Loan Account First Payment 45 days after origination date

padeadhead

I'm setting up an offline (car) loan account where the first payment is due 45 days after origination date of the loan. Quicken doesn't have an option to enter the first payment date--it seems Quicken assumes first payment is due one month after origination (for loan with monthly payment period). If I let Quicken create a loan payment reminder, and then change that date to be the first payment date, Quicken seems to still calculate the interest for that payment to be based on the monthly payment period. How can I setup this loan so the amortization is correct based on the first payment being a "long period", i.e 45 days after origination instead of 30?

Mark1104

set up the loan date as 30 days prior to the 1st payment - does that correct the amortization table? Then you can just add a separate payment - outside the loan - for the additional 15 days of interest.... 

splasher

Good luck with auto loans, they are not the loans that Quicken is good at tracking.  Also, congratulations on being taken by the dealership on giving you 45 vs 30 days till your first payment, they got you for 15 days extra interest which is next to impossible to replicate in Quicken.

When I tried this back in 2013, I found that the extra interest was spread evenly over all of the payments and Quicken could not come up with that monthly payment because of it and didn't calculate the interest correctly.

You are better off making it a completely manual loan, remember, it is only one transaction a month.