Truck finance in Australia covers a broad spectrum of products, lenders and business situations. Whether you are an owner-operator buying your first prime mover or a fleet operator adding to an existing lineup, understanding your options puts you in a better position to negotiate and compare deals.
Current Truck Finance Rates in Australia (2026)
Commercial truck finance rates in Australia currently range from 6.1 to 15 percent per annum depending on your credit profile, ABN history, the age of the truck and the loan term. The best rates are available to applicants with 2-plus years GST registration, clean credit and strong bank statement trading. Rates above 10 percent typically apply to older trucks, newer ABNs or applicants with some credit history.
Finance Structures Available
The main truck finance structures in Australia are: chattel mortgage (you own the truck, lender holds a registered mortgage until repaid — most popular for GST-registered businesses); finance lease (lender owns the truck, you lease it with an option to purchase at the end); commercial hire purchase (lender buys the truck and hires it to you, ownership transfers on final payment); and equipment loan (standard secured business loan). Rent-to-own and operating lease are also available through select lenders.
Low Doc Truck Finance
Low doc truck finance is available for most ABN holders through specialist lenders — no tax returns, financial statements or BAS required. Approval is based on ABN history, personal credit and the truck as security. Available up to $500,000 for most lenders. Low doc suits owner-operators, contractors and businesses that have not yet completed their most recent financial year.
New vs Used Trucks — What Lenders Prefer
New trucks attract the most competitive rates and the widest lender selection. Used trucks up to 10 years old are generally financeable across most specialist lenders. Older trucks (10 to 20-plus years) are assessed case by case — specialist lenders are significantly more flexible on age than banks, and some will finance very old trucks where the business case is strong. Auction and private sale purchases are included.
What Documents Do You Need?
For low doc truck finance: ABN details and GST registration date, three to six months of business bank statements, driver's licence, and details of the truck (make, model, year, price). For full doc: the above plus recent tax returns and financial statements. Pre-approval can often be issued within 24 hours of receiving the documents.
How to Get the Best Truck Finance Rate
The most effective way to get the best rate is to compare across multiple lenders simultaneously. Banks typically offer one rate — the rate available to their customer profile. A specialist broker compares 80-plus lenders including specialist truck financiers, second-tier banks and lenders that only work through brokers. This competition drives the rate down and ensures you are not paying more than necessary.
Overdrive Funding is a specialist truck finance broker comparing 80-plus lenders at no cost to you. Contact us for a free 2026 truck finance rate comparison.