Most trucks financed in Australia are used trucks. A well-maintained second hand prime mover can do the same work as a new one for a fraction of the price, with the steepest depreciation already absorbed by the first owner. But used truck finance is also where lenders differ most — and where the same truck can attract wildly different offers depending on who you ask.
This guide explains how to finance a used truck in Australia: what lenders actually assess, the age limits that catch people out, what rate to expect, and how buying decisions affect your finance before you have even applied.
How used truck finance works
Second hand truck finance works the same way as new: most operators use a chattel mortgage, so you own the truck from day one, the lender takes security over it, and you can generally claim the GST on the purchase price in your next BAS. Depreciation and the interest portion of your repayments are typically deductible where the truck is used for business.
The difference is in the assessment. With a new truck, the lender knows exactly what it is worth. With a used truck, the lender is underwriting an asset whose value depends on age, hours, kilometres, condition, brand and service history — so those factors drive both your rate and whether the lender will participate at all.
The age limit that catches people out
This is the single most misunderstood part of used truck finance. Lenders do not just look at the truck's age today — many cap the asset's age at the END of the loan term. A 10-year-old truck financed over five years will be 15 at the end, and that is where a lender's policy bites.
There is no industry-wide rule. One lender caps at 12 years at end of term, another goes to 20 for a recognised brand, another declines outright on age alone regardless of condition. This is why a truck one lender rejects will often be funded by another at a perfectly workable rate. Shortening the loan term can also bring an older truck inside a lender's policy — worth knowing before you accept a decline.
What lenders check on a used truck
- Age of the truck now, and at the end of the proposed loan term
- Kilometres and engine hours relative to age
- Brand and model — resale depth in the Australian market matters
- Service history and whether it has been maintained on schedule
- Whether it is a dealer, private sale or auction purchase
- Any modifications, truck bodies or equipment fitted
- Roadworthy status and compliance
We only finance trucks located in Australia. A truck with a strong Australian resale market is the lender's security, which is why brand matters more on used than on new — the lender needs to know what it could recover.
Used truck finance rates
Established ABN (2+ years), late-model used, full doc
Established ABN, used truck, low doc (no financials)
Newer ABN (under 12 months), used truck
Older truck or prior credit issues
| Borrower profile | Indicative rate | Typical deposit |
|---|---|---|
| Established ABN (2+ years), late-model used, full doc | From 6.1% | $0 – 10% |
| Established ABN, used truck, low doc (no financials) | 7% – 10% | 10% – 20% |
| Newer ABN (under 12 months), used truck | 9% – 12% | 10% – 30% |
| Older truck or prior credit issues | 12% – 15% | 20% – 30% |
Used trucks generally price slightly above new for the same borrower, because the lender's security depreciates faster and is harder to value. Rates are indicative only and subject to lender assessment, asset age, term and your circumstances.
Second hand truck finance without financials
Low doc (no financials) finance is available on used trucks up to $500k for the right profiles, assessed on your ABN, GST registration, credit profile and the truck rather than tax returns. This is the most common route for operators buying used, and it typically sits in the 7% to 10% range for an established business. See our low doc truck finance guide for the detail.
Buying used: what actually saves you money
The cheapest truck is not always the cheapest deal. An older, off-brand truck with a low sticker price can attract a higher rate, a larger deposit and a shorter term — and once you total the cost over five years, the dearer truck with strong resale often wins. Run the total cost, not the purchase price.
Get pre-approved before you shop. Pre-approvals are typically valid for 90 days, they tell you your ceiling, and they let you negotiate on the truck's price rather than on a monthly repayment. Buying first and arranging finance afterwards is how operators end up accepting whatever the dealer's financier offers.
Get a quote
Looking for the best rate on used truck finance? You're in the right place. We compare 80+ banks and specialist lenders, including those that fund older trucks other lenders decline. 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. See our truck finance options or get a free quote online.