Financing a fleet means funding several business vehicles at once, either through individual chattel mortgages or a single facility that covers multiple assets. You apply on your ABN, repay over terms suited to each vehicle's life, and may claim the business-use portion at tax time. Overdrive compares more than 80 banks and non-bank lenders in one application, helping businesses structure fleet finance that keeps rates consistent, cash flow predictable and administration simple.
Ways to finance a fleet
There are two common approaches to fleet finance. You can arrange individual chattel mortgages for each vehicle, giving you flexibility to add, refinance or sell assets one at a time. Alternatively, a master facility or pre-approved limit lets you draw down for new vehicles as you need them, which suits businesses growing steadily. With either approach you generally own the vehicles and may claim the business-use portion of interest and depreciation — confirm with your accountant. Terms typically run one to seven years per vehicle, and balloon payments can be set to align with your replacement cycle.
Keeping the fleet consistent
A key advantage of arranging fleet finance together is consistency. Comparing lenders across the whole fleet helps you standardise rates and terms rather than accumulating a patchwork of deals at different pricing. It also simplifies administration, with fewer providers and clearer reporting. Staggering vehicle terms and balloons can smooth your cash flow and spread out renewals, so you are not replacing every vehicle in the same year. A broker can model these options across multiple lenders.
What lenders assess for a fleet
Lenders weigh your ABN trading history, credit profile, the total exposure across the fleet, and your capacity to service the combined repayments. Larger or growing fleets may prompt questions about how the vehicles generate income and how replacements are planned. Established businesses with clean credit and clear cash flow tend to secure the strongest terms. Newer businesses can still build a fleet over time, sometimes starting with a smaller facility and expanding as trading history grows.
Rates and structuring the deal
Fleet finance starts from around 7.20% p.a. for strong, asset-backed deals, with lower-doc, older or cheaper vehicles and weaker credit priced higher — indicative and subject to lender assessment. Because a fleet involves meaningful total exposure, small differences in rate and structure add up. Comparing many lenders at once lets you weigh pricing, fees, balloon flexibility and how easily you can add or replace vehicles as your business evolves.
Building or upgrading a fleet? Get a free quote and let Overdrive compare 80+ lenders to structure fleet finance that keeps your rates consistent and your cash flow under control.
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