The Only Guaranteed Ways to Save Money on Your Next Car

7. Accept a higher monthly payment

car salesman

A higher payment means less interest. | Matt Cardy/Getty Images

Wouldn’t it be nice if you could pay a lower monthly payment and save on interest for the life of a car loan? Unfortunately, it’s mathematically impossible. The only way you could manage it would be if the interest rate comes down, and banks will not do that after the fact. So consumers don’t get a better deal when the payment amount drops, regardless of what the salesperson says. Accept the slightly higher monthly payment, and know you saved money overall.

Next: Being flashy comes at a premium.

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