So I'm in the midst of working out a deal on an '07 cayman s through a dealer who can sell me the car as a 'new' car. The rationale here is that the car had been turned in from a previous lease by a porsche executive with 10K miles, but b/c the car is being sold to me as a CPO vehicle under porsche, it therefore qualifies as a 'new car' loan. Through porsche, he said I can probably expect to get something around 5.95% right now assuming I have good credit.

My question is this: If this is true, is it possible to get a 'new car' loan under the above guidelines though a credit union/other source, or will such an institution see this as a used car given it's lease record.
My understanding is that this deal can only be gotten through Porsche based on their terminology.

Am I wrong here? If so, I imagine I could get a better rate through a credit union than Porsche.
Also, it seems the best used car rates right now are around 7.5-8%.

If you go through Porsche Financial services, they do not have different rates for new or used cars. That is most likely what your dealer is talking about.
Credit unions and bank will however have different rates for new and used. Regardless of what your dealer tells you, that IS a used car.

__________________
Dan

CPO should be the tip off that it is used. Pre-Owned. As I understand, the PFS rates are on new and CPO cars.

If 7.5-8% is the best you can get outside of PFS then I would think 5.95% would look pretty good if you can get it. Honestly, 7.5-8% is terrible but I don't know what the rates are like in your area.

7.5% was based on what is being advertised on E-loan at this time.

Any other suggestions as far as places to look for such a loan?

Thanks-- I think that confirms what I thought, which is that this car will be considered a used car by any other lending agency outside of Porsche Financial Services.

Do you have anyone in your family that is Army or Air Force? Check with them to see if they are members with Pentagon Federal Credit Union. Just being an associated family member can get you joined up.

I got my brother hooked up for his Lexus.

Their current used/new car loan rate is 4.99%

https://www.penfed.org/index.asp

Good Luck!