Key highlights
- Both new and used utes can be financed
- New utes bring warranty and features lenders view favourably
- Quality used utes can offer strong value for money
- Lenders assess a used ute's age and condition
- Compare new and used with an obligation-free quote
Choosing between a brand-new ute and a good used one is part budget, part strategy. Both can be financed, but they behave differently when it comes to price, depreciation and lender appetite. Here is how the two compare from a finance point of view.
Should you finance a new ute?
A new ute usually comes with a full warranty, the latest safety features and predictable running costs, which many lenders view favourably. Because the vehicle is worth more, the loan is larger, but longer terms and competitive pricing are often available to eligible applicants. Depreciation is steepest in the early years, so consider how long you plan to keep it.
Can you finance a used ute?
A quality used ute can offer strong value, letting your business get more vehicle for the outlay. Lenders do assess age and condition, and some cap the vehicle's age at the end of the loan term, which can shorten the available term on older utes. Independent inspections and clear history records help both your decision and the application.
New or used ute for business?
The right choice depends on your cash flow, how hard the ute will work and how long you intend to keep it. There is no single answer, and tax treatment can differ, so it is worth a word with your accountant. On the finance side, both paths can be compared across the Overdrive panel to find a suitable fit.
Simon can help you compare finance for new and used utes with an obligation-free quote. The initial check is a soft enquiry that does not affect your credit score. Reach out to Overdrive to talk through your options.
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