Many truck finance brokers charge you no direct fee, because the lender typically pays them a commission when the loan settles. Some brokers do charge a fee for more complex deals, and if so it should be disclosed clearly and in writing before you commit. The key is transparency, not the absence of any fee. At Overdrive, one dedicated broker, Simon Kendrick, compares 80+ banks and non-bank lenders on one application and is upfront about how the arrangement is paid.
How most brokers are paid
In truck and asset finance, the common model is that the lender pays the broker a commission once your loan settles. That means many buyers pay nothing directly to the broker and still get the benefit of market comparison. The commission is built into the lender's normal cost of doing business rather than added on top by you. Overdrive compares 80+ banks and non-bank lenders on one application, and in most straightforward cases you access that comparison without a separate charge. This is why using a broker is rarely more expensive than going direct, and often works out competitive or better.
When a fee might apply
Some deals do warrant a broker fee, usually where the work involved is greater: complex structures, lower-doc applications, difficult credit histories or unusual assets that take extra effort to place. A fee in these cases reflects the additional time and expertise required to secure an approval others might not. There is nothing wrong with a fee provided it is reasonable and, crucially, disclosed before you commit. The warning sign is not a fee itself but a fee that appears late or is glossed over. A professional broker will always tell you at the outset whether one applies and why.
Why disclosure matters most
The most important thing is not whether a fee exists but whether you know about it in advance. A reputable broker states clearly, in writing, exactly how they are paid, whether that is lender commission, a fee to you, or both. This lets you judge the total cost and confirms the broker is not steering you to a lender for their own benefit. If someone is vague about payment or reluctant to put it in writing, treat that as a serious warning. Clear, unprompted disclosure is one of the strongest signals that a broker is genuinely working for your outcome.
Does a fee mean a worse deal
A fee does not automatically mean you are worse off. If a broker secures an approval a bank declined, or structures a loan that saves you more over its life than the fee costs, the fee can be money well spent. The right comparison is the total cost of the deal with the broker's help against what you could realistically achieve alone. Rates start from around 7.20% p.a. for strong, asset-backed deals; older or lower-doc deals are priced higher, all indicative and subject to lender assessment. Judge the outcome as a whole, not the fee in isolation, before deciding it is expensive.
Questions to ask up front
Protect yourself with a few direct questions before engaging any broker. Ask whether they charge you a fee and, if so, how much and for what. Ask how they are paid by lenders and whether commission ever influences which lender they recommend. Ask for the answers in writing. A trustworthy broker welcomes these questions and answers plainly, because transparency is central to how they work. If the responses are evasive or the numbers keep shifting, that tells you what you need to know. A few minutes of questions at the start saves any nasty surprises at settlement.
At Overdrive we believe in being upfront about cost from the first conversation. We will compare 80+ lenders on one application and explain clearly how the arrangement is paid before you commit to anything. Request a free quote and get honest answers with no obligation and no hidden surprises.
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