It's incredibly cheap to finance a new car right now.

Auto loan rates are near record lows, and carmakers are staggered by the worst sales year in nearly two generations. This allows dealers to offer cut-rate loans on lots of great new cars and trucks.

The average interest rate for a 48-month, new-car loan rose to 6.71% from 6.70% in our weekly survey of major banks taken Feb. 10, and remains at historically low levels. The rate of the four-year loan is near the lowest its been since Interest.com and its print predecessors started tracking these rates back in 1985.

The average rate for a 60-month loan rose to 6.69% from 6.68%, also near a record low for five-year auto loans.

These are the kind of deals you can find:

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

Bank of America is selling loans up to 60 months for 3.60% in most places.

Chase Bank has 48-month loans for 3.91% and 60-month financing for 4.02%.

Search our database of auto loans, and you'll find local and national lenders offering 36-, 48- and 60-month loans for less than 5% in most markets.

An even cheaper option is to go for one of the cut-rate financing deals the carmakers are offering through their financing companies.

Almost every manufacturer is now routinely providing the kind of low-interest financing that used to be a once-a-year, short-term promotion. Here are some of our favorites:

• Ford is offering 0% financing for 60 months on the popular and nice-to-drive Escape crossover.
• The Chevrolet Malibu is a great-looking family sedan, with lots of room and rewarding handling. You can walk away with a 0% deal for 60 months.
• Big-car lovers will adore the 0-percent-for-60-months deal on the still-desirable Chrysler 300.
• Nissan never used to offer discount financing on Muranos. Now you can finance this smooth and upscale crossover for 2.9% for 48 months.

Here's where to find all the discount financing deals and rebates currently available.

Not everyone will qualify for the best rate banks or the financing companies offer.

You may be able to obtain the best rate, or a loan that costs no more than a point or two more than the best rate, if your credit score is between 680 and 720 and you can prove your creditworthiness in other ways. (A great employment history, very little debt, that sort of thing.)

If your credit score is below 680, expect to be charged a lot more than the best available rate -- up to 18% or more if you have truly subprime credit (a credit score of 620 or less).

By Bill Visnic

Interest.com Contributing Editor