Quicken helps with loan management, offering detailed tracking for various types of loans including auto, home equity, and student loans. Whether you want to see the big picture or detailed payment breakdowns, Quicken provides tools to monitor everything from your balance to how payments are applied to interest and principal. Refreshing your loan information after payments automatically updates your details, keeping everything current without extra effort.
The Property & Debt features are not available on the Starter tier.
Adding a Loan
To start managing a new loan in Quicken, you can either download the data from your financial institution or enter it manually. This is done similarly to how you would add a bank account, by using the + button or through the Accounts > New menu option. You'll need to specify the type of loan during setup, which Quicken may adjust based on the provided financial data.
Converting a Loan
If you have an existing liability account that you wish to manage as a loan for enhanced tracking and management features, Quicken allows you to convert it through the Convert to Loan option. This conversion can be initiated the first time you access the liability account in Quicken or at any later time that suits you.
Managing Loan Payments
Quicken helps you keep track of your loan payments. With Quicken, you can easily record payments as they happen, break them down into principal and interest, and even set up recurring payments to automate the process. This makes it easy to accurately track how each payment affects your loan balance.
Loan Settings and Customization
Within Quicken, you can customize loan settings to better suit your needs. Options include renaming the loan for clarity, adjusting the associated currency, and configuring how payments are displayed in your account register. You can also hide the loan from view once it is paid off or if you no longer want it displayed.
Deleting a Loan
If you have a loan in Quicken that is no longer needed, such as one that has been paid off or entered by mistake, you can easily delete it. Select the loan and choose the delete option.