Before you commit, ask a truck finance broker how many lenders they compare, how they get paid, what the full cost of the loan is including fees and balloon, and whether they have placed deals like yours before. Good answers are specific and plain. At Overdrive, one dedicated broker, Simon Kendrick, compares 80+ banks and non-bank lenders on a single application, so you can weigh genuine options rather than a single bank's offer.
Key highlights
- Ask how many lenders they actually compare on your deal
- Confirm how they are paid and whether fees apply
- Request the total cost, not just the headline rate
- Check their track record with your truck and credit type
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.
How many lenders do you compare?
This is the first question worth asking, because it shapes every option you will see. A broker tied to a short panel can only offer what those lenders allow, while a broker with wide access can direct your application to the lender most likely to approve it and price it well. Ask for a real number and how they choose where your deal goes. At Overdrive one application is compared across 80+ banks and non-bank lenders, so your truck, trading history and credit profile are matched to the right home rather than forced into whatever a single lender happens to offer that week.
How are you paid, and are there fees?
You are entitled to know exactly how a broker earns from your loan and whether you pay anything directly. Most brokers are paid a commission by the lender that settles your deal, and in many cases there is no separate fee to you, though some deals carry a fee that should be disclosed up front. Ask them to spell it out before you proceed. A straight answer here is a good sign; vagueness or pressure is not. Understanding the payment structure also helps you judge whether their recommendation is genuinely about the best fit for you rather than the best commission for them.
What is the total cost of this loan?
A low advertised rate can hide establishment fees, monthly account fees, a large balloon or steep early-payout terms. Ask the broker to show the complete picture: the rate, all fees, the balloon or residual, the term and what you repay overall. Rates start from around 6.55% p.a. for strong, asset-backed deals; lower-doc, older or cheaper trucks and weaker credit are priced higher, and every figure is indicative and subject to lender assessment. A trustworthy broker compares true cost across lenders and explains the trade-offs plainly, so you are not surprised by conditions after you sign.
Have you financed trucks like mine?
Trucks are assessed differently from cars, and lenders vary in appetite for prime movers, tippers, older units and private sales. Ask whether the broker regularly places deals for your asset type and situation, whether you are an owner-driver, a growing transport business or buying used. Experience shows in the questions they ask and the structure they suggest. It also helps if you have had a knock-back before, are newly self-employed, or have a few blemishes on file, because a broker who knows which lenders accept those circumstances can steer your application away from a likely decline and toward a realistic yes.
How long will it take and what do you need?
Finally, ask about timing and paperwork so you can plan the purchase. A good broker tells you what documents to gather, ID, financials or bank statements and the asset details, and gives a realistic timeframe. Same-day pre-approval and 24 to 48 hour settlement may be available for eligible applicants, subject to lender criteria. Clear expectations up front mean you are ready to move when the right truck appears, rather than scrambling for documents while a seller waits. It also signals that the broker manages the process for you rather than leaving you to chase the lender yourself.
Asking these questions costs nothing and quickly separates a genuine broker from a sales pitch. If you would like straight answers and real comparison, Overdrive will look at your situation and compare 80+ lenders on one application. Request a free quote and get honest options structured around your business, not a single bank's script.
Frequently Asked Questions
Should I ask a broker for references?
You can, though many brokers are bound by privacy and cannot share client details. A better signal is how clearly they answer your questions about lenders, fees and structure. Straight, specific responses and a willingness to explain the total cost usually tell you more than a curated reference ever would.
What documents should I have ready?
Generally your identification, business or ABN details, recent financials or bank statements, and details of the truck you are buying. Requirements vary by lender and loan size, and low-doc options may need less. Having these ready helps your broker move quickly once a suitable lender is identified, subject to lender criteria.
Is it rude to ask how a broker is paid?
Not at all, it is a sensible question. A professional broker will explain their commission and any fees without hesitation, because transparency builds trust. If a broker avoids the question or pressures you to sign quickly, treat that as a reason to slow down and compare other options.
Can I ask a broker to explain the tax side?
You can ask for general guidance on structures like a chattel mortgage and GST treatment, and a good broker will point out the broad principles. For anything specific to your circumstances, always check with your accountant, as tax outcomes depend on your business setup and how the truck is used.
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