A flatbed truck, with its open tray for versatile load carrying, is usually financed with a chattel mortgage. You own it from settlement, secure the loan against it and repay over one to seven years with an optional balloon. Because flatbeds are simple, versatile and in steady demand, lenders often view them as sound security. Overdrive compares 80+ banks and non-bank lenders to structure finance around how you use the truck.
Key highlights
- Chattel mortgage suits the versatile, open-tray flatbed used across trades.
- Simple, in-demand bodies tend to hold resale value well.
- Match repayments to building, landscaping or general freight income.
- Pre-approval lets you buy and negotiate 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.
The common structure for a flatbed
A flatbed truck's open tray makes it one of the most versatile vehicles on the road, carrying building materials, machinery, palletised goods and oversized loads. Most operators finance one with a chattel mortgage, owning the truck from settlement, securing the loan against it and repaying over one to seven years. A balloon can be added to lower monthly repayments. Because flatbeds are mechanically simple and in steady second-hand demand, lenders often treat them as sound security, which can help with approval and rate. The right term depends on how long you will keep the truck and your cash flow, so it pays to compare options before committing.
What lenders assess
Lenders look at the truck and your business together. For the asset, they consider the make, age, kilometres, gross vehicle mass and tray condition, including any drop sides, headboard or crane, since a tidy, versatile flatbed holds value well. On the business side, they review your ABN and GST registration, time trading, any freight, building or landscaping contracts, and your credit history. Established operators may access low-doc finance without full financials. Newer businesses can still be approved, particularly with a deposit or added security to help offset a limited trading history and sharpen the rate, subject to lender criteria.
Deposit, balloon and repayments
Flatbeds serve a wide range of trades and industries, so finance is flexible. A balloon of 20 to 40 per cent lowers your monthly repayments, freeing up cash for fuel, materials or other equipment, and payments can be set weekly, fortnightly or monthly to match income. No deposit is common for strong applicants, while a deposit or trade reduces the amount financed and can improve the rate. If the flatbed carries a crane or hydraulic gear, budget for its servicing too. Indicative rates start from around 6.55% p.a. for strong, asset-backed deals; older trucks or weaker credit are priced higher, subject to lender assessment.
Getting pre-approved
Pre-approval sets your budget and lets you negotiate as a cash buyer, whether you are buying from a dealer, privately or at auction. Because flatbeds are popular, a clean unit at a good price can move quickly, so having finance ready helps. Have your ABN, GST and licence details, a rough idea of the truck and price, and recent bank statements ready. A broker lodges one application and compares lenders behind the scenes, so you avoid repeating paperwork. For eligible applicants, same-day pre-approval and 24 to 48 hour settlement may be available, letting you get to work sooner.
Ready to finance a flatbed? Simon Kendrick at Overdrive can compare 80+ lenders and structure repayments around your load-carrying work. Request a free quote to see an indicative rate and get pre-approved before you buy.
Frequently Asked Questions
Are flatbed trucks easy to finance?
Generally, yes, because they are mechanically simple, versatile and in steady second-hand demand, so lenders often view them as sound security. Approval still depends on the truck's condition, your ABN, credit history and income. Comparing multiple lenders helps you access a competitive rate and a structure that suits your work, subject to lender criteria.
Can I finance a flatbed with a crane fitted?
Yes. A truck-mounted crane on a flatbed is usually financed within the same chattel mortgage as part of the truck's value. Lenders may check the crane's condition and certification. Factor the crane's servicing and inspections into your budget, and comparing lenders helps you find one comfortable with the complete unit, subject to lender assessment.
Can I finance a used flatbed truck?
Yes. Used flatbeds are financed regularly, with lenders assessing the truck's kilometres and the tray's condition. Older units may attract a higher rate or shorter term, but a deposit, clean credit and a strong ABN can help you access a competitive offer, supported by steady resale demand, subject to lender criteria.
Is flatbed 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 next activity statement. Treatment depends on how the truck is used and your circumstances, so always confirm the detail with your accountant.
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