To track a car and its loan, add the car as a Vehicle asset, add the loan as a debt, and link the two. Once linked, the car's row on the Assets page shows your equity, and the Debts page tells you whether the loan is above or below what the car is worth.
Steps
- Go to Assets (opens in a new tab), select Add Asset, and choose Car / Vehicle.
- Optionally name it under What do you call this vehicle? (for example, "2020 Honda CR-V") and enter its Current Market Value.
- Optionally open More Details and enter What did you pay for it?
- Set Asset Owner if more than one person owns it, then select Add Asset.
- Go to Debts (opens in a new tab), select Add Debt, and choose Car Loan (Auto Loan).
- Enter How much do you still owe? and How long is the loan?, open More Details to enter What's the interest rate?, and use I know when this loan... to enter when it started or ends.
- Under Link to Vehicle, pick the car you just added.
- Optionally link the bill that pays the loan under Monthly Payment, then select Add Debt.
You can also link from the car's side: open the Vehicle asset and use its Link Auto Loans field.
How it works
- Equity on the Assets page. A car with a linked loan shows its value minus the loan balance as its main figure. The Linked Debts popover lists each linked loan and its balance.
- Insight card on the Debts page. Each linked auto loan gets a card: Positive Equity when the car is worth more than you owe, or Underwater Loan when you owe more than it's worth, with the value, balance, and difference.
- Payment. There's no minimum-payment field on the loan. The linked bill is the payment Beyond Payday uses, including in the Debt Payoff Planner.
Good to know
- Beyond Payday doesn't look up vehicle prices. Edit the car's Current Market Value yourself when you want equity to reflect a new value.
- Once the loan's end date passes, Beyond Payday marks it ✓ Paid Off and stops counting it.
- Boats and RVs work the same way: use RV / Boat / Recreational Vehicle for the asset and RV / Boat Loan for the debt.
- To model buying a car you don't own yet, use the What-if planner instead.
FAQ
How do I see my car equity?
Add the car as a Car / Vehicle asset and the loan as a Car Loan, then link them. The car's row on the Assets page then shows its value minus the linked loan balance.
What does Underwater Loan mean?
It means the linked loan balance is higher than the car's current value. The Debts page shows it as an insight card with the numbers.
Does Beyond Payday update my car's value automatically?
No. Beyond Payday doesn't pull vehicle prices. You enter the Current Market Value and edit it when you want it to change.