set up the fixed asset something like this (all are fixed asset type accounts)
Fixed assets:
>> vehicle
>> >> cost
>> >> accum. depreciation vehicle
create the long term liability account, zero value.
From what you write there was no down payment, so
in the chart of accounts find the loan liability account, select use register, make an entry as an increase in the amount of the purchase price ($26,308.72) and select the fixed asset cost account in the account block, save
financing and total time price are just info for you, showing what you will have paid if you made all minimum payments on time for the life of the loan.
yes the interest paid on the loan, is an expense as of the payment date, not in bulk if you were referring to that.
electing the standard mileage rate is a judgement call at tax time. IF, if you elect to use the standard mileage rate, then you can NOT use the following expenses when filing taxes:
fuel expense
oil, tires, maintenance expense, etc etc
accumulated depreciation
etc
see
https://www.irs.gov/taxtopics/tc510
and IRS Pub 463
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