I’m paying my car off with a loan. What do I enter?
The short answer
Enter the loan once, on your car in Settings → Vehicle. WorthMile works out each repayment and its interest from it. The repayments are a regular bill, held back each week in your Regular bills pot. Only the interest is a tax deduction.
- Open Settings, then Vehicle.
- Under Car loan, tap Yes, add it, or Add one.
- Enter the repayment, how often you pay, the next repayment date, the interest rate and roughly how much you still owe. Add a final balloon payment if your loan has one.
- Check the date it says the loan will be paid off, then tap Save.
Don’t log the repayments as an expense too, or they’d count twice. The Car loan tile when you add an expense takes you to the loan.
Where it shows
- Today: a weekly share of the repayments is held back in your Regular bills pot, so the week a repayment is due looks like any other.
- Earnings: repayments paid in the period are inside Regular bills, marked as not a tax deduction.
- Tax: only the interest is claimed, at your business-use %, under actual costs. It’s estimated from your rate unless you enter your lender’s yearly figure; with more than one loan in a year, each loan has its own. The kilometre rate already includes interest, so nothing is added to it.
- A final balloon payment is taken in full in the week it’s due.
Do I still enter the car’s full price for depreciation?
Yes. A car you’re paying off with a loan is yours, so Depreciation is worked out from its full price, not from what you’ve repaid so far.
A leased car is different: add the lease as a regular bill, and there’s no depreciation for you to claim.
When the loan is done, tap Paid it off on the loan card. If you don’t have one, tap No loan.
Refinanced, or took out a new loan?
Tap Edit on the loan card. Under Is this a new loan?, choose Yes, I refinanced or took out a new one, say when it started, and enter the new loan. Your current loan keeps its own repayments and interest until then.
Paid a loan off and took out another later? Tap Add a new loan and enter when it started: repayments before then aren’t counted.