Most buyers -- particularly those who can bring a few bucks and at least average credit to the showroom -- can still finance a new ride on surprisingly good terms.

Our most recent survey of major auto lenders found that loans for borrowers with credit scores of 700 or better cost an average of about 7%, even for five-year loans.

Except for a few weeks this spring, that's as low as they've been in the past 10 years.

But we aren't going to kid you.

Lenders are not handing out auto loans as freely as they did before the financial crisis, especially to buyers with poor credit.

And they want at least a modest down payment -- cash, a trade-in, or a combination of the two -- from almost everyone. Edmunds.com, a Web site that tracks auto sales data, reported earlier this year that the average down payment was $3,211.

Here's what to expect from the three major sources of auto loans:

Auto financing companies affiliated with the car companies. You've got to use these lenders to take advantage of the discount loans you see in the television and newspaper ads.

And make no mistake about it, this is the cheapest way to finance a new car or truck, if you can qualify.

GMAC, for example, is offering 0% loans as long as 60 months, and even 72 months, on some Chrysler and General Motors models.

The discount deals aren't quite as good on most import brands -- 3% or 4% are more the norm. But that's still a good first choice.

The auto financing companies also are more likely to back buyers with below-average credit, though at considerably higher rates.

GMAC began lending to borrowers with subprime credit (FICO scores below 620) again this spring, and Toyota sales executives recently said they were trying to get its finance company to make more credit available to buyers with lower credit scores.

Credit unions: If you're a member, you'll find better rates than at most banks and a greater willingness to extend credit to borrowers with lower credit scores.

Credit unions also require smaller down payments. You might even find 100% financing -- something that's hard to find anywhere else.

Many continue to offer a $1,000 rebate for financing GM or Chrysler vehicles through them. This is in addition to any manufacturer or dealer rebates on the vehicle you want.

Commercial banks: They often have higher rates and tougher qualification standards than captive lenders or credit unions.

But the banks with the best deals are well worth considering.

Think Mutual Bank, for example, is offering 24-month loans for 3.99%, 36-month loans for 4.09% and 60-month loans for 4.29%.

Bank of America will provide loans up to 60 months for about 4.5% in most places. Here's where you can find the rate being offered in your state and apply online for a Bank of America auto loan.

Our extensive database of auto loan rates is a good place to check and compare rates from dozens of local and national banks.

And finally, a few words about leasing.

Lease rates for almost all cars and trucks have been so awful over the past year that this hasn't been a smart alternative to buying.

You may find somewhat reasonable deals from certain import makers -- particularly the luxury car names -- but the current economy is making it difficult to find anything like the killer lease deals previously available.

If you think leasing might still be a good option for you, our 5 questions to ask before leasing can help you make sure.

If you're ready to lease, take a look at our strategy for finding the best deal.

By Bill Visnic

Interest.com Contributing Editor