Truck finance
Finance for utes, rigid trucks, prime movers and trailers: how the options work, what lenders look for and how to structure it.
- New and used trucks
- Bank and non-bank lenders
- No obligation
In a nutshell
Truck finance is a loan or lease where the truck itself is the security. Businesses use it to buy light commercials, rigid trucks, prime movers and trailers, new or used. Most lenders offer terms of 1 to 7 years with an optional balloon, and look at how long you've held your ABN and GST registration, your transport experience and, for new operators, the work you have lined up. Depending on the lender, decisions can be as quick as a few hours.
What you can finance
Utes, vans and light commercials
Vehicles under 4.5 tonnes, used mainly for the business.
Rigid trucks
Medium and heavy rigids, including tippers, tautliners, pantechs and refrigerated bodies.
Prime movers
Single and multi-trailer prime movers for line haul and local work.
Trailers
Flat-tops, curtainsiders, refrigerated trailers, tippers and specialised trailers.
Chattel mortgage, lease or hire purchase?
Who owns the truck
- Chattel mortgage
- You, from the start
- Finance lease
- The lender, until you pay the residual
- Hire purchase
- The lender, until the final payment
- Operating lease
- The lender; you return or upgrade it
GST
- Chattel mortgage
- If you're GST-registered, generally claimed on the purchase price in your next BAS
- Finance lease
- Charged on each lease payment
- Hire purchase
- Generally claimed upfront, like a chattel mortgage
- Operating lease
- Charged on each rental payment
End of term
- Chattel mortgage
- Optional balloon to pay out
- Finance lease
- Residual to pay to take ownership
- Hire purchase
- Ownership passes after the last payment
- Operating lease
- Return, upgrade or extend
Usually suits
- Chattel mortgage
- Most owner-operators and businesses that want to own the truck
- Finance lease
- Businesses that prefer to lease and may claim lease payments
- Hire purchase
- Businesses that want ownership at the end without a residual
- Operating lease
- Fleets that upgrade regularly
| Chattel mortgage | Finance lease | Hire purchase | Operating lease | |
|---|---|---|---|---|
| Who owns the truck | You, from the start | The lender, until you pay the residual | The lender, until the final payment | The lender; you return or upgrade it |
| GST | If you're GST-registered, generally claimed on the purchase price in your next BAS | Charged on each lease payment | Generally claimed upfront, like a chattel mortgage | Charged on each rental payment |
| End of term | Optional balloon to pay out | Residual to pay to take ownership | Ownership passes after the last payment | Return, upgrade or extend |
| Usually suits | Most owner-operators and businesses that want to own the truck | Businesses that prefer to lease and may claim lease payments | Businesses that want ownership at the end without a residual | Fleets that upgrade regularly |
Tax treatment depends on your business. Check GST, depreciation and deductions with your accountant before you choose.
What lenders look at
- how long you've held your ABN and been registered for GST
- your experience in transport and the licence class you hold
- for new operators, contracts or regular work already lined up
- the truck's age now and at the end of the loan
- any deposit you're putting in
- your credit history, and whether you own property, which often means larger limits and less paperwork
Buying a used truck or from a private seller? See our guide to used and private-sale equipment finance.
Balloons and residuals
A balloon, or a residual on a lease, is a lump sum left to pay at the end of the term. It lowers your regular repayments, which helps cash flow while the truck is earning, but you'll need to pay it out, refinance it or sell the truck when the term ends. Use our repayment calculator to see how a balloon changes your repayments.
What lenders publish
These examples are from lender profiles in our business lender directory, checked 23 October 2026.
- Angle Finance offers secured finance for commercial vehicles up to 4.5 tonnes and trucks up to 12 tonnes GVM, plus commercial trailers, through accredited brokers. Profile →
- Shift's asset finance covers trucks, trailers, cars, utes and vans, up to $2 million over up to 7 years with a balloon available, for businesses trading 2 years or more with annual turnover of $250,000 or more. Profile →
- Dynamoney offers asset finance up to $1 million, generally for businesses with 12 months of ABN and GST registration and a director credit score of 550 or more. Profile →
- Banjo's Asset Finance Excel offers asset and equipment finance up to $2 million, and its Asset Finance Express is a next-to-no-doc option. Profile →
- Westpac's vehicle and equipment finance goes up to $250,000, with funds in one business day from approval and an option of 3 months before the first repayment. Profile →
- NAB's business vehicle and equipment loans need no upfront deposit for GST-registered businesses using the asset mostly for business, with terms usually of 1 to 5 years. Profile →
- ORIX Australia offers fleet and vehicle leasing for mid-market businesses, alongside asset finance from about $500,000. Profile →
Related guides
Talk to us about truck finance
Tell us what you're buying and how your business runs. We work with a panel of 100+ bank, non-bank and private lenders and match you with the ones best suited to your truck and your business.
- One conversation, no obligation
- We seek multiple lender options for you
- Business finance from $30,000
Prefer to talk now? Call 0468 060 969, Mon–Fri, 9am–6pm AEST/AEDT.
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FAQs
Truck finance questions
Yes. Most truck lenders finance used trucks from dealers and many accept private sales. Lenders usually set a maximum age for the truck at the end of the loan, so older trucks may need a shorter term.
Often, yes, but it's harder than for an established operator. Lenders look for driving experience, the right licence, and contracts or regular work lined up. A deposit, or property to offer as extra security, can help.
Not always. Some lenders offer no-deposit finance to established, GST-registered businesses; NAB, for example, advertises no upfront deposit on business vehicle and equipment loans. Newer businesses, older trucks and weaker credit usually need a deposit.
A chattel mortgage suits most businesses that want to own the truck and claim the GST upfront. A lease or hire purchase can suit different tax or cash flow positions. Your accountant can tell you which suits your business.
A balloon is a lump sum due at the end of the loan. It lowers your regular repayments, but you'll need to pay it, refinance it or sell the truck when the loan ends, so plan for it from the start.
Yes. Trailers can be financed on their own or together with the truck that pulls them.
Depending on the lender, decisions can be as quick as a few hours for straightforward applications. Larger, older or specialised trucks, and new operators, can take longer.
Yes. We work with a panel of 100+ bank, non-bank and private lenders and seek multiple lender options for you, matched to your truck, your business and how you want to structure it.
This page is general information only and isn't credit, tax or financial advice. Lender details are taken from each lender's published information, checked 23 October 2026, and can change. All finance is subject to each lender's credit criteria and assessment.