Overdrive Funding helps Australian tradie businesses access competitive equipment and vehicle finance. This guide is written for the growth stage specifically — the second vehicle, the apprentice's ute, the equipment fit-out that lets you take on bigger jobs. If you're after the fundamentals of financing a single work vehicle, start with our tradie finance options.
Most trade businesses hit the same wall at the same point. You're turning down work because you can't be in two places at once, but putting on a second person means a second vehicle, a second set of tools and more equipment — all before that person bills a single hour. That gap between committing the cost and earning the return is where finance either enables the growth or kills it.
What growing trade businesses finance
- Second, third and subsequent work utes and vans
- Apprentice and employee vehicles
- Vehicle fit-outs — canopies, racking, toolboxes and shelving
- Trailers, box trailers and enclosed workshop trailers
- Specialist equipment — welders, compressors, generators, elevated work platforms
- Workshop fit-outs, hoists, benches and storage
- Machinery — mini excavators, bobcats and tippers as you diversify
- Refinancing existing vehicles to release equity for expansion
The second-vehicle decision
Adding a vehicle is rarely just the vehicle. A fitted-out ute for a new employee might be $55,000 for the vehicle, $8,000 for the canopy and racking, plus tools, insurance and rego. That's real money committed against revenue that hasn't arrived yet.
Two things make this work. First, structure: a balloon of 20–40% keeps the monthly repayment low while the new hire ramps up to full productivity. Second, timing: financing the fit-out alongside the vehicle rather than paying for it out of working capital keeps your cash buffer intact for the wages you're now carrying. The businesses that come unstuck are usually the ones that bought the vehicle outright and then had no cash left for the three months it took the new person to become profitable.
Rates, deposits and low doc approvals
Low doc (no financials) business vehicle finance is available up to $300k for the right profiles. Equipment and machinery low doc goes up to $500k. Deposits generally range from 10–30%, with $0 deposit available on stronger applications. By the time you're adding a second vehicle you usually have trading history behind you, which puts you in better territory than a startup.
Established ABN (2+ years), new vehicle, full doc
Established ABN, used vehicle, low doc
Newer ABN (under 12 months)
Prior credit issues, specialist lender
| Borrower profile | Typical rate | Typical deposit |
|---|---|---|
| Established ABN (2+ years), new vehicle, full doc | From 6.1% | $0 – 10% |
| Established ABN, used vehicle, low doc | 7% – 10% | 10% – 20% |
| Newer ABN (under 12 months) | 9% – 12% | 10% – 30% |
| Prior credit issues, specialist lender | 12% – 15% | 20% – 30% |
Rates are indicative only and subject to lender assessment, asset age, term and your individual circumstances.
Funding the wages gap
Growth costs cash before it makes cash. You pay the new person weekly and invoice the client monthly, and on commercial jobs you might wait 60 days on top of that. This is where trade businesses most often get into trouble — not because the work isn't profitable, but because the timing doesn't line up.
Invoice finance releases cash against unpaid invoices as you issue them. Business overdrafts and lines of credit give you a buffer you only pay for when you use it. A cash flow loan funds a specific push — taking on a bigger contract, for instance. Insurance premium funding spreads growing premiums monthly, and tax debt refinancing clears an ATO balance that would otherwise block your next approval.
Why growing trade businesses use a broker
Once you're running multiple vehicles and equipment facilities, the structure of your finance starts to matter as much as the rate. Too many small facilities across too many lenders gets messy and can limit your borrowing capacity. Dealer finance on each vehicle as you buy it is the easy path and usually the expensive one.
We compare 80+ banks and specialist lenders, keep your facilities structured sensibly as you scale, and make sure each new asset doesn't quietly cap what you can borrow next. Our service is completely free. We're paid by the lender only after a deal settles, so there's no cost to you—even if you choose not to proceed.
Get a quote
Looking for the best rate on equipment and vehicle finance for your trade business? You're in the right place. Speak directly with Simon and our team, or get a free quote online.