To get started, you can add a loan manually or download the data from your financial institution. The setup is identical to adding your other account details, such as your banking and savings account information.
You can either click on the + button at the top of the sidebar, or choose Accounts > New from the Quicken menu.
The only difference is that you will need to choose your type of loan from the drop-down menu. If you connect your loan, Quicken may change the type based on the information provided by your financial institution.
You can also add the loan manually, in which case the defaults will be set based on the type of loan you specify.
- Auto
- Commercial
- Construction
- Consumer
- Home Equity
- Loan
- Military
- Mortgage
- Small Business
- Student
Once you have added the loan, you can add details, whether you added it manually or automatically.
Initial views
As soon as you add a loan, Quicken will let you know what you can do by way of three example views that you can review by pressing the arrow keys. Take the time to flip through these example views to get an idea of what to expect.
There are a few things to note about these views. They are examples of what you’ll see once you add the terms of your loan.
- Loan Title – the name of the loan that you can match with your accounts on the sidebar.
- Tabs – these change the views of the loan
- Your minimum monthly billing total
- Your interest rate
- How much you have left to pay off the loan
- Settings
- Add Loan Terms button – the place to add details about your loan
Your newly added loan appears in the sidebar, in the Debt section of Property & Debt.
Some of the debts were previously set up as liabilities, and they look different compared to the loans that you create through the loan management feature. Loans that you set up through the loan feature look like the following image. You can easily distinguish existing loans that are being treated like liabilities from those created through the loan feature because they lack graphs. You can transfer the existing information into the loan management feature. See the Converting a loan section for details on how to convert your liability into the loan feature.
Overview
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