Car deals

Terri's Consumer Blog: Car Deals

Excerpt:

This weekend we’ve been reporting that six Denny Hecker dealerships closed. A third of Hecker’s employees are now out of work. It’s a tough time for many industries, but car dealerships are struggling to entice people to buy.


So I spoke with Phil Reed of Edmunds.com today to get his perspective. He said while this is bad news for the industry, it can be good news for consumers.


“Now is a great time to buy a car, especially if you can pay cash or have good credit. If you have a credit score of 700 you will have no problem securing a loan. If it’s more like 600 or below, you’ll need a bigger down payment,” said Reed.