Bad Credit Car Loans Hobart
Just because you have bad credit doesn’t mean you won’t get car loan approval in Hobart. From Glenorchy to Kingston, we'll help you find a loan deal.
Hobart sits nestled between Mount Wellington and the River Derwent, and while it’s one of Australia’s most liveable cities, it’s also one where having a car makes life considerably easier. Outside the CBD, public transport options are limited, so having your own set of wheels makes a real difference.
If bad credit is getting in the way of financing a car in Hobart, though, it doesn’t have to stay that way. We work with lenders who look beyond your credit score to find solutions for Tasmanians across a wide range of financial situations.
How to get a bad credit car loan in Hobart
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1
Start your application
Tell us about your financial situation, your personal details and the amount you're hoping to borrow. Whether you're in Sandy Bay, Sorell or out in the Huon Valley, it's all done online at your own pace.
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2
Send us your documents
We'll need to verify your identity and get a clear picture of your current finances before we can move things forward.
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3
Speak with your broker
Once we have everything we need, your dedicated broker will search through our lender panel and reach out to walk you through the options available to you.
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4
Find your car
If you're still undecided on your vehicle, our in-house car broker can help you track down the right car through our national dealership network, whether that's here in Tasmania or on the mainland.
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We put your application together
Happy with your options? Your broker will prepare your formal application and lodge it with the most suitable lender on your behalf.
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Approval and settlement
Formal approval can come through in as little as one business day, with our team handling settlement from start to finish.
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7
Time to hit the road
After everything is signed off, your new car is ready and waiting. All that's left is to enjoy the drive.
Why Us?
Fast loan approval
We work hard behind the scenes to match you with a suitable lender and have your loan approved and funded in as few as 48 hours.
100% online
Where ever you are across Australia, you can apply for a bad credit car loan using your laptop or even a smartphone.
Trusted brand
For more than a decade, we've been helping borrowers with bad credit get approved for their car loans across Australia.
How do bad credit car loans work?
A bad credit car loan allows you to purchase a vehicle and pay it back over a set term, even if your credit file has seen better days. The car you buy is used as security against the loan, reducing the lender’s risk and improving your chances of approval compared to an unsecured personal loan.
What sets the lenders we work with apart from the major banks is their approach to assessing your application. Instead of leaning heavily on your credit score, they’ll look at your current income, your everyday expenses and whether the loan repayments are something you can genuinely manage within your current budget.
Loan terms generally run from one to seven years, and repayments can be structured weekly, fortnightly or monthly to fit around your income and lifestyle.
How much can I borrow for a bad credit car loan in Hobart?
You can take out a car loan from as little as $5,000, while some lenders will allow you to borrow as much as $150,000 even with bad credit. Approvals at the higher end of the scale will ultimately come down to whether you meet your lender’s eligibility criteria.
The amount you walk away with will depend on a range of factors, including:
- The nature of your bad credit and when it occurred, such as whether you have a minor unpaid phone bill default or a more serious recent loan default
- How much you’re currently earning and what your regular weekly or monthly expenses look like
- Any existing loans or debts you’re currently managing
- The vehicle you’re looking to buy, including its age, type and condition
- Which lender you end up with, as borrowing limits vary across our panel
- Whether you own property in Tasmania or elsewhere in Australia, as this can work in your favour
Apply with us today and we can walk you through your options and potential borrowing power.
Bad credit car loan eligibility and documentation
Eligibility
- You must be 18 years of age or older
- You must be an Australian citizen, permanent resident or eligible visa holder
- You must be employed and earning a stable income that supports your car loan payments, which can start from as little as $480 per week
- You mustn’t currently be bankrupt
- Your chosen car must satisfy your lender’s vehicle eligibility criteria
Documentation
- A valid driver’s licence, front and back (passports can also be accepted)
- Your two most recent consecutive payslips
- 90 days of bank statements and/or Centrelink income statements
Bad credit car loan costs in Hobart
Some of the variables at play that’ll shape how much your bad credit car loan ends up costing you are:
- Interest rate: bad credit borrowers will be charged a higher rate than those with a clean credit file, which can add a significant amount to your total repayments over time
- Loan fees: establishment and ongoing monthly fees are standard on most bad credit loans and will add to the overall cost of your agreement
- Loan amount: the more you borrow, the more interest you’ll pay over the life of the loan
- Loan term: opting for a longer term lowers your regular repayments but increases your total interest bill
To illustrate how your loan term can affect what you pay overall, here’s what a $45,000 bad credit car loan at 15.00% p.a. would look like across different terms:
| Loan amount | Loan term | Interest rate | Monthly repayment | Total interest paid | Total repaid |
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| $45,000 | 2 years | 15.00% p.a. | $890 | $13,387 | $53,387 |
| $45,000 | 3 years | 15.00% p.a. | $1,560 | $11,158 | $56,158 |
| $45,000 | 4 years | 15.00% p.a. | $1,252 | $15,114 | $60,114 |
| $45,000 | 5 years | 15.00% p.a. | $1,071 | $19,233 | $64,233 |
| $45,000 | 6 years | 15.00% p.a. | $952 | $23,510 | $68,510 |
Calculations and interest rates are for illustrative purposes only and exclude loan fees and other charges. Interest rates shown aren't necessarily reflective of the rates you'll receive on your bad credit car loan.
Bad credit car loans Hobart frequently asked questions
Can I get a bad credit car loan in Hobart if I'm unemployed?
Yes, it's possible to be approved for a car loan in Hobart while unemployed, provided you're earning income from an eligible source such as Centrelink payments, rental income or superannuation. If you have no income at all, though, approval is very unlikely as lenders are required to assess your ability to meet repayments before approving any application.
Am I able to get a bad credit car loan in Hobart with no deposit?
Yes, many bad credit car loans are available with no deposit, as many lenders offer up to 100% financing. That said, putting down even a modest amount can reduce the size of your loan and strengthen your application, which can be particularly helpful if your credit situation is more complex. Some lenders may require you to pay a deposit in certain cases.
Can I get a bad credit car loan in Hobart if I'm bankrupt?
Yes, we work with lenders who can consider applications from both undischarged and discharged bankrupts in Hobart and across Tasmania. Approval isn't guaranteed and all applications are subject to lender assessment, but it's worth getting in touch to find out what options may be available for your situation.
Will I be able to buy a car on the mainland if I live in Hobart?
Yes, your bad credit car loan can be used to purchase a vehicle from anywhere in Australia, not just within Tasmania. Whether you've found something at a dealership in Melbourne or through a private seller in Queensland, the vehicle simply needs to meet your lender's criteria around age and condition. Keep in mind that you'll need to factor in the cost of shipping the vehicle across Bass Strait if buying interstate.