auto loan

how do i add an auto loan

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    For Quicken Deluxe and higher edition levels, simply follow the Tools / Add Account dialog to add a new car loan account: Select Other Assets and Liabilities, then select Vehicle and fill out the requested information fields.
    If you are using Quicken Starter Edition, which does not support this account type, create an offline account of Type = Credit Card.
    Set up a Scheduled Reminder for the monthly payments with category splits for Principal and Interest. Before making each payment, review the loan service provider's statement to insert the correct amounts for principal and interest.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Also note that an auto loan is, almost certainly, a "Daily Interest loan".  Q's "Loan Wizard" can only calculate the amortization for "Monthly Interest  Loans".  So, while is can approximate your Prin/Int split ...  it won't get it right and you'll need to adjust the payment transaction every month.
    Your best course is to simply wait until you get the next statement, and correct the split amounts.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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