Truck Finance

Chattel mortgage is the most common for business use. You own the truck from day one, make fixed repayments over the term, and can claim depreciation and interest costs. Finance lease and hire purchase are available for businesses where that suits the accounting treatment better. The right structure depends on your business setup and what your accountant recommends for tax.

No deposit deals are available and common, particularly for established businesses with a trading history of two or more years. New businesses and new ABN owner drivers are more likely to need a deposit, typically 10 to 20 per cent, especially on older trucks or larger loan amounts. Some deals are structured with a deposit to access a better lender or rate tier.

Yes. Most lenders look at the truck's age at the end of the loan term rather than the purchase date. Banks are generally more comfortable with trucks up to about 10 to 12 years old at end of term. Specialist lenders go well beyond that. A 15 to 20 year old truck from a reputable brand is still financeable through the right lender. The key is matching the asset age to a lender whose policy supports it, which is exactly what a broker does.

Yes, private sales are common in the truck market. Most lenders are fine with private transactions. On older trucks or higher value purchases, lenders typically require a third party inspection before settlement: photos of the truck confirming VIN and engine numbers match the registration papers and invoice, plus a PPSR search to confirm the asset is clear of encumbrances. We organise the inspection and coordinate settlement directly with the seller.

Low doc means you do not need to provide full financial statements or tax returns to get approved. Most low doc truck loans require your ABN and GST registration, recent bank statements or BAS statements, and a clean or explainable credit file. Dealer purchases under $250,000 from an ABN holder with at least 12 to 24 months of trading are the most common low doc approvals. New ABN borrowers may still qualify with a deposit and a subcontract agreement in place.

Yes. New ABN owner drivers are a common borrower type in truck finance and lenders understand the profile. The deal typically needs a deposit of 10 to 20 per cent, a clean credit file, and evidence of work lined up such as a subcontract agreement or letter of intent from the principal contractor. That supporting document does not guarantee approval but it significantly strengthens the application.

Yes. Where you are buying a cab chassis and having a body fitted separately, both the chassis invoice and the body invoice can usually be financed together in one facility. This is common for tippers, flat beds, fridge units and crane mounts. Settlement is sometimes staged: the cab chassis is funded first and the body funded on completion. This needs to be set up correctly at the start so speak to us before the build begins.

A balloon is a lump sum left at the end of the loan term after regular repayments have been made. It reduces your monthly repayments during the loan but means you have a larger amount owing at the end. Balloons work well on newer trucks where the asset value at end of term is predictable. On older trucks, some lenders restrict or remove the balloon because the asset age at the end of the term creates refinancing risk. We structure the balloon around your cashflow needs and the lender's policy for the specific truck.

It can, and it is worth understanding. Borrowers who own property access a wider range of lenders and often get sharper pricing because the overall risk profile is lower. It is not a requirement and plenty of truck deals get done without property behind them, but it is a real factor in which lenders compete for your business and what rates they offer.

A bank decline does not mean the deal is not doable. Banks apply age limits, GVM restrictions and credit policies that specialist lenders do not. The problem is that a declined application leaves a credit enquiry on your file. Before applying anywhere else, talk to us first. We assess the deal, identify the right lender for your specific truck and borrower profile, and submit once with a high degree of confidence in the outcome.

Most approvals come back within 24 to 48 hours of receiving all the information needed. Larger deals above $250,000 may take a day or two longer because lenders require more documentation at that level. Private sales with inspections add time for the inspection to be completed before settlement can proceed. Tell us your timeframe and we work to it.

All of them. Kenworth, Mack, Volvo, Scania, DAF, Western Star, Freightliner, Isuzu, Hino, Fuso, MAN, Mercedes Benz, Iveco. New or used, dealer or private. If there is a truck in the market for it, there is a lender for it.

Yes. Auction purchases through Pickles, Manheim, Grays Online and similar platforms are common and most lenders support them. Older trucks or higher value auction buys may require an inspection before settlement, same as a private sale. Payment terms at auction can be tight so get finance pre arranged or talk to us as soon as you win the lot.

Dealer finance is one product from one lender. It may be competitive or it may not be. As a broker we assess your deal against 50+ lenders and find the one that offers the best combination of rate, terms and approval certainty for your specific truck and your specific business. For older trucks or complex deals like cab chassis builds, dealer finance often has no solution at all.

It depends on your business and the size of the deal. For a low doc approval: ABN and GST registration, recent bank statements or BAS, and details of the truck you are buying. For full doc: financial statements, tax returns, and a breakdown of business liabilities. The best place to start is a five minute conversation so we understand what you are buying and can tell you exactly what is needed for your situation.