Yes there's a few steps in this:

From Lists: Cart of Accounts, add 2 new accounts - 1 fixed asset type for the vehicle, 1 long term liability for the loan.

From the Vendor Center setup  2 new vendors: for the car seller, and the finance company.

Create a Bill from the car dealer for the full price of the car with all associated costs, and apply sales tax codes to get the total due - you should have a complete invoice from the dealer.  Code the costs to the new fixed asset account.

Delete the 'deposit' cheques and reenter them as 'bill payments' to the car dealer applied to the purchase bill.

Create a vendor credit memo to the finance company for the amount remaining open on the car purchase bill.  This is the amount you have borrowed.  Code this to the new loan liability account.

Now enter the offset: "pay" the bill to the car dealer, then 'receive a refund' from the finance company - same amounts.  Use an inactive bank account if you have one.

Monthly loan payments to the finance co then need to be split between principle & interest.  If they have given you a schedule of those amounts then use that.  If not, you can estimate that the principle is being paid evenly over the number of payments - and the remainder of the monthly payment is expensed as interest. The principle portion is charged to the new loan liability account.  The interest is an expense.