Truck Refinance
Truck refinancing replaces your existing truck loan with a new finance facility, potentially giving you a lower interest rate, better repayments or improved loan terms. The new lender pays out your current finance while you keep the same truck on the road and operating in your business.
Who We Help
Owner-drivers buying their first truck
Fleet operators replacing units
Operators who've won a new contract
Refinancing an existing truck loan
Truck Refinance: Lower Repayments, Better Rates & Flexible Terms
Already have truck finance but think you're paying too much? We help Australian businesses refinance existing truck loans to access more competitive rates, lower repayments or a finance structure better suited to their current business and cash flow.
As a specialist commercial finance broker, we work with owner drivers, sole traders, contractors, transport companies and fleet operators across Australia. We compare truck refinance options across a broad panel of banks, non-bank lenders and specialist commercial lenders.
What Is Truck Refinance?
Truck refinancing involves replacing an existing truck finance facility with a new commercial finance arrangement. The new lender generally pays out the existing truck loan, and you begin making repayments under the new finance agreement.
Businesses may refinance to obtain a more competitive interest rate, lower regular repayments, a different loan term, a different balloon structure, improved cash flow, a more suitable lender, or consolidation or restructuring of eligible business debt.
Can I Get a Better Rate by Refinancing My Truck?
If your business or credit profile has improved since you originally financed the truck, you may now qualify for more competitive lender pricing. This can be particularly relevant if you originally financed your truck when your business was newer, had limited financials or had a weaker credit profile.
Already have your current finance contract or payout figure? Send it through and we'll compare it against available refinance options.
Refinance Your Truck to Lower Repayments
Depending on your current finance and the new loan available, refinancing may allow you to reduce your regular truck repayments. A lower repayment doesn't always mean a cheaper loan overall, particularly if the finance term is extended.
That's why we compare the rate, repayments, fees, term, balloon and total amount payable before determining whether refinancing makes financial sense.
Refinance a Truck Balloon Payment
Have a large balloon payment approaching at the end of your current truck loan? You may be able to refinance the outstanding balloon rather than paying the entire amount from business cash flow.
Release Equity When Refinancing a Truck
Own your truck outright or owe significantly less than the truck is worth? Depending on the lender and your circumstances, you may be able to release some of the available equity in your truck for approved business purposes.
Released funds may potentially be used for working capital, another truck or trailer, equipment, business growth or other approved business purposes, subject to lender criteria.
Refinance Multiple Trucks
Operating a fleet with several existing truck loans? We can assess truck refinancing across multiple vehicles to determine whether your existing finance can be restructured more effectively.
Low Doc Truck Refinance
Depending on your circumstances, low doc, lite doc or reduced-documentation truck refinance options may be available for eligible applicants.
Bad Credit Truck Refinance
Specialist lenders may consider truck refinancing for businesses with adverse credit, depending on the circumstances. Defaults, arrears or other credit issues don't automatically mean there are no options available, but they can affect the rates, terms and lenders available.
Should I Refinance My Truck Loan?
Before refinancing, we compare your existing facility against the proposed new finance, including current and new interest rates, payout amount, repayments, early payout or termination costs, lender fees, remaining and proposed loan terms, and total amount payable.
This helps determine whether refinancing actually improves your position rather than simply producing a lower monthly repayment.
Compare Truck Refinance Rates
Already have your existing truck finance details? Send us your current loan statement, payout figure or finance contract, and we'll compare it against suitable truck refinance options available through our lender panel.
Our truck finance comparison service is free. If the existing deal is better than the refinance options available, there's no reason to change it.
Get a Truck Refinance Quote
Whether you want to reduce your repayments, secure a better rate, refinance an upcoming balloon, restructure existing finance or unlock available equity, we'll help you compare suitable truck refinance options.
One application. Competitive refinance options across Australia. One dedicated broker from assessment through to settlement. No handovers. No call centres.
Why finance with Overdrive Truck Finance
Free service with no upfront costs or hidden fees.
Overdrive is a specialist truck finance broker comparing 80+ banks and non-bank lenders on one application. Explore truck finance across every truck and trailer type, or get a free quote in minutes.
Truck Finance Solutions
Whatever your situation, there's a finance structure to suit — we'll match you to the right one for your business.
Trucks We Finance
Kenworth
T-Series, K-Series, C-Series
Isuzu
N-Series, F-Series, Giga
Hino
300 Series, 500 Series, 700 Series
Volvo
FH, FM, FMX
Mack
Anthem, Super-Liner, Trident
Fuso
Canter, Fighter, Shogun
Plus Scania, DAF, Iveco, Mercedes-Benz, Western Star, UD and more.
Low Doc, Light Doc & Full Doc Truck Finance
When applying for truck finance, lenders will generally offer Low Doc, Light Doc or Full Doc options. The right choice depends on your business structure, trading history, and the type of truck you're purchasing.
| Feature | Low Doc Truck Finance | Light Doc Truck Finance | Full Doc Truck Finance |
|---|---|---|---|
| Financial Statements Required | No | No | Yes |
| BAS Statements Required | No | Usually | Sometimes |
| Business Bank Statements | No | Yes | Sometimes |
| Approval Speed | Fastest | Fast | Standard |
| Interest Rates | Higher | Competitive | Most Competitive |
| Borrowing Capacity | Up to $500k | Up to $500k | Up to $10m+ |
| Ideal Outcome | Quick approval with minimal paperwork | Balance of flexibility and pricing | Best pricing and maximum borrowing power |
Which Option Is Right For You?
Need help deciding? Our finance specialists will assess your circumstances and recommend the most suitable asset finance solution for your business.
| If You Are… | Recommended Option |
|---|---|
| Self-employed or businesses with limited financial records | Low Doc |
| Businesses with bank statements and BAS available | Light Doc |
| Businesses with full financials | Full Doc |
Low Doc Truck Finance
Low Doc finance is designed for borrowers who want a simple, streamlined approval process. In most cases, no financial statements or BAS statements are required. Approval is generally based on your ABN history, credit profile, and the asset being financed.
Light Doc Truck Finance
Light Doc finance provides a middle ground between Low Doc and Full Doc lending. Borrowers can often qualify using recent business bank statements and limited supporting documentation, without the need for full financial accounts.
Full Doc Truck Finance
Full Doc finance is suitable for borrowers who can provide complete financial records and supporting documentation. This option typically offers the most competitive rates and highest borrowing capacity.
Truck Refinance — frequently asked questions
What is truck refinancing?
Truck refinancing involves replacing your existing truck finance with a new loan or finance facility. Businesses may refinance to secure a better interest rate, reduce repayments, change the loan term or restructure existing truck debt.
How does truck refinancing work?
When you refinance a truck, the new lender generally pays out your existing truck finance and replaces it with a new facility. The new loan is then repaid under the agreed rate, term and repayment structure.
Can I refinance my truck for a lower interest rate?
Yes, depending on your circumstances. If better truck finance rates are available, refinancing may help reduce your interest rate and overall finance costs. It’s important to compare any payout costs and fees against the potential savings.
Can I refinance a truck to lower my repayments?
Yes. Truck refinancing may reduce your repayments through a lower interest rate, a different loan term or a different finance structure. Extending the loan term can lower regular repayments but may increase the total interest paid over the life of the loan.
Can I refinance a used or older truck?
Yes. Refinancing may be available for used and older trucks, subject to lender criteria. The truck’s age, value, condition and remaining loan balance can influence which lenders and loan terms are available.
Can I refinance multiple trucks at once?
Yes. Businesses with multiple financed trucks may be able to refinance several loans at the same time. This can be an opportunity to review rates, repayments and finance structures across an existing truck fleet.
Can I refinance a truck with bad credit?
Potentially. Some commercial lenders consider truck refinancing applications involving previous or current credit issues. Your available options will depend on your credit history, business performance, existing finance and the value of the truck.
Can I refinance my truck and borrow extra money?
In some circumstances, you may be able to refinance a truck and access additional funds using available equity in the vehicle. The amount available will depend on the truck’s value, existing payout amount, your business circumstances and lender criteria.
When should I consider refinancing my truck loan?
You may consider refinancing if your current interest rate is no longer competitive, your repayments are putting pressure on cash flow, your business circumstances have improved or you want to restructure existing truck finance. The costs of refinancing should always be considered against the potential benefit.
Are there fees for refinancing a truck?
There can be. Your existing lender may charge payout or early termination costs, while the new lender may have establishment, documentation or other fees. We compare the overall cost of refinancing, not just the advertised interest rate, to determine whether changing lenders makes commercial sense.
Can I refinance a truck balloon payment?
Yes. If your truck finance has a balloon payment approaching, you may be able to refinance the outstanding balloon rather than paying the full amount from your business cash flow. Approval will depend on the truck’s value, age and your circumstances.
What are the current truck refinance rates?
Current truck refinance rates generally range from 6.55% to 15% p.a., depending on your credit profile, business history, documentation, truck age, loan amount and wanted finance terms. Our job is to compare 80+ lenders to find the lowest rate and repayments for your credit profile and wanted terms, then negotiate directly with lenders to get you the best deal possible. Rates are indicative only and subject to lender criteria, credit assessment, fees and individual circumstances.
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