Truck finance for owner-drivers and fleets.

Yes, for established operators. Low-doc truck finance is generally available up to around $150,000 to $250,000 for businesses with an ABN of two years or more, a clean credit file and, often, property ownership or a deposit, without financials. Amounts above that, or newer operators, usually need financials or a contract. Approval is often within 24 to 72 hours once the truck details are in.

Established operators with financials can usually finance 100 per cent of the price. New owner-drivers are generally asked for 10 to 20 per cent, either as cash or a trade-in, and a deposit also improves the rate and widens the panel of lenders. Some lenders will accept equity in property in place of a cash deposit.

Established operators are often approved within 24 to 72 hours and can settle as soon as the dealer invoice and insurance are in place. New owner-drivers and private sales take a few days longer for contract verification and inspection. If a truck is on hold with a dealer, tell your broker so the approval is prioritised.

Most heavy vehicle lenders look at the age of the truck at the end of the proposed term rather than its age today. A common ceiling is around 15 to 20 years at term end for a prime mover, with trailers often treated more generously because they hold value and have fewer mechanical parts. An older unit can still be financed, usually with a shorter term, a deposit or a higher rate, and sometimes with an inspection or valuation required.

It is possible and we arrange these regularly, but it is assessed more carefully than a repeat purchase. Lenders want to see relevant driving experience, a licence class matching the vehicle, and ideally a signed contract, sub-contract agreement or letter of intent showing where the work is coming from. Property ownership or a deposit of around 10% to 20% strengthens the file considerably. Nothing here guarantees approval — each lender makes its own decision.

They are usually written as separate contracts even when bought together, because the assets have different lives and resale patterns. That lets you set a longer term on the trailer and a shorter one on the prime mover, or pay one out ahead of the other. Some lenders will bundle them under a single master facility with two commitment schedules, which keeps the paperwork simple while preserving separate terms for each asset.

Three things carry most weight: a contract or letter of intent showing where the work will come from, a deposit or trade-in of around 10 to 20 per cent, and relevant driving or industry experience. An owner-driver with a signed subcontract from a transport company, a clean licence and a modest deposit is a strong application even without years of financials. Established operators with financials and a fleet can usually borrow the full price. Lyft Money knows which lenders back new owner-drivers.

Yes. Used prime movers, rigids and vocational trucks are financed routinely, from dealers, private sellers and auctions. Most lenders allow the truck to be up to around 15 to 20 years old at the end of the term, so a ten-year-old prime mover can usually be financed over five years, with an inspection for private sales. Older or high-kilometre trucks attract shorter terms and higher rates, and some specialist lenders will finance older gear with a larger deposit.

It depends on the plan for the truck. A balloon of 20 to 40 per cent lowers the monthly repayment, which helps when a contract is starting and cash is tight, and suits operators who trade the truck every few years while it still has resale value. Operators who run trucks for their full life usually prefer a small or no balloon so there is nothing to refinance at the end. Your broker matches the balloon to the truck’s expected value at the end of the term.

Terms run from one to seven years, and the right term follows the contract and the truck. A prime mover on a five-year linehaul contract is often financed over five years so the repayments and the income line up. Vocational trucks such as tow trucks, crane trucks and tippers, which hold value well, are commonly financed over five to seven years. Shorter terms cost less in total interest but more per month.