Truck Finance, Answered.

Truck finance allows you to purchase a new or used truck without paying the full purchase price upfront. A lender funds the purchase, and you repay the amount over an agreed term through regular repayments. The process generally starts by looking at the truck you want to buy, your business profile, credit history and preferred loan structure. We then compare options across 80+ lenders to find a suitable lender, rate and repayment structure for your circumstances. Depending on the lender and your situation, you may be able to choose a loan term, include a balloon or residual payment, and finance the truck with or without a deposit. Once you’re happy with the proposed finance option and give us the go-ahead, we submit the application to the most suitable lender. This is when a formal credit enquiry may be made. If approved, the documents are signed and the lender pays the seller, allowing you to take ownership of the truck and begin making your agreed repayments.

We finance almost every type of new and used truck, including prime movers, rigid trucks, semi-trucks, tippers, dump trucks, concrete agitators and concrete pump trucks, refrigerated trucks, pantechs, tautliners, curtain-siders, flatbeds, tray trucks, tilt trays, crane trucks, tow trucks, car carriers, livestock trucks, water trucks, vacuum trucks, garbage and waste trucks, hook-lift trucks, skip-bin trucks, fuel tankers, road tankers, logging trucks, service trucks, mining trucks and other specialised heavy vehicles. We can also arrange finance for trailers and related equipment, including flat-top trailers, drop decks, low loaders, refrigerated trailers, tipper trailers, tanker trailers and livestock trailers.

Truck finance is available to eligible Australian ABN holders, including sole traders, owner drivers, partnerships, companies and other businesses purchasing trucks for business use.

Not with an ABN alone. If you’re a new business or don’t have full financials, there are lenders that may still consider your application, but they’ll generally want to see a registered business, a confirmed source of work with a reputable company, and usually a deposit. The work doesn’t necessarily need to be under a formal contract, but the lender will typically want to verify the work details verbally. The deposit required will vary depending on your overall credit profile, business experience and the truck you’re purchasing. We can assess your situation and determine which lenders and finance options are available without putting you through unnecessary applications.

Yes. We arrange truck finance for dealer purchases, private sales and auction purchases across Australia. Different lenders have different requirements for private and auction purchases, so matching the transaction with the right lender is important.

Yes. A truck and trailer can be financed separately or, depending on the transaction and lender, financed as part of the same purchase. We can structure the finance around the trucks and trailers your business needs.

Most of the time, we can get same-day approval. Some applications may take 24–48 hours, depending on the asset you’re purchasing, your business background, the complexity of the application, and whether the lender requires any additional information or documentation. We work to match your application with the most suitable lender from the outset, helping keep the approval process as quick and straightforward as possible.

Getting a truck finance quote with Overdrive has zero impact on your credit score. We don’t require any upfront credit checks to provide you with a quote. A formal credit enquiry is only made once you give us the go-ahead to proceed with your application and we submit it to the most suitable lender.

Yes, depending on your eligibility. Low doc, lite doc and no financials truck finance options may be available without providing a complete set of business financial statements. Requirements vary between lenders and may include BAS statements, bank statements or other business information.

Yes. Having bad credit doesn’t necessarily mean you can’t get truck finance. We work with a range of lenders and can explore options based on your individual circumstances, business history and the truck you’re looking to finance. Every application is different, so approval isn’t guaranteed, but we’ll work to find the most suitable finance option available for your situation.

Yes. Self employed ABN holders, sole traders and business owners can apply for truck finance. The documents required will depend on your business history, credit profile, loan amount and the lender.

Potentially. Some lenders consider newer ABNs and recently established businesses. Your industry experience, credit profile, deposit, contracts, cash flow and the truck being purchased can all help determine your available options.

Depending on your circumstances, low-doc truck finance may be available up to $500,000, while full-doc finance can extend to $5–10 million+ for larger purchases or fleets. Your borrowing capacity will depend on factors such as your business financials, trading history, the asset being financed and the lender’s criteria.

A chattel mortgage is Australia's most popular truck finance structure. Your business owns the truck from day one, and the lender holds a registered charge over the vehicle as security until the loan is repaid. You can claim the full GST input tax credit upfront in your next BAS, and may be eligible to claim depreciation and interest deductions depending on your business circumstances. The charge is removed once the loan is fully repaid.

With a finance lease, the lender owns the truck and leases it to your business for a fixed term. You make regular lease payments and use the truck as if you owned it. At the end of the term you can purchase the truck (often for a residual amount), extend the lease, or return it. Lease rental payments are generally 100% tax deductible as a business expense, subject to your circumstances and ATO rules.

Commercial hire purchase (CHP) sits between a chattel mortgage and a finance lease. The lender owns the truck during the term, and ownership transfers to your business automatically once the final payment is made. You can claim depreciation and interest deductions. Fixed repayments and a clear ownership outcome at the end make CHP popular for businesses that want certainty.

An operating lease is a rental arrangement where you use the truck for a fixed period without any obligation to own it. The lender carries the residual risk. Lease payments are fully deductible as a business rental expense, and the truck generally does not appear on your balance sheet as an owned asset. Operating leases are suited to operators who need a truck for a set period and prefer not to carry ownership responsibility.

The key difference is ownership. With a chattel mortgage you own the truck from day one and the lender holds security over it — which means you can claim the full GST upfront and may claim depreciation. With a finance lease the lender owns the truck throughout the term, GST spreads across rentals, and lease payments are 100% tax deductible. Owner-operators who want ownership and the associated tax benefits generally choose a chattel mortgage. See our finance structures guide for a full side-by-side comparison.

The right structure depends on your business goals, tax position and how long you plan to keep the truck. Chattel mortgage is the most popular because it gives you ownership from day one and potential GST and depreciation benefits. Finance lease suits operators who want lower upfront commitment and fully deductible payments. Operating lease works for short-term use without ownership. We compare your options across 80+ lenders and explain the trade-offs before you sign anything.

A balloon is a lump sum left owing at the end of the finance term. Including a balloon can reduce your regular repayments, but it leaves a larger amount to pay or refinance at the end. The right balloon depends on your truck, finance structure and business cash flow.

Truck finance rates typically start from around 6.55% and can range to 15%, depending on your credit profile, business history, financials, truck age, loan amount and preferred loan terms. Eligible applicants financing newer trucks may qualify for rates at the lower end of this range. We compare options across 80+ lenders to find competitive rates and repayments suited to your credit profile and preferred terms. Where possible, we’ll also negotiate directly with lenders to secure a better deal. Rates are indicative only and subject to lender criteria, credit assessment, fees, terms and approval.

Truck finance terms are generally available from 1 to 7 years, depending on the lender, age of the truck and your circumstances. We can structure the term and repayments around your business cash flow and how long you plan to keep the truck.

Not always. Eligible applicants may qualify for up to 100% truck finance with no deposit. Other applications may require a contribution depending on your credit profile, business history, truck age, purchase price and lender requirements.

The right truck finance term depends on your cash flow, truck age and how long you plan to keep the vehicle. A longer term can reduce regular repayments, while a shorter term generally reduces the amount of interest paid over the life of the loan.

Common fees include an establishment or origination fee, monthly account-keeping fees and a PPSR registration fee. We disclose all applicable fees in writing before you proceed. Our rate comparison and broker service is 100% free — no charge if you decide not to go ahead.

Many lenders on our panel allow extra repayments without penalty on chattel mortgage and hire purchase. Finance lease and operating lease typically have fixed payment schedules. We confirm the early-repayment terms of any loan before you sign.

Depending on the finance structure, business use and your circumstances, you may be eligible to claim GST credits, depreciation and interest expenses. Tax treatment varies, so you should speak with your accountant or tax adviser about your specific circumstances.

The instant asset write-off allows eligible businesses to immediately deduct the cost of qualifying assets in the year of purchase, subject to per-asset thresholds set by the ATO. The threshold and eligibility criteria change each financial year. For the 2025–26 year the threshold for businesses with turnover under $10M is $20,000 per asset (excl. GST). Confirm your eligibility and the current rules with your accountant before relying on any deduction.

Chattel mortgage and commercial hire purchase add the truck as an owned asset and the loan as a liability to your balance sheet from day one. Finance leases appear on-balance-sheet under modern accounting standards (AASB 16). Operating leases may remain off-balance-sheet for smaller businesses depending on the standard applied. Your accountant should confirm the treatment for your reporting framework.

A chattel mortgage may let you claim GST upfront, depreciation and interest deductions, subject to ATO rules. A finance lease gives fully deductible payments and simpler accounting treatment. The right answer depends on your tax position, intended use of the truck and repayment capacity. Your accountant should model both scenarios before you commit to a structure.

Yes, depending on the lender and transaction. Finance may be available for a truck together with an attached body or modifications such as a tipper body, refrigerated body, crane or other equipment required for the truck to operate in your business.

At Overdrive Truck Finance, you deal directly with Simon Kendrick, Managing Director, who brings decades of commercial finance experience and personally manages your finance from the first conversation through to approval and settlement. Simon compares your application across 80+ lenders, identifies the lenders best suited to your truck, business and circumstances, and negotiates directly for sharper rates and better terms. We're known for being highly competitive on price. Simon can typically beat competing finance quotes and regularly comes in cheaper than bank and dealership finance offers. If you already have a quote, send it through and Simon will compare the rate, fees, repayments and structure and push for a better deal where available. Whether you're financing your first truck or expanding an established fleet, the goal isn't simply to get you approved — it's to secure a competitive deal that's structured properly for your business and cash flow. We're Australian family-owned and operated, our comparison service is free, and you deal with the same experienced broker for this truck and every truck after it.

Different banks, dealerships and commercial lenders can offer very different rates for the same truck finance application. Our job is to compare 80+ lenders to find the lowest rate and repayments available for your credit profile and wanted terms. We also have the ability to negotiate pricing directly with lenders for a better deal. You’re not restricted to one bank or dealership. We find the lender that best fits your application and negotiate for the sharpest rate and terms available for your circumstances.

Yes. We arrange finance for used and older trucks, whether you’re buying from a dealer, private seller or auction. The truck’s age, value and condition can influence which lenders and finance options are available. We can compare options from lenders that finance a wide range of used and older trucks to find a suitable deal for your circumstances.

You can still look at replacing a truck that has existing finance. The current loan will generally need to be paid out as part of the transaction. Depending on the truck’s value, payout figure and your circumstances, we can look at how the replacement truck finance can be structured.

Yes. Refinancing can lower your rate, extend your term to reduce repayments, or release equity in a truck you already own. It is worth reviewing your current loan terms against what is available in the market. We can compare refinance options across our lender panel and let you know if there is a better deal available for your circumstances.

Yes, in many cases. Banks apply their own internal credit policies, which may not suit every business profile, truck age or purchase type. Non-bank lenders and specialist commercial funders on our panel have different risk appetites. We assess your situation, identify the lenders most suited to your business and the truck you want, and structure the application to give you the best chance of approval.

Owner-drivers finance new and used prime movers through chattel mortgage or hire purchase, typically over 48 to 72-month terms. Established operators with a clean ABN and freight income have the widest range of options, including no-deposit structures. Lenders consider the truck brand and age, the type of work (line haul, distribution, agitator), your trading history and any contracts. We match owner-drivers with the lenders most suited to their situation and negotiate the sharpest rate available.

Yes. We finance rigid trucks, light rigids, medium rigids and heavy rigids, including pantech trucks, refrigerated trucks, tray trucks, tipper trucks, curtainsiders and service trucks. Loan terms and lender options depend on the truck's age, configuration and purchase price.

Yes. Tippers, concrete agitators, concrete pump trucks, water trucks, vacuum trucks and other specialised bodies can be financed, often including the truck and mounted equipment as a single transaction. Different lenders have different appetites for specialist vehicles, so matching the application to the right lender matters.

Yes. Refrigerated trucks and refrigerated trailers (reefers) can be financed separately or together depending on the transaction and lender. The refrigeration unit and body can often be included in the finance amount.

Fleet operators can finance multiple trucks through separate chattel mortgages or hire purchase arrangements, or through a master facility covering several assets under one approval. Established fleets with consistent revenue and a clean trading record often negotiate larger facility approvals. We work with fleet operators on EOFY-aligned settlements, refresh cycles and structuring each asset to the right lender.

Yes. Trailers are financed separately from prime movers in most cases, with their own loan term and lender. We arrange finance for flat-top trailers, drop decks, low loaders, refrigerated trailers, tanker trailers, tipper trailers and livestock trailers. The finance term and lender options depend on the trailer's age, value and configuration.