Auto Loan System Project Brief

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Background
Day in and day out, one new model of car is rolling out and the desire for owning a vehicle has become irresistible for people. But the finance stands in the way as a hurdle. Finance companies assist people who are desirous of owning a car and offer auto loans at affordable rates. As the number of people applying for auto loans increases, it takes longer time for the companies to determine whether the applicants can avail the auto loans or not. This causes inconvenience and waste of time to both the company and the applicants. Also many auto loan applicants have bad credit standings such as those people who have delinquent loans and those who are on the verge of forfeiture. The company must determine and monitor those applicants and act on them immediately to avoid bigger problems and loss to the company. The Auto Loan system solves these company problems. The overall purpose of the proposed system is to process the evaluation of auto loan applicants. The Auto Loan system will determine which applicants will become delinquent or forfeit their loan. It will also accept those applicants who will score well on the application and gives lower rate loans for those who will score extremely well. The results can be easily determined after taking the evaluation. The Auto Loan system needs to be done so that the company can save time in evaluating the applications, reduce their costs and increase their staff’s efficiency and productivity. This also helps the company to easily monitor and determine the applicants who have delinquent loans and who are on the verge of forfeiture. This helps the company avoid from greater loss. The end result of this proposed project is convenience and accurate results to both the company and the applicants. With this project, the company can gain more customers and increase their revenues. The implications of not doing the project is the company will spend more time on evaluating the auto loan applicants and they might have inaccurate results. The company cannot easily monitor and determine those applicants who have delinquent loans and who are on the verge of forfeiture.

Objectives
The general objective of this auto loan system is to improve the process of evaluation of auto loan applicants. Specific
* to determine whether the applicants are qualified to avail the auto loan; * to determine which applicant can avail the lower rate loan; * to determine which applicants will become delinquent or forfeit their loan; * to give convenience and satisfaction to the customers;

* to give applicants access to their credit score information.

Scope and Limitation
The Auto Loan system is a desktop application that develops a process for evaluation of loan applicants. It will also determine which applicants will become delinquent or forfeit their loan. It will also accept those applicants who will score well on the application and gives lower rate loans for those who will score extremely well. The auto loan system does not include the online auto loan application. This project allows the customer to easily fill up a user-friendly loan application form. The auto loan system can evaluate the scores of the auto loan applicants; it will determine whether the applicant can avail the loan if he/she scores 80-90% or avail the lower rate loans if he/she scores 91-100%. The auto loan system will also monitor and determine the applicants who have delinquent loans and those who are on the verge of forfeiture. The auto loan system excludes the billing system for those applicants who will be accepted. The system only focuses on the evaluation of the scores of the auto loan applicants and the monitoring of applicants who have delinquent loans and those who are on the verge of forfeiture.

Deliverables
The deliverables of this project are the following:
* The money
* The computer/laptop to be used
* Operating System – Windows 7 Ultimate
* Visual Studio 2010 C# Language...
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