Key highlights
- Van and refrigeration unit often financed in one facility
- One application compared across 80+ banks and non-bank lenders
- Built for food, pharmaceutical, florist and cold-chain operators
- Chattel mortgage may free up GST and depreciation claims
A finance broker for refrigerated vans funds both the van and its refrigeration unit by comparing many lenders on one application, structuring the deal around your ABN and cash flow rather than a plain vehicle loan. At Overdrive, Simon Kendrick compares 80+ banks and non-bank lenders, including funders that understand refrigerated and fitted-out vehicles. Below is how reefer van finance works, why the fit-out matters, and how to settle without holding up your cold-chain business.
Financing the van and the fridge together
A refrigerated van is really two assets in one: the vehicle itself and the refrigeration unit fitted to it. That combination is central to how the finance is set up. In many cases the van and the reefer unit, along with insulation and any fit-out, can be funded in a single facility, so you are not left arranging a separate loan for the equipment that makes the van useful in the first place. A broker knows which lenders finance a completed refrigerated vehicle, which is exactly the kind of specialist knowledge that saves both time and cash on a cold-chain purchase rather than piecing it together across two facilities.
Why a specialist lender view matters
Not every lender is comfortable with fitted-out or specialist vehicles; some see only the base van and ignore the value of the refrigeration unit, which can shape both approval and price. A broker who compares the whole market finds funders that understand refrigerated vehicles and value them properly. Overdrive compares 80+ banks and non-bank lenders on one application, so a food, pharmaceutical or cold-chain operator is matched to a lender that recognises the complete asset rather than one that treats the fridge as an awkward extra it would rather not fund. That recognition often makes the difference between a sharp approval and a flat decline.
How the finance is structured
Most refrigerated vans are financed with a chattel mortgage, where your business owns the van and unit and the lender holds security over the whole vehicle. You may then claim depreciation and interest, and often the GST on the purchase price including the fit-out, based on your business use percentage. Finance lease and commercial hire purchase are alternatives for particular cash-flow preferences and replacement plans. This is general information only, so confirm the tax treatment of both the van and the refrigeration equipment with your accountant before committing, as the two components can be treated differently depending on how the deal is written.
Rates, terms and the asset's life
Refrigerated van 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 usually run one to seven years, and a broker will match the term to the working life of both the van and the refrigeration unit so you are not still paying for equipment past its useful life. Balloon options can lower repayments, though they suit some cold-chain operators better than others depending on replacement plans and how hard the unit is worked each day.
Settling without breaking the cold chain
A refrigerated van going offline can put stock and contracts at real risk, so speed and reliability both matter. A clean application with your ABN, recent bank statements and full details of the van and its unit lets established operators use a low-doc path where they qualify. Same-day pre-approval and 24 to 48 hour settlement may be available for eligible applicants, subject to lender criteria. Because Overdrive routes your file to a lender that understands refrigerated vehicles and can move quickly, you keep your cold-chain operation running while the finance is arranged rather than risking spoiled stock or a missed delivery window.
Keeping the cold chain intact starts with the right vehicle. Talk to Simon Kendrick at Overdrive for a free, no-obligation quote: one application, 80+ lenders compared, and the van and refrigeration unit funded together where possible. Get a specialist lender who values the whole asset, not just the base van. Get your free quote today.
Frequently Asked Questions
Can the refrigeration unit be included in the finance?
Usually yes. The van, the reefer unit, insulation and fit-out can often be funded in a single facility, so you avoid a separate equipment loan. Not every lender does this, so a broker matches you to one that finances the completed refrigerated vehicle as a single asset rather than in awkward parts.
Can I finance a used refrigerated van?
Yes. Used refrigerated vans are financeable, though lenders assess the age and condition of both the vehicle and the refrigeration unit, and older vehicles may carry different terms. A broker knows which funders are comfortable with used reefer vans and will match your purchase to the right one accordingly.
What can I claim on a refrigerated van?
With a chattel mortgage you may claim depreciation and interest, and often the GST on the purchase price including the fit-out, based on your business use percentage. The treatment of the vehicle and the refrigeration equipment can differ, so this is general information only and your accountant should confirm it for your situation.
How is the finance term set for a reefer van?
A broker aims to match the term to the working life of both the van and the refrigeration unit, typically within one to seven years, so you are not paying for equipment past its useful life. Balloon options can lower repayments depending on your replacement plans, cash flow and how hard the unit works.
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