Key Takeaways
- Prime mover finance rates range from around 6.29% to 15% per annum.
- New and used prime movers financeable — no blanket age or kilometre restrictions.
- Low doc up to $500k — ABN and driver's licence (low doc) or ABN, licence and 6 months bank statements (lite doc) only.
- Zero-deposit options for eligible businesses.
- Prime mover and trailer combinations can be financed together.
A prime mover is the most significant asset purchase for most owner-operators and transport businesses. Getting the finance right — the right rate, the right structure, the right lender — can save tens of thousands of dollars over a five or seven-year term. This guide covers everything you need to know about financing a prime mover in Australia.
How Prime Mover Finance Works
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Prime mover finance is a form of commercial vehicle finance where a lender funds the purchase of your truck and you repay the loan over an agreed term (typically 12–84 months) through regular repayments. The prime mover serves as security for the loan. Overdrive Funding compares 80+ lenders to find the most competitive rate and structure for your truck and business profile — at no cost to you.
Current Prime Mover Finance Rates
Prime mover finance rates in Australia currently range from around 6.29% to 15% per annum. New trucks from Kenworth, Volvo, Mack or Western Star for established operators with clean credit attract rates from 6.29%. Used prime movers, older trucks, high-kilometre vehicles and new ABN applicants carry higher rates. We compare 80+ lenders to identify the most competitive rate for your specific truck and situation.
New and Used Prime Movers
We finance new and used prime movers with no blanket age or kilometre restrictions. Each truck is assessed individually based on year, kilometres, service history, condition and make/model. Late-model used trucks (3–8 years old, under 800,000 km with documented service history) are the sweet spot — strong demand, healthy resale values and supported by the majority of lenders on our panel.
Maximum Vehicle Age and Kilometres
There is no fixed maximum age or kilometre limit for prime mover finance. However, older trucks (12+ years) and very high-kilometre units (1.2 million km+) may require a larger deposit, carry a higher rate or have a shorter maximum loan term. Having a recent engine and driveline inspection report can significantly help approval for older trucks. Contact us and we'll advise based on the specific truck.
Low Doc and No-Financials Options
Low doc prime mover finance is available up to $500k with just your ABN and driver's licence — no bank statements, no tax returns, BAS or full financial accounts required. This is the most popular option for owner-operators who run lean businesses and may not maintain extensive formal financial records.
No-Deposit Finance
Zero-deposit prime mover finance is available for eligible businesses with at least two years of GST registration and clean credit. Trade-in proceeds from your existing truck can serve as a deposit equivalent. For new ABN applicants or very high-value trucks, a deposit of 10–20% is commonly required.
New ABN and First-Time Owner-Driver Applications
Prime mover finance is available to new ABN applicants through specialist lenders on our panel. First-time owner-operators are considered — particularly if they have a strong personal credit history, a work contract or purchase order in hand, or are moving from being a company driver to owning their own truck. Rates are higher for new ABNs, but finance is genuinely accessible for many first-timers.
Prime Mover and Trailer Combinations
Prime mover and trailer combinations can be financed together in a single application, often achieving better overall terms than financing them separately. We regularly arrange combined truck-and-trailer packages for operators buying both at the same time — curtainsiders, drop decks, refrigerated trailers and more.
Dealer, Auction and Private Purchases
Finance is available for prime movers purchased from franchise dealers (Kenworth, Volvo, Mack, Western Star, Mercedes-Benz, Scania, DAF, MAN, Iveco), independent used truck dealers, private sellers and auction houses. Pre-approval before an auction or private inspection gives you confidence to negotiate knowing exactly what you can spend.
Work Contracts and Income Evidence
Having a work contract, freight agreement or purchase order in hand significantly strengthens a new ABN or low-doc application. Lenders view a documented income source as reducing the risk of default. If you have a contract lined up, bring it to your application — it can be the difference between approval and a decline.
Loan Terms and Balloon Payments
Prime mover finance terms typically range from 12 to 84 months. A balloon or residual payment defers a lump sum to the end of the term, reducing monthly repayments. We structure the balloon to align with the truck's expected resale value at end of term and your typical truck replacement cycle (often 5–7 years for most owner-operators).
Single Trucks and Fleet Purchases
We finance single trucks for owner-operators and fleet packages for transport companies. Fleet applications can be structured under a single facility or split across lenders to optimise overall terms. We regularly arrange multi-truck packages covering 5–50 units across a single application.
Popular Prime Mover Brands We Finance
- Kenworth — T610, T680, T909 (most popular in Australia)
- Volvo — FH, FM, FMX
- Mack — Anthem, Granite, Trident
- Western Star — 5800X, 4700
- Mercedes-Benz Actros
- Scania — R, S, G series
- DAF — XG, XF
- MAN — TGX, TGS
- Iveco — S-Way, Stralis
Repayment Examples
$150,000
$300,000
$500,000
$800,000
| Loan Amount | Rate | Term | Est. Monthly Repayment |
|---|---|---|---|
| $150,000 | 6.99% | 5 years | $~2,970 |
| $300,000 | 7.49% | 5 years | $~6,021 |
| $500,000 | 7.99% | 7 years | $~7,790 |
| $800,000 | 8.49% | 7 years | $~12,567 |
2026 Rate Environment
Prime mover finance rates are fixed at settlement — they are not linked to the RBA cash rate (currently 4.35% as of August 2026). Variable-rate products like business overdrafts respond to RBA moves, but fixed truck finance does not. Your repayments are locked in for the full term — typically 5 to 7 years — giving transport operators predictable, stable cash flow for the life of the loan.
Low Doc vs Lite Doc vs Full Doc
Low Doc
Lite Doc
Full Doc
| Doc Type | What You Provide | Loan Limit | Best For |
|---|---|---|---|
| Low Doc | ABN + driver's licence only | Up to $500k | Owner-operators, fast approvals |
| Lite Doc | ABN + licence + 6 months bank statements | Up to $500k | Income verification, newer ABNs |
| Full Doc | Tax returns, BAS, full financials | Above $500k | Fleet purchases, largest loans |
Tips to Improve Your Approval Chances
- Have a work contract or freight agreement in hand — income evidence significantly strengthens new ABN and low doc applications.
- Get a recent engine and driveline inspection for older trucks (10+ years) — it demonstrates maintenance and reduces lender risk concerns.
- Get pre-approved before going to auction or private inspection — locks in your limit for 90 days.
- A 10–20% deposit greatly improves approval for new ABNs, high-kilometre trucks or larger loan amounts.
- Choose popular brands (Kenworth, Volvo, Mack) — strong resale values support better lender terms.
Ready to Compare Prime Mover Finance Rates?
- Call Simon Kendrick on 1300 001 420 or submit an online enquiry.
- We compare 80+ lenders — free, no credit score impact to enquire.
