Key takeaways
- Most owner-drivers fund trucks, trailers and utes with a chattel mortgage, finance lease or hire purchase.
- Lenders focus on your trading history, income evidence, deposit and the vehicle itself.
- Having your paperwork ready, and applying through a broker, can save time.
How truck finance works
Truck finance lets you buy a prime mover, rigid truck, trailer or work ute and pay it off over time, usually with the vehicle as security. For most owner-drivers the choice comes down to three structures.
| Option | Who owns the vehicle? | Best suited to |
|---|---|---|
| Chattel mortgage | You own it from day one, and the lender holds security over it | Owner-drivers who want ownership and the option of a balloon payment |
| Finance lease | The lender owns it and you lease it for a term | Operators who prefer to upgrade regularly |
| Hire purchase | You own it once the final payment is made | Buyers who want to spread the cost to ownership |
Tax treatment and GST differ between these structures, so check with your accountant before you choose.
What lenders look for
- Time in business: how long you have held your ABN and traded as an owner-driver.
- Evidence of income: bank statements, BAS, tax returns, or contracts with freight customers.
- Deposit: a larger deposit can improve your options and lower repayments.
- The vehicle: its age, type, price and whether it is bought from a dealer or a private seller.
- Credit history and commitments: existing loans and any defaults.
- Insurance: lenders typically require the vehicle to be insured.
How to strengthen your application
- Keep business and personal banking separate.
- Lodge your BAS and tax returns on time.
- Save a deposit if you can.
- Get a written quote or invoice for the vehicle before you apply.
- Speak to a broker before applying to several lenders, because multiple applications can leave marks on your credit file.
Documents to have ready
- Photo ID and your ABN details
- Recent business and personal bank statements
- BAS and tax returns
- A quote or invoice for the vehicle
- Details of existing loans and leases
Truck and ute finance near you
We help owner-drivers and fleet operators across Melbourne and south-east Queensland. See our local pages for Dandenong and the south-east, Truganina and the west, Logan Central and south Brisbane, or our main Melbourne and Brisbane pages.
Frequently asked questions
Can I get truck finance with no deposit?
Some lenders offer low or no deposit options for strong applicants, but requirements vary and approval is not guaranteed.
Can I finance a used truck or trailer?
Often yes. Lenders set limits on the age and type of vehicle, so check before you commit to a purchase.
How long does approval take?
It depends on the lender and how complete your documents are. Having paperwork ready usually speeds things up, but all finance is subject to approval.
Ready to talk it through?
Use our equipment finance calculator for an estimate, or call 1300 483 955 for a free, no-obligation chat. We compare a panel of 30+ lenders and handle the paperwork.
This article is general information only and does not take into account your objectives, financial situation or needs. It is not an offer of credit. Finance is subject to lender assessment and approval. Tax treatment varies, so speak to your accountant.