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How do you enter a prepayment on an auto loan?

Raymond Turner

Trying to enter a principal only payment on an auto loan. The loan is set up on bill pay to enter automatically each month.

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Accepted answers

Quicken Anja

Hello @Raymond Turner,

Thank you for reaching out to the Community with your question.

First, could you please provide which version release of Quicken you have curently running?

Help > About Quicken

If you are wanting to enter a Principal only payment in the Loan account register, then please follow the instructions provided below.

Select the loan account from the left Account List sidebar

Click Payment Details
Click on the empty Payee field in the new entry transaction line (last and only empty line in the register)
Enter the appropriate payee name and in the category field; use the category Loan Payment and subcategory Principal
Enter the payment amount in the Decrease column
Press Enter on your keyboard to save

I hope this helps, and please let us know if you have any additional questions and/or concerns! Thank you.

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UKR

Will the extra payment be sent in separately as a check or will it be deducted by the bank as "additional principal", together with the regular payment?

In the latter case, and if your loan account is set up in Quicken as a manual (offline) loan, you can enter the reminder as usual, then edit the register transaction and add an additional principal line, e.g.,

Image: https://us.v-cdn.net/6031128/uploads/editor/xh/0a32xgqr6oym.png

Quicken Anja

Hello @Raymond Turner,

Thank you for reaching out to the Community with your question.

First, could you please provide which version release of Quicken you have curently running?

Help > About Quicken

If you are wanting to enter a Principal only payment in the Loan account register, then please follow the instructions provided below.

Select the loan account from the left Account List sidebar

Click Payment Details
Click on the empty Payee field in the new entry transaction line (last and only empty line in the register)
Enter the appropriate payee name and in the category field; use the category Loan Payment and subcategory Principal
Enter the payment amount in the Decrease column
Press Enter on your keyboard to save

I hope this helps, and please let us know if you have any additional questions and/or concerns! Thank you.

NotACPA

@ukr, the OP is talking about an auto loan ... so I doubt that there's any Escrow involved.

Raymond Turner

Thanks Anja. I had already discovered that this is the only way to update the loan. I think the problem is solved.

UKR

NotACPA said:

@ukr, the OP is talking about an auto loan ... so I doubt that there's any Escrow involved.

Oh, never mind. This is the only image I had readily available. It's the example that counts.