Key Takeaways
- Truck finance rates in Australia typically range from 6.1% to 15% depending on the applicant, asset and lender.
- Low doc truck finance (no financials) is available up to $500k for eligible ABN holders.
- No deposit truck finance is available for established operators — 100% finance on new and used trucks.
- The cheapest rate is not always the best deal — fees, balloon amounts and repayment terms all affect the true cost.
- Comparing 80+ lenders through a free broker gets you a better rate than going direct to your bank or a dealer.
- Same-day conditional approvals available for clean applications.
Buying a truck is one of the biggest financial decisions a transport business makes. A prime mover, rigid or tipper can easily cost $150,000 to $450,000 — and the finance deal you sign follows you for the next three to seven years. The difference between a competitive rate and a mediocre one is not small: on a $300,000 truck over five years, two percentage points is roughly $15,000 in extra interest.
This guide covers what to look for when comparing truck finance deals in Australia, what the numbers actually mean, and how to make sure you are not leaving money on the table.
What Are Current Truck Finance Rates in Australia?
Truck finance rates in Australia currently range from around 6.1% to 15% per annum, depending on the applicant's credit profile, ABN history, the age and type of truck, and which lender is used. New trucks from established operators with clean credit attract the sharpest rates. Used trucks, shorter ABN histories or impaired credit push rates higher.
Established operator, new truck, clean credit
Established operator, used truck
New ABN (under 2 years), new truck
Impaired credit / defaults
| Applicant Profile | Typical Rate Range | Notes |
|---|---|---|
| Established operator, new truck, clean credit | 6.1% – 8.5% | Best available market pricing |
| Established operator, used truck | 7.5% – 10.5% | Depends on age and hours |
| New ABN (under 2 years), new truck | 9% – 13% | Low doc lenders, higher rates apply |
| Impaired credit / defaults | 11% – 15%+ | Specialist lenders only |
These are indicative ranges — the actual rate offered will depend on your specific profile. The only way to know the best rate you qualify for is to have a broker submit your deal to multiple lenders and return competitive offers.
What Should You Actually Compare?
Most borrowers focus on the interest rate, but the true cost of a truck finance deal has several moving parts:
- Interest rate (per annum, not monthly) — confirm whether the rate is fixed or variable for the term
- Establishment and monthly fees — some lenders charge $500–$1,500 upfront and $10–$30/month, which adds up
- Balloon or residual amount — a large balloon lowers repayments but increases the final lump sum owed
- Loan term — longer terms mean lower monthly payments but more total interest paid
- Early payout penalties — relevant if you plan to refinance or sell the truck before the term ends
- GST treatment — a chattel mortgage lets you claim the full GST on the purchase price in your next BAS
When a dealer quotes you a monthly repayment rather than an interest rate, that is often intentional — it makes comparison harder. Always ask for the comparison rate (which includes fees) or request the rate and fee schedule separately.
New vs Used Truck Finance: What Changes?
New trucks attract the sharpest rates because the asset has a predictable value and a full manufacturer warranty. Used trucks, particularly older models with high hours, carry more lender risk — which shows up in the rate. Some lenders will not finance trucks over a certain age or kilometre threshold, while specialist lenders will.
If you are comparing new and used options, factor in the true acquisition cost, not just the sticker price. A used truck at a lower purchase price with a higher rate may cost more over the term than a new truck at a lower rate — or vice versa. Running the numbers on both scenarios before you commit is straightforward with a broker who has access to live lender pricing.
Low Doc Truck Finance: Compare Without Tax Returns
Low doc (or low documentation) truck finance lets eligible ABN holders borrow up to $500,000 without providing financial statements or tax returns. Instead, lenders assess your ABN registration period, GST history and bank statements. This suits operators who are behind on their tax returns, recently self-employed, or simply prefer not to wait for an accountant to prepare documents.
Low doc rates are typically 1–2% higher than full doc rates for the same borrower. For many operators, the speed and simplicity is worth the small premium, particularly when moving quickly on a time-sensitive purchase.
No Deposit Truck Finance
100% finance with no deposit is available for eligible operators — typically businesses with two or more years of ABN registration, a clean credit file and a proven income. For operators with a shorter history or a credit blemish, a deposit of 10–30% can significantly improve both approval odds and the rate offered.
Even when $0 deposit is available, it is worth running the numbers both ways. A deposit reduces the loan amount, which reduces your repayments and total interest paid. If you have capital to put in, it often earns a better effective return than leaving it in a savings account.
How to Get the Best Truck Finance Deal
- Do not just go to your bank — banks compete on one rate; a broker compares 80+ lenders and picks the best for your profile
- Get your documents together before you apply — BAS, bank statements and driver's licence speed things up
- Know the asset — year, make, model, odometer and condition affect which lenders will approve and at what rate
- Do not accept the dealer's finance without comparing — dealer rates are often loaded because they have a captive audience
- Ask for the rate, not just the monthly repayment — repayments without a rate make comparison impossible
- Check early payout terms if you plan to refinance or sell early — penalties vary significantly between lenders
Why Use a Broker to Compare Truck Finance?
A truck finance broker compares multiple lenders with a single application, negotiates on your behalf and manages the paperwork through to settlement. The service is free — we are paid a commission by the lender after your deal settles, not by you. That means there is no cost to you even if you compare and decide not to proceed.
At Overdrive Funding, we compare rates across 80+ commercial lenders — including major banks, non-bank financiers and specialist truck lenders — to find the most competitive deal for your profile. If you have already received a quote from a dealer or your bank, bring it to us and we will tell you if we can beat it.
Ready to compare? Get a free truck finance quote or call Simon directly. Same-day approvals available.