How do I set up the purchase of a car with a down payment and a loan?

Bert Onstott

I bought a car from a dealer, made a $5,000 down payment, and financed the rest through my credit union.

I set up a loan account in Quicken with the loan details.

Questions.

1. Why does the loan account have "Hide in transaction entry lists" greyed out in the account details?
2. Why does the loan account have no associated register?
3. How do I enter the transaction for the down payment? Is it a transaction from my bank account? The loan account has no visible register. Or do I just create an expense category for the down payment?

I'm using Quicken Classic Premier for Windows 11.

Quicken Carlos

Hi @Bert Onstott,

Thank you for reaching out to the Quicken Community!

Why is the "Hide in transaction entry lists" option greyed out in the account details?
This option is greyed out because the account is connected to a financial institution. When a loan account is linked to online services, Quicken typically downloads only the balance, not individual payment transactions.
I recommend checking our support article https://info.quicken.com/win/about-managing-loans#Aboutmanagingloans-HowdoesQuickenmanageloanaccounts? .

If you would like full tracking and access to the loan register, I suggest creating a backup file and deactivating the account.

To deactivate the account:

1. Select the Tools menu and choose Account List.
2. In the Account List, locate the account and click Edit.
3. In the Account Details window, click the Online Services tab.
4. Click Deactivate next to the service you want to disable.
   
5. Click Yes to confirm.

Once deactivated, you will be able to open the loan account register and manually enter transactions to decrease the balance.

I hope this helps!

Bert Onstott

That seems weird. If my credit union has transactions for interest charges and payments, why must I enter them manually instead of downloading them? If the answer is that it's how it's done, then why is it done that way?

Quicken Kristina

Thank you for your reply,

https://community.quicken.com/discussion/comment/20548081#Comment_20548081

To answer your question, according to our Loan account FAQ, transactions are hidden and cannot be accessed in connected loan accounts to prevent modification of the details sent from the financial institution.

Thank you!