Truck Loans

A truck loan is a straightforward borrowing arrangement where you receive a set amount with fixed repayments over an agreed term.

Truck finance is a broader term that covers multiple structures, each with different implications for ownership and tax treatment. If you want to compare options like chattel mortgage, lease and hire purchase, see our truck finance page.

Most lenders require proof of identity such as a driver licence, your ABN, recent financial statements or bank statements, and details of the truck you plan to purchase. Sole traders and newer businesses may need additional documentation.

Low-doc options are available for qualifying applicants with a good credit history and an established business. Your broker will provide a clear checklist before you begin.

Yes. We regularly arrange used truck loans for vehicles of various ages. The truck’s age and condition will affect the rate and maximum term available, but many lenders will finance used trucks up to 15 years old or older in some cases.

Absolutely. You are not limited to buying through a dealer. We handle private sale truck loans regularly and manage the settlement process to make sure the seller is paid and any existing finance on the vehicle is cleared.

Deposit requirements vary by lender and depend on the your asset backing, your credit profile and business history. Most lenders offer no-deposit options for strong applicants. As a general guide, a deposit of 10% to 20% is common when a deposit is required, but we can explore what is available for your situation.

A balloon payment reduces your regular repayments by deferring a portion of the total amount to the end of the term. For example, a 30% balloon on a $150,000 truck loan means your regular repayments are calculated on $105,000, with the remaining $45,000 due as a lump sum at maturity.

The most common truck loan terms are between three and five years. A shorter term means higher repayments but less interest paid overall. A longer term lowers repayments but costs more in total interest.

The right term depends on your cash flow, how long you plan to keep the truck and the asset’s expected useful life. Your broker can model different scenarios that are unique to your situation.

Yes. If your circumstances have improved since you took out your original loan, or if rates have come down, refinancing could save you money. We assess your existing loan, compare it to current options and manage the process if switching makes sense.

Yes. Fleet purchases are one of our specialities. We can structure multiple loans as part of a single submission, and lenders may offer volume-based pricing when several assets are being financed together.

Some lenders charge an early repayment or early termination fee if you pay off the loan ahead of schedule. The amount varies by lender and product. We can factor this into the lender selection process if paying the loan off early is something you may want to do.

In many cases, yes. Items such as a tray body, refrigerated unit, toolboxes, GPS tracking or other fit-outs that are permanently attached to the truck can often be included in the loan amount. Talk to your broker about what the lender will cover.

There is no fixed cap, as the maximum amount depends on your financial position and the asset being financed. We have arranged truck loans from under $50,000 for light commercial vehicles through to well over $500,000 for specialised heavy vehicles and fleet packages.

Yes, though the options may be more limited compared to established businesses. Some lenders specialise in new-to-industry applicants and ABN holders with less than two years of trading history. A larger deposit or additional security can improve your chances of approval.