Key highlights
- Covers utes, vans, trucks, buses, trailers and mixed fleets
- One application compared across 80+ banks and non-bank lenders
- Chattel mortgage, finance lease and hire purchase structures explained
- Access to specialist lenders your own bank cannot match
A commercial vehicle finance broker arranges funding for business vehicles, from a single ute or van to trucks and fleets, by comparing many lenders on one application. Rather than accept your bank's single offer, you get the vehicle structured around your ABN, tax position and cash flow. At Overdrive, Simon Kendrick compares 80+ banks and non-bank lenders for you. This guide explains what a commercial vehicle broker does and why it usually pays off.
What a commercial vehicle finance broker does
A commercial vehicle broker sits between you and the lending market. You explain the vehicle and your business once; the broker packages that into a strong application and takes it to the lenders most likely to fund it well. Because Overdrive compares 80+ banks and non-bank lenders on a single application, you are not limited to one bank's appetite or pricing on the day you happen to ask. The broker also structures the deal, chooses the right product for your situation, and manages the paperwork through to settlement, so you spend your time running the business rather than chasing finance across multiple lenders.
The range of vehicles covered
Commercial vehicle finance is broad. It funds work utes and dual-cabs, cargo and delivery vans, light and heavy trucks, buses, trailers and specialist vehicles such as refrigerated or fitted-out units. It also covers mixed fleets where a business runs several vehicle types at once and needs them coordinated. Each category has lenders that understand it well and lenders that do not, and pricing varies accordingly. A broker's real value is knowing which funder is comfortable with your particular vehicle, so your application lands with someone likely to say yes at a sensible rate rather than being declined for a reason another lender would never raise.
Structures and how they affect tax
The common structures are chattel mortgage, finance lease and commercial hire purchase. Under a chattel mortgage your business owns the vehicle and may claim depreciation, interest and often the GST on the purchase price, based on business use percentage. A lease keeps the vehicle off your balance sheet with a residual at term end, which suits some cash-flow preferences and replacement cycles. The best fit depends on your accounting and entity, so treat this as general information and confirm with your accountant, because the tax outcome frequently matters more to your bottom line than the headline rate on the facility.
Rates, terms and security
Commercial vehicle rates start from around 6.55% p.a. for strong, asset-backed deals; lower-doc applications, older or cheaper vehicles and weaker credit are priced higher, and figures are indicative and subject to lender assessment. Terms typically run one to seven years, with balloon or residual options to manage repayments across the term. The vehicle usually secures the loan, which can mean no separate deposit for eligible applicants. Presenting the asset and your trading history well is what unlocks the sharper end of that range, and that presentation is exactly what a broker handles on your behalf rather than leaving it to chance.
Why the whole-of-market view matters
Lenders weight the same application differently: one prizes trading history, another the asset, another your industry sector. Apply to a single bank and you see only one verdict on your business. Compare across 80+ lenders and you find the one whose criteria fit you best, which can be the difference between a decline and a sharp approval. For newer businesses, low-doc applicants or unusual vehicles, that breadth is often decisive. It is also why a broker regularly settles deals that a direct applicant would simply assume were out of reach after a single knock-back from their own bank.
Whatever you drive for work, Overdrive can help you fund it. Talk to Simon Kendrick for a free, no-obligation quote: one application, 80+ lenders compared, and a structure built around your ABN and cash flow. From a single ute to a full fleet, you get whole-of-market choice through one relationship. Get your free quote today.
Frequently Asked Questions
What vehicles count as commercial?
Commercial vehicle finance covers utes, vans, trucks, buses, trailers and specialist units used for business, as well as mixed fleets. The defining factor is business use under an ABN rather than the vehicle type alone. A broker matches each vehicle to a lender that understands and prices it well for your situation.
Do I need audited financials?
Not always. Established businesses may qualify for low-doc options needing little more than an ABN and bank statements, while full-doc applications suit larger or newer requests. What a given lender requires varies, and a broker will tell you the lightest path your situation supports before you gather any paperwork.
Can a broker help a new business?
Yes. Some lenders specialise in newer ABNs and start-ups, and comparing 80+ lenders on one application is how those funders are found. Terms may differ from an established business, but a decline from one bank does not mean the wider market will say no to you.
How much does a commercial vehicle broker cost?
Brokers are typically paid by the lender on settlement, so many deals cost you nothing extra beyond the finance itself. Any fee that does apply is disclosed upfront before you commit to anything. Ask at the quote stage so the full cost of the deal is clear from the very start.
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