A crane truck is usually financed with a chattel mortgage that covers the truck and the mounted crane as one asset. You own it from day one, the loan is secured against it, and you repay over one to seven years with an optional balloon. Because the crane adds significant value, lenders assess its capacity, age and certification. Overdrive compares 80+ banks and non-bank lenders to match finance to your lifting work.
Key highlights
- Truck and mounted crane can be financed under one chattel mortgage.
- Lenders assess crane capacity, age and current certification.
- Structure repayments around building, transport or hire contracts.
- Pre-approval helps you buy specialised crane trucks with confidence.
Overdrive is a specialist truck finance broker comparing 80+ banks and non-bank lenders on one application. Compare truck finance options or get a free quote in minutes.
Financing the truck and crane together
A crane truck, whether a Hiab-style pick-up unit or a larger vehicle-mounted crane, carries most of its value in the lifting gear. Operators typically fund the truck and crane together with a single chattel mortgage, taking ownership from settlement and repaying over one to seven years. A balloon can be added to keep monthly repayments manageable. Because a crane is specialised plant with its own compliance requirements, it helps to work with lenders familiar with this equipment. If you are adding a crane to an existing truck, some lenders will finance the crane on its own, so compare structures before deciding how to proceed.
What lenders assess
Lenders look at both the vehicle and the crane. For the crane, they consider its make, lifting capacity, age, hours and whether certification and inspections are current, since a compliant, well-maintained unit supports a stronger offer. For the truck, age and kilometres matter. On the business side, they review your ABN and GST registration, time in the industry, any building, transport or crane-hire contracts, and your credit history. Established operators may access low-doc finance. Newer businesses can still be approved, especially with a deposit, a supporting contract or property security to strengthen the application, subject to lender criteria.
Structure, deposit and repayments
Crane truck work often comes in project cycles, so repayment flexibility helps. A balloon of 20 to 40 per cent lowers your monthly repayments, and payments can be scheduled weekly, fortnightly or monthly to line up with when contracts pay. No deposit is common for strong applicants, while a deposit or trade reduces the amount financed and can improve your rate. Remember to budget for crane servicing, inspections and insurance alongside the loan. Indicative rates start from around 6.55% p.a. for strong, asset-backed deals; older trucks, older cranes or weaker credit are priced higher, subject to lender assessment.
Pre-approval before you buy
Specialised crane trucks are not on every lot, so when you find the right one, pre-approval lets you act. It confirms your budget and positions you as a cash buyer at a dealer, private sale or auction. Have your ABN, GST and licence details, any project or hire contracts, and recent bank statements ready. A broker submits one application and compares lenders behind the scenes, matching you to one that understands crane equipment. For eligible applicants, same-day pre-approval and 24 to 48 hour settlement may be available, so you can secure the unit without delay.
Looking to finance a crane truck? Simon Kendrick at Overdrive can compare 80+ lenders, fund the truck and crane together and structure repayments around your lifting contracts. Request a free quote for an indicative rate and pre-approval.
Frequently Asked Questions
Can I finance a crane retrofit on my existing truck?
Often yes. If you already own the truck and want to add a crane, some lenders will finance the crane as standalone equipment, while a combined truck-and-crane purchase is usually funded under one chattel mortgage. Comparing lenders helps you find one comfortable financing crane equipment in the structure you need.
Does crane certification affect finance?
It can. Lenders prefer cranes with current certification, inspection records and service history because compliance supports the asset's value and usability. A crane with lapsed certification may still be financed but could attract a higher rate or extra conditions. Keeping records in order strengthens your application, subject to lender assessment.
How much can I borrow for a crane truck?
Loan amounts are indicative and depend on the truck and crane value, your deposit and your business strength. Because crane trucks are high-value, lenders look closely at income and asset condition. Comparing multiple lenders helps you access the amount and structure that fit the purchase, subject to lender criteria.
Is crane truck finance tax deductible?
Generally, a chattel mortgage may let you claim interest and depreciation as business expenses, and GST on the purchase can often be claimed in your activity statement. Crane servicing and inspection costs may also be deductible. Treatment depends on how the truck is used, so confirm the detail with your accountant.
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