[LizzyTish2]

I need to set up 2 new vehicle loans. First, I need how to enter the auto as an asset and then what type of entry to post the payments made to the bank on a monthly basis. The statement for each loan does not break down how much is interest and how much is principal. Should I contact the banks for the amortization?

[MaggieMouse]

At acquisition, Dr. Asset-Car Cr. Notes Payable
Each month, Dr. Notes Payable, Interest Expense, Cr. Cash

You should be able to get the rate of the loan, then use the outstanding principle amount times the rate, you will get the interest expenses, the difference between your payment each month and the interest expense is the principle portion of the payment.