Truck finance: funding prime movers, rigids and trailers for your business

Truck finance is how most Australian transport businesses get their rigs on the road: a lender pays for the prime mover, rigid or trailer, takes security over it, and you repay from the freight it carries. What sets it apart from other asset finance is how much the lender cares about you and the work, not just the truck. A great truck with nothing to haul is a worry; an average truck with a solid contract and an experienced driver usually isn’t.

What can truck finance pay for?

• Prime movers, new or used, single or multiple.
• Rigid trucks, from small pantechs and tautliners through to tippers and agitators.
• Trailers: flat-tops, curtainsiders, refrigerated vans, tankers, B-double sets and dollies.
• Body builds and fit-outs on a new cab chassis, often financed as part of the truck.

Lighter vans and utes are covered on our business vehicle finance page. For earthmoving plant that travels on a float rather than under its own registration, see yellow goods finance.

How do lenders assess a truck deal?

Picture the lender working through four questions.

1. What’s the truck worth, now and at the end? Brand, model, age, kilometres, engine hours and specification all affect resale. Popular configurations from well-known makes sell readily; unusual builds take longer to move.

2. Who’s driving and running it? Years behind the wheel, the right heavy vehicle class on your licence, time running your own business and knowledge of the freight task.

3. Where’s the money coming from? A contract with a freight customer, regular subcontract work, or a trading record showing consistent income. This is often the deciding factor for owner-drivers.

4. Can the business carry it? Fuel, tyres, maintenance, insurance and registration are heavy costs. Lenders want to see repayments fit after all of that, not before.

If your answers to those four are strong, check your truck finance options. It takes about a minute and won’t touch your credit file.

What paperwork should an operator gather?

Document	Why the lender wants it
Dealer invoice or private seller details	Identifies the truck and its price
Recent business bank statements	Shows income and how the business is run
BAS and tax returns (if available)	Confirms turnover and lodgements
Contract or letter of engagement	Shows where repayments will come from
Driver’s licence and experience summary	Supports capacity to operate the asset
Service history (used trucks)	Supports condition and resale value

Buying a used truck: the extra checks

Second-hand trucks are financed all the time, but the checks matter more.

• Run a PPSR search on the VIN or chassis number. The PPSR car check shows whether there’s a security interest recorded against the vehicle and whether it’s recorded as written off or stolen, and suggests searching on the day of purchase or the day before.
• Get an independent inspection for anything bought privately or interstate.
• Match the kilometres to the story. Odometer, engine hours and service records should line up.
• Know what’s included. Make sure the price covers the trailer coupling, fridge unit or body you’re expecting.

What does truck finance cost?

Pricing reflects your experience, trading strength, credit, the truck’s age and the term. Instead of chasing a headline number, compare:

• Total repayments over the term, including any balloon.
• Establishment and documentation fees.
• Balloon size. Popular with trucks because they hold value, but set it at a level the truck is likely to be worth when it falls due.
• Early payout costs, which matter if you plan to upgrade mid-term.

Tax settings can change the real cost too. The ATO lists heavy vehicles among the uses that may qualify for fuel tax credits, while light vehicles of 4.5 tonnes GVM or less travelling on public roads aren’t eligible. Small businesses may also use the $20,000 instant asset write-off for cheaper items like a used trailer, now permanent from 1 July 2026 for businesses with aggregated turnover under $10 million. Your accountant can tell you what applies.

Illustrative example

Illustrative example: An experienced driver has spent eight years hauling for a regional carrier and has been offered a subcontract to run interstate linehaul. They want a five-year-old prime mover at $150k from a dealer and will pull the customer’s trailers. The business is new, so the lender asks for a modest deposit, the subcontract agreement and evidence of the driver’s experience. With those in place, a chattel mortgage over five years with a balloon is approved, sized so repayments still sit comfortably after fuel, tyres and insurance.

Six months later, the same operator adds a second-hand refrigerated trailer under a separate agreement to take on extra work.

Fleet operators adding several trucks a year may also be offered a master facility, so each new unit is drawn under one approval instead of a fresh application.

Buying from a dealer, privately or at auction?

Each route works, but the lender’s checklist changes. A dealer supplies a tax invoice, usually confirms there’s no finance owing and can often arrange inspection reports, which makes the deal smoother. A private seller needs proof of ownership, a PPSR search and an independent inspection. Auctions move fast, so arrange approval in principle before you bid and keep the auction’s invoice and lot details ready for the lender. Interstate purchases add transport costs and sometimes re-registration, so build those into your budget rather than discovering them after settlement.

Common mistakes truck operators make

• Budgeting the repayment but not the running costs. Tyres and servicing on a heavy vehicle aren’t small.
• Stretching the term past the truck’s working life. You don’t want to be paying for a truck that’s already been replaced.
• Relying on a verbal promise of work. Get it in writing before you commit.
• Forgetting registration timing. A large registration bill can land right after settlement.

For a broader look at funding a transport business, including working capital between invoice and payment, see our trucking business loan page, or consider invoice finance if slow-paying freight customers are the real squeeze.

Ready to put another truck on the road?

Whether it’s your first prime mover or the next addition to the fleet, the first step is a short enquiry. Allow about 60 seconds, and know there’s no credit check simply for asking. We don’t broadcast your details to a crowd of lenders, so you won’t be fielding calls between loads; a real person who understands transport reviews your situation and phones you. Please fill the form in accurately, including the truck, your experience and whether you own property, so we can match the right option first go.

Start your truck finance enquiry →