notes on each loan and set reminders to make sure you're staying on top of any loose ends that need to be nailed down. You can attach all types of documents and files to each loan. Store copies of paystubs, drivers' licenses, loan contracts, insurance policies, and anything else you want to track right inside your encrypted loan portfolio for easy reference and retrieval.
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Report to the Credit Bureaus
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Report to credit bureaus by setting up a data furnisher account with one or more credit bureaus and Moneylender can generate the required Metro2 formatted credit reports for you. Becoming a data furnisher requires some paperwork with the credit bureaus, but once you're enrolled in their programs, Moneylender makes it easy to send the data so your loans show up on your borrowers' credit reports.
Sell the Paper, Keep the Servicing
Some dealerships have a group of investors that they sell their loans to, but continue servicing the loans for the investor. You can assign ownership of a loan to one or more silent investors while continuing to collect from the borrower. Reports can show exactly how much money each investor gets for any period of time across all the loans they own, in whole or in part.
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Simple Pricing, No Surprises
Buy Moneylender Desktop once, or subscribe to Moneylender Online and work in any browser. Same features either way — you're choosing how you'll access Moneylender, and you can add the other option as your needs grow.
Need to keep your data in-house? Host your data on your own server by running a licensed copy of Moneylender Desktop — self-hosting is built into the app, with about five minutes of setup. Your data never leaves your infrastructure, which makes it the right fit for HIPAA, FERPA, and banking data. Watch the 5-minute setup.
Moneylender Online plans by portfolio size: $39/mo up to 99 loans · $59/mo up to 999 · $99/mo for 1,000+. Every plan includes one web user; extra web users are $30/mo each, and desktop license-holders always connect free. Full details on the pricing page.