Is it possible to refinance an auto loan?

Henr
Henr Quicken Windows Subscription Member
in Registers & Transactions (Windows)
I've seen the posts about doing this with a home mortgage, but Quicken shows a register when you click the "Payment Details" button for a mortgage. Click on Payment Details for an auto loan and just nope. No register.
What the heck? So I have refinanced this auto. How do I pay it off and start the new loan? I guess I have to use a fake cash account or an uncategorized transaction for the payment to make the old loan go to zero?

Is there a proper way to refinance an auto loan?

Best Answer

  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    Have you tried deactivating the old Auto loan? Edit Account Details / Online Services tab.
    This should give you your register back.
    Once you have done this, to zero out the old loan, you can edit the new loan's Opening Balance transaction (I assume that the account is also not activated for downloading) and change the category to make it a transfer to the old loan

Answers

  • Frankx
    Frankx Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Hi @Henr,

    Apparently you may have set-up the first auto loan as a "connected" or "download" loan account in Quicken.  Using that method at setup means that you will not have an account register and all data (basically loan balance and interest expense incurred) will be updated through the download process from the financial institution.  So that's why there's no register.

    On the question about how do you pay it off - if you have been downloading data, once you go through the refinance process, the financial institution should record the pay-off and then zero out that account.

    For the new loan - whether it is with the same financial institution or not - if you want to have a register that you can make entries in (which it sounds like that is what you want) - then I would suggest that you setup the new auto loan as a manual (not a download) loan account.

    Let me know if you have any followups.

    Frankx

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  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓
    Have you tried deactivating the old Auto loan? Edit Account Details / Online Services tab.
    This should give you your register back.
    Once you have done this, to zero out the old loan, you can edit the new loan's Opening Balance transaction (I assume that the account is also not activated for downloading) and change the category to make it a transfer to the old loan
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