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Auto Loan

I want to add an Auto Loan to Quicken. I have tried every possible scenario I can think of and cannot figure out to do this.

1) Want to track the loan, interest, payments
2) Make a monthly transfer from my checking to the loan
3) Make a payment from the loan account
3) Track the payments as principal/interest split so they show in my P&L (like the way I track credit card charges). I will manually add interest accrued every month.

I've tried setting it up as an auto loan and as a credit card and I just can't get the numbers to line up!
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Comments

  • NotACPANotACPA SuperUser, Windows Beta Beta
    An Auto loan is, almost certainly, a "Daily Interest Loan", where the interest due for NEXT month is partially dependent upon what day you make your payment THIS month.  It's also partially dependent upon the number of days in the month.
    Q's Loan Wizard can't track a Daily Interest Loan.  It can only track a Monthly Interest Loan, when the date a payment is made doesn't impact the next payment (as long as that payment is made in a timely manner).
    SO, I'd just set up a memorized payment with the most recent amortization and expect to have to adjust those figures every month.  That payment would be a split transaction with part of the payment going to the loan account and part to an Interest expense category.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • melissa100melissa100 Member ✭✭
    Thank you. I don't know why Quicken doesn't email me with responses - but I came back to check.

    As I said, I'll manually track the interest. But here is the request:

    1) Want to track the loan, interest, payments
    2) Make a monthly transfer from my checking to the loan
    3) Make a payment from the loan account
    3) Track the payments as principal/interest split so they show in my P&L (like the way I track credit card charges).
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