Existing car loans in RightCapital can be added in the Net Worth section of the Profile (or the Net Worth step of the initial data entry process), by clicking Add Account > Loan:
Please note that future car loans can be modeled using the New Loan card in the Profile > Income section.
Car Loan Data Entry
After adding the loan, you will first want to change the Loan Type selection to 'Car Loan'. This will update the data entry fields, allowing you to then enter the Interest rate and current Balance.
There are two different fields for the Minimum payment amount and the Monthly payment amount. If you choose to enter both, the greater of the two will be utilized within the projections. You can also enter one and leave the other at $0.
At the bottom of the data entry drawer, you will find an option for an Early payoff. Choosing an option here will recalculate the monthly payment within the projections to fully pay off the home equity loan by the indicated time:
In the lower right, you can use the Link to asset field to link the car loan to any of the lifestyle or business assets within the plan. If linked to an asset, the remaining balance on the loan will be automatically paid if the asset is sold within the plan. If the corresponding asset is not present within the plan, you can leave this set to 'None':
Additional Information
Car Loan Cash Flows Location
Car Loan payments can be tracked within the Retirement > Cash Flows > Summary page, by clicking into the Expenses > Debt column:
Car Loan balances can be tracked as they are paid down within the Cash Flows > Net Worth page, by clicking into the Other Loans column.
Refinance a Car Loan
You can model a refinance within a client plan using a New Loan income card. Within this card you will find a 'Refinance' field, in which you can choose the loan you would like to refinance. This will apply a one-time payment to the selected loan, and any excess income will be added to cashflows:
New loan cards can be added to the current plan within the Profile > Income section. You can also propose a refinance using the same card in the Retirement Analysis module, using the Action Items.
