When the first-hand car market slows down, the second-hand or `used car' market follows suit. So, if you are planning to buy a car, this could be the right time to go for it.

Buying a brand new car involves more money than buying a used car. Nevertheless, there are several options available, should you seek a loan to buy a second-hand car. And if you're still wondering which used car loan scheme will suit your requirements, PaisaPower.com is here to bail you out.

The personal finance website has recently added a used car loans section. "In the market, there are a number of banks and financial institutions offering a host of loan finance schemes for used cars," says P M Austin, chief executive officer of the Bangalore based PaisaPower.com. He adds that this multiplayer proliferation makes it difficult for a customer to choose the right scheme for him. What a customer needs, Austin continues, is a comprehensive, personalised comparison shopping vehicle for car finance products and this is where PaisaPower.com steps in.

The site offers a feature through which one can either select a particular bank or financial institution and make comparisons between its different used car loan schemes or between similar schemes offered by two or more banks or financial institutions.

To avail of the information, you need to first provide some simple information about your income, profession, your budget, the kind of car you want to buy and the model. The site's personalised comparison feature will then help you select the best scheme for you by comparing maximum and minimum loan amounts, equated monthly installments, etc.

For example, if you wish to buy a used Ambassador 1800 ISZ BE AC TG, you can avail of a loan from two institutions, Kotak Mahindra Finance and Sundaram Finance, both of which offer `EMI in Advance' schemes. PaisaPower.com then helps you compare the two schemes for a three year loan as given below:Kotak Mahindra's EMI in Advance scheme has Rs 3,07,986 and Rs 60,000 as the maximum and minimum loan amounts, respectively. The EMI per Rs 1 lakh is Rs 3,670.

Sundaram Finance's EMI in Advance scheme has Rs 2,46,389 and Rs 75,000 as the maximum and minimum loan amounts, respectively. The EMI per Rs 1 lakh is Rs 3,752.

PaisaPower.com also lists the maximum percentage of the purchase amount that different institutions lend. For example, the maximum loan different lending institutions will provide you with for buying a used Ambassador 1800 ISZ BE AC TG car are: American Express Bank-80 per cent, ANZ Grindlays Bank-70 per cent, Cholamandalam Finance-65 per cent, ICICI-50, Kotak Mahindra-75 per cent, Sundaram Finance-80 per cent, and so on.

Once you decide on the scheme you want to apply for, you can also authorise PaisaPower.com to get the lender's representative to contact you. The site provides its users with a tracking number to help them keep track of their loan applications. To check the status of your loan application, you simply have to quote this number at the tracking section of the site's home page and it will provide the necessary information.

Apart from the personalised loans comparison feature, PaisaPower.com also provides information on the kind of documents you will require to have at hand to get a used car loan from a particular institution. But before that, you have to tell it your employment status-whether you are self-employed or salaried. You then choose your preferred lender, say, Kotak Mahindra. The eligibility criteria for a car loan from this institution are: