A pantech, with its enclosed box body, is usually financed with a chattel mortgage covering the truck and body together. You own it from day one, secure the loan against it and repay over one to seven years with an optional balloon. Pantechs are popular for removals and general freight, so lenders view them as versatile, resaleable assets. Overdrive compares 80+ banks and non-bank lenders to structure finance around your delivery work.
The usual structure for a pantech
A pantech is a truck with a fully enclosed box body, popular for furniture removals, retail deliveries and general freight because it protects the load. Most operators fund it 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 keep monthly repayments lower. Because pantechs are versatile and in steady demand second-hand, lenders often see them as sound security, which can help with approval and rate. Whether you run a single truck or a small fleet, matching the term to how long you will keep the unit is worth discussing.
What lenders assess
Lenders look at the truck and the box body together. They consider the truck's age, kilometres and make, and the body's condition, size and features such as a tailgate loader, since well-kept, functional bodies support resale value and a stronger offer. On the business side, they review your ABN and GST registration, time trading, any removals, courier or supply 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
Pantech work ranges from contracted retail runs to on-demand removals, so repayment flexibility helps. A balloon of 20 to 40 per cent lowers your monthly repayments, 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 body has a hydraulic tailgate loader, budget for its servicing too. Indicative rates start from around 7.20% p.a. for strong, asset-backed deals; older trucks or weaker credit are priced higher, subject to lender assessment.
Getting pre-approved
Well-presented pantechs are popular, so pre-approval helps you act quickly. It confirms your budget and lets you negotiate as a cash buyer at a dealer, private sale or auction. Have your ABN, GST and licence details, any delivery or removal contracts, 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, which matters when a clean pantech at the right price does not stay on the market for long.
Ready to finance a pantech? Simon Kendrick at Overdrive can compare 80+ lenders, fund the truck and body together and structure repayments around your delivery work. Request a free quote for an indicative rate and pre-approval.
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