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Truck Loans | Heavy Vehicle Finance

Truck owners and operators are under enough pressure dealing with tight deadlines, demanding working conditions on sites across Australia, strong competition for tenders and contracts, rising costs and strict regulatory requirements while trying to find time for family and recreation. The last thing you really want to be doing is spending a lot more time sourcing the cheapest truck loan when buying a new truck.

Business Finance Truck Loans | Heavy Vehicle Finance
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truck finance Comparison
Compare Equipment Finance Interest Rates and Repayment Estimates

Selecting the lending product that will work most effectively for your organisation is a critical part of the process. Interest rates and features and benefits vary across the range of loans. Leasing compared with Chattel Mortgage, Rent-to-Own compared with Leasing – do it all right here. This comparison table allows you to see the different rates we are currently achieving and generate rough repayments for each loan type. Just input your loan details to get started.

Loan Amount Loan Term
Loan Product Interest Rate Monthly Repayment
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Disclaimer: This chart is provided only for the purposes of comparing interest rates on different loan products. The charges and fees as applied by lenders and brokers are not formulated into the auto-calculate function so the results should be used as a guide only. Any offer for a loan that may be made to you may differ in the interest rate charged and the repayments. Using this truck loan comparison is not an application form. The results calculated do not indicate a quote, offer or approval.

30 September

Today's best rate

Finance Equipment From

4.99 % Fixed

* The interest rate is calculated on a secured loan for commercial use, effective 30/09/2023 and subject to change. Warning: the interest rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.

30 September

Today's best rate

Finance Equipment From

4.99 % Fixed

* The interest rate is calculated on a secured loan for commercial use, effective 30/09/2023 and subject to change. Warning: the interest rate is only true for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different interest rate.

Calculator
Truck Loan Calculator

Our company who specialises in commercial loans, fully understands and appreciates your working environment which is why we’ve particularly focused on truck loan. We’ve brought together arguably the most comprehensive collection of banks, lenders and brokers that offer the cheapest and most competitive loans – right here, in the one finance hub.

  • No time-wasting
  • Save you valuable time
  • Choice of a large number of lenders
  • Direct contact with truck finance brokers
  • Quick access to cheap interest rate loan sources

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Business Services
Complete Truck Loans for Business Services

We’ve covered all aspects of heavy good vehicle loans in bringing together the lenders that have been proven to genuinely deliver real results in cheap interest rates, flexible terms and workable lending that will support your business.

  • All Commercial Lending Types
  • Secured and Unsecured Heavy Vehicle Lending
  • Flexible Terms up to 7 years
  • No Deposit Loan Options
  • Refinancing Options
  • Tailored, Flexible Solutions
  • Personalised Service
  • Fast Approvals, Quick Settlement
  • New and Used Heavy Vehicle Finance
  • All Leading Truck Manufacturers

Loan Types
Commercial Heavy Vehicle Loan Types

Our lenders offer the full range of commercial finance products for truck purchases, including:

  • Rent to Own Truck LoansA very popular, off-balance sheet truck loan with 100% tax deductible repayments; flexible terms up to 6 years; GST claimed on repayments; lender holds ownership with range of options for purchasing the vehicle at the end of the loan term or upgrading to a new truck.
  • Heavy Vehicle Loans: an off-balance sheet option where the truck is listed on the lender’s balance sheet not the borrower’s balance sheet; tax deductible repayment; flexible terms; residual payable at the end of the loan term.
  • Truck Chattel Mortgage: very popular form of finance; suits cash accounting method; GST on purchase can be claimed on next BAS; interest and charges tax deductible; balloon payment payable at end of the loan term
  • Commercial Hire Purchasevery flexible and workable loan type with balloon, GST claimable at time of purchase, tax deductible elements.

Different loan types offer varying benefits dependent on business structure, accounting method and financial objectives. Discuss what is best for your business with your accountant and then request a list of lenders suited to your requirements.

Secure Business Equipment Loan

Specialist solutions
Specialist solutions may be tailored to suit:

Truck loans that work with your cash flow and deliver ROI:

  • Fixed interest rates
  • Fixed loan terms up to 7 years
  • Fixed monthly repayments
  • Balloon, residual, payout, buyback options

Individual lenders have their own requirements and guidelines. We connect you with lenders that are suited to your requirements – your business and the truck you are purchasing.

Competitive Loans
Competitive Loans for All Industries, All Businesses, All Trucks

  • Construction and building heavy vehicles
  • Agitators, concrete, crane vehicle
  • Mining and resource heavy vehicles
  • Waste, recycling and process trucks
  • Refrigerated trucks
  • Trucks that deliver across the city or across the country
  • Agricultural, farming and rural trucks
  • Livestock transport vehicles
  • Removals and storage vehicles
  • Transport fleet operators
  • Light commercial, mid-range, Pantechs, haulers, B-doubles
  • Heavy vehicle and trailer finance
  • All purposes heavy vehicles

Sourcing a Cost-Effective, Cheap Truck Loan

We will connect you directly and quickly with the lenders and brokers that will save you time, money and hassle in sourcing your loan.

Connect with us for banks, lenders and brokers that offer cost-effective heavy vehicle loans

Commercial Hire Purchase Financing

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FAQs
Truck Loan

For most operators, the purchase of a new truck is major decision. Covering off on all aspects of the lending process can pay off in delivering a cheaper loan. We’re answering some of your possible questions to assist you in fully understanding what is available and how you can access cheap lending. For more answers and a quote, contact us directly.

Chattel Mortgage and Leasing are both very effective funding solutions for heavy vehicles. Neither is better than the other based purely on the features and benefits. The selection of which is the better product will depend on suitability to the financial objectives, accounting measures and approach to tax of the enterprise.

New owner-operators may not have all the documentation required for the application form. If not, they may consider Low Doc or No Doc options. These are categories of applications for operators without all the documentation. A situation typical of new operators. When approved  on a Low Doc or No Doc basis the operator may select from the range of funding products. The one which best matches the taxation approach, accounting methods and objectives of the operation would be deemed the most suitable or best.

When applying for truck funding, operators are required to provide a range of financial documentation and records as part of the application process. These can include BAS reports, bank statements, tax returns, annual accounts, trading figures, profit and loss statements and others. The quantity and specifics of what is required will vary depending on the lender. Holding an ABN and having identification is essential.

The same products are available for funding all types of trucks. They include Chattel Mortgage, Leasing, Commercial Hire Purchase and Rent to Own. The interest rates vary with the products and may vary with new and used vehicles. Specific conditions applied to individual offers may vary according to the age and condition of second-hand vehicles.

Where a vehicle and a trailer are purchased concurrently, the cost of both may be combined into the same lending package. This is subject to lender approval of the overall amount requested and other aspects of the application. Both assets must be acquired at the same time and in some cases from the same supplier in order to be combined into the one funding arrangement.

Yes. The same selection of funding products apply to all types of heavy vehicles. That includes electrified models, hydrogen cell and diesel models. The products include Chattel Mortgage, Leasing, Rent to Buy and Commercial Hire Purchase. Some banks and lenders may offer green vehicle funding for alternate fuel vehicles.

Refinancing is the process of replacing the current vehicle funding arrangement with a new lending arrangement. The new funding may be with the same product as the current arrangement or with a different product. Refinancing may be sourced from the same or a different lender. Exit fees will be charged by the lender for finalising the current contract prior to the end of the term. The refinanced arrangement would typically encompass all outstanding monies due on the current arrangement. That would include repayments, residual or balloon and relevant fees and charges.

All heavy vehicle funding products offer tax deductible aspects. The tax deductions vary with the different funding products. With Rent to Own and Leasing the monthly payments are tax deductible. With Chattel Mortgage a tax deduction is realised when the asset is depreciated. All interest is tax deductible as are lender fees and charges.

Yes. The monthly lease payments are treated as a business expense by the ATO and are tax deductible. The total of payments made in a financial year would be accounted as tax deductions in preparation of the annual tax return and accounts. GST is applied to repayments and can be claimed by those registered by GST on the relevant BAS return.

Chattel Mortgage includes the option for a balloon. This is a percentage of the total amount of the funding which is due for payment in full, in a lump sum at the end of the term. The balloon may be finalised with a cash payment by the operator or via refinancing. When refinancing a balloon, the vehicle would attract an interest rate relevant to a used vehicle. The same or a different lender and funding product may be selected for the refinanced funding.

When funding a vehicle acquisition with Rent to Own, the lender retains ownership title to the vehicle through the funding term. The borrower has full use of the vehicle, pays a monthly rental or funding repayment and is responsible for all ongoing and running costs. These include registration, insurance, servicing and maintenance, etc. At the end of the term, the borrower can finalise a buyback with the lender. The buyback amount may have been set out in the original funding arrangements or negotiated at the end of the term. When this is finalised, the lender transfers full ownership to the borrower.

The terms offered on vehicle funding may vary depending on the lender guidelines, the age and condition of the vehicle, the total amount requested and aspects of the individual application. Terms of up to 7 years are available through some lenders. A longer term results in lower repayments but a greater total interest payable compared with a shorter term. A shorter term means higher monthly payments but the vehicle will be paid out earlier. Customers can request preferred term when making application for funding. Using a finance calculator can assist in forming a view to the preferred term.

Interest rates on truck funding are generally the same for all sized vehicles. The rate offered to an individual operator by a lender will be determined by a range of considerations. These include the lender guidelines; the creditworthiness of the applicant; the quality of the application; the amount requested; and the age and condition of the vehicle. Used vehicles can attract a higher interest rate than new vehicles, regardless of size. The size of the truck based on heavy, medium or light duty, length or engine capacity may not typically impact the interest rate offered.

Yes. When refinancing a heavy vehicle funding arrangement, the operator may consider a change of product. The full range of options may be available. They include Rent to Own, Leasing, CHP and Chattel Mortgage. An operator may request changing product and lender. In some instances, the choice of product may be subject to lender approval. The preferred product is advised at the time of application so a relevant quote for that product can be obtained.

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Our Lenders

Trusted by 60+ lenders Australia-wide

Westpac
Liberty
Automotive Financial Services
Macquarie
Finance One
Commonwealth Bank
Pepper Money
Morris
National Australia Bank
RACV
Get Capital
Prospa
Grow
Selfco Leasing
Scottish Pacific