Ute finance from 48+ Australian lenders.

Yes. When the tray, canopy, service body, toolboxes, racks, bull bar or tow kit are quoted with the vehicle, most lenders fund them on the same contract at the same rate, so the whole working ute settles as one purchase. Accessories fitted later are harder to finance, so get the fit-out quoted before delivery. Lenders will usually fund accessories up to a sensible proportion of the vehicle price; a $40,000 service body on a $45,000 cab chassis is normal, and your broker confirms each lender’s limit.

For finance, a ute is treated as a business vehicle and usually funded on a chattel mortgage with the GST generally claimable. The main difference is tax: a ute with a payload over one tonne is not subject to the car limit that caps depreciation and GST claims on passenger vehicles, and it often escapes fringe benefits tax when private use is minor and incidental. Dual-cab utes under one tonne payload are treated more like cars. Your accountant confirms the position for the model you choose.

Often, yes. Utes are a high-volume, easily resold asset, so several lenders will finance one for a new ABN or a sole trader on low documentation, particularly where the applicant has trade experience, a deposit or property ownership and a clean credit file. Established ABNs of two years or more are usually approved with no financials up to around $150,000 to $250,000. Lyft Money checks which lenders back new businesses before anything is submitted.

A balloon of 20 to 35 per cent is common on a work ute and lowers the monthly repayment, with the ute traded or sold at the end of the term to clear it. Utes hold their value well in Australia, so a moderate balloon is usually safe. If you plan to run the ute for eight years or more, a low or zero balloon avoids refinancing later. Your broker shows the repayment and total cost with and without a balloon.

Often no deposit is required, particularly for established businesses buying standard assets from a dealer. A deposit is more likely where the business is new, the asset is older or specialised, the credit profile is weaker, or the amount is large relative to turnover. Deposits typically range from around 10% to 30% in those cases. Putting money in reduces the amount financed and can improve the terms offered, but it is not always necessary.

The common ones are an establishment or documentation fee charged at settlement, a monthly account-keeping fee, and a PPSR registration fee for recording the lender's interest in the asset. A brokerage fee may also apply, which we disclose to you in writing before anything is submitted. Some agreements include an early termination or break cost. Fees vary by lender and are typically a modest part of total cost compared with the interest, but they should still be compared.

Lenders publish maximum residual or balloon percentages that fall as the term lengthens, because the asset is worth less at the end of a longer term. For a vehicle, a common pattern is up to roughly 50% on a two-year term, reducing to around 20% to 30% on a five-year term. The ATO also sets minimum residual values for finance leases. A larger balloon lowers monthly repayments but increases total interest and leaves a lump sum to deal with at the end.

It is far less common than it once was. Under hire purchase the financier owns the asset and you hire it, with ownership transferring automatically after the final instalment. Since the GST changes that made chattel mortgage more attractive for businesses accounting on a cash basis, most equipment lending is written as a chattel mortgage or lease instead. Some lenders still offer commercial hire purchase, and your accountant can advise whether it suits your circumstances.

The Personal Property Securities Register is the national register of security interests in personal property, including vehicles and equipment. When a lender finances an asset, it registers its interest so the security is publicly recorded and its priority is protected if the asset is sold or the business fails. It also means a buyer searching the register will see the finance. The registration is released once the contract is paid out, and a small registration fee is usually passed on to you.

A balloon is a lump sum left to pay at the end of a chattel mortgage, which lowers the regular repayments during the term. For example, a 30 per cent balloon on a $100,000 vehicle leaves $30,000 to pay at the end, so the monthly amount is calculated on $70,000 plus interest on the full balance. Balloons are commonly set between 0 and 40 per cent depending on the asset and term, and at the end you can pay it out, refinance it or sell the asset to clear it. A balloon reduces monthly cost but increases total interest, so your broker shows both figures side by side.