Truck & Prime Mover Finance
Prime movers, rigid trucks, tippers, tray and pantech trucks: new or used, one truck or several. Tell us what you're buying and how it will work, and we'll pass your enquiry to a licensed finance broker who works with a range of lenders. It takes about 60 seconds and there's no credit check to enquire.
- No credit check to enquire
- Free to enquire, with no obligation to go ahead
- A licensed broker calls you, usually within one business day
Check my eligibility
About 60 seconds. No credit check to enquire.
Who we help
- Owner-drivers: buying a first prime mover or stepping up from a rigid
- Subcontractors on a contract: where a haulage or delivery contract supports the repayments
- Small fleet operators: adding or replacing trucks in an existing fleet
- Tipper and civil operators: tippers and truck-and-dog combinations for earthmoving work
- Established operators with tax returns behind: low-doc options may be available
- Newer ABN holders: with driving experience in the industry
What lenders look at for truck finance
Truck finance is nearly always a business loan, so lenders focus on the business and the asset rather than a payslip:
- Industry experience: how long you've driven or operated trucks, and in what work. Experience often matters as much as how long you've held your ABN.
- ABN and GST registration: how long the ABN has been active and whether you're registered for GST.
- The work: contracts, regular customers or a subcontract agreement help show how the truck will earn its repayments.
- The truck: age, kilometres, make and value. Older or high-kilometre trucks may need a shorter term or a larger deposit.
- Licence: the right heavy vehicle licence class for the truck, such as MR, HR, HC or MC.
- Other assets: owning property can widen the range of lenders available to newer businesses.
Common structures
| Structure | Who owns the truck | Typical features |
|---|---|---|
| Chattel mortgage | Your business, from day one | Interest and depreciation may be claimable for the business-use portion. A GST credit may be available upfront if you're GST-registered. An optional balloon can reduce repayments. |
| Finance lease | The financier, until the end | Lease payments are generally deductible. A residual is paid if you want to keep the truck at the end. |
| Hire purchase | The financier, until the final payment | Ownership passes to you once all payments are made. |
| Low-doc chattel mortgage | Your business | For established ABN holders whose tax returns aren't current. Usually relies on BAS, bank statements or an accountant's letter. |
A balloon or residual lowers your regular repayments, but you still pay interest on that amount and need to pay it out or refinance it at the end. Your accountant can tell you which structure suits your tax position.
How it works
- Tell us about the truck, the work and your business in the short form below.
- A licensed broker calls you, usually within one business day, to talk through your options.
- If it suits you, they handle the application with a lender that fits your circumstances.
What you'll usually need
- Driver licence showing the right heavy vehicle class
- ABN details, and GST registration if applicable
- Recent BAS, tax returns and financial statements, or for low-doc, BAS and business bank statements
- Any contracts or subcontract agreements for the work
- Truck details: dealer quote or tax invoice, or seller details and VIN for a private sale
- Details of existing equipment and vehicle finance
Every lender has its own criteria, so your broker will tell you exactly what's needed for your situation.
Truck finance guides
- How to finance a prime mover with a low-doc loan
- How to qualify for a low-doc truck loan
- Fleet finance options for Australian businesses
- Financing a mobile crane truck
- Financing a vacuum excavation truck
- What is a chattel mortgage?
- Do business loans need personal guarantees?
Common questions
Can I finance a prime mover as a new owner-driver?
Possibly. Lenders put a lot of weight on your driving experience and the work lined up for the truck. A newer ABN may mean a deposit, a contract or property ownership is needed. A broker can tell you which lenders are realistic.
Can I finance an older or high-kilometre truck?
Often, but lenders may set limits on the truck's age at the end of the term, ask for a bigger deposit or offer a shorter term. Have the truck's details ready when you speak to the broker.
Do I need a contract to get truck finance?
Not always, but a contract or regular work makes it easier to show how the repayments will be met, especially for newer businesses.
Should I use a balloon on a truck loan?
A balloon lowers your regular repayments, but you pay interest on it for the whole term and need to pay it out or refinance it at the end. It's worth weighing up the truck's likely value at that point.
Does enquiring affect my credit score?
No. Filling in our enquiry form isn't a credit application. A credit check only happens if you choose to go ahead with an application through the broker.