How do you enter a prepayment on an auto loan?

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

Best Answer

  • Quicken Anja
    Quicken Anja Moderator mod
    Accepted Answer
    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
    1. Click Payment Details
    2. Click on the empty Payee field in the new entry transaction line (last and only empty line in the register)
    3. Enter the appropriate payee name and in the category field; use the category Loan Payment and subcategory Principal
    4. Enter the payment amount in the Decrease column
    5. 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.
    -Quicken Anja

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    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.,

  • Quicken Anja
    Quicken Anja Moderator mod
    Accepted Answer
    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
    1. Click Payment Details
    2. Click on the empty Payee field in the new entry transaction line (last and only empty line in the register)
    3. Enter the appropriate payee name and in the category field; use the category Loan Payment and subcategory Principal
    4. Enter the payment amount in the Decrease column
    5. 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.
    -Quicken Anja
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    @ukr, the OP is talking about an auto loan ... so I doubt that there's any Escrow involved.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Raymond Turner
    Raymond Turner Member ✭✭
    Thanks Anja. I had already discovered that this is the only way to update the loan. I think the problem is solved.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    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.
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