Adding a truck to your business can really take it to the next level — whether it’s a refinance to lower your repayments, an upgrade of existing gear, another truck for the fleet, or your very first one. The finance side doesn’t need to be complicated: here’s what lenders typically want to see, and the main choices you’ll make along the way.
Before you apply
It helps to know roughly what you’re buying (make, model, age, new or used), who’s buying it (which entity — company, trust, sole trader), and how the asset will be used in the business. Having this sorted before you apply means a broker can compare lenders properly instead of guessing at your situation.
What we need from you
Getting started is simpler than most people expect. To assess your options we just need:
- The driver’s licence of the director of the business
- Your ABN
- What you’re buying — you don’t need the exact details yet, a rough idea of the age, make and model is plenty (“a late-model prime mover” or “a small tipper” is a fine start)
- Why you’re buying it — replacing existing gear, expanding the business, and so on
Every lender on our panel has its own policy on exactly what’s needed for a given loan size and business type — part of our job is matching your situation to a lender whose requirements you can actually meet, rather than the one with the most paperwork.
Low-doc options
Some lenders offer low-doc pathways for eligible businesses — generally meaning less financial paperwork is required, often in exchange for a larger deposit or a different rate. Whether a low-doc option suits you depends on your business’s history and financial position; it’s worth asking about upfront rather than assuming you do or don’t qualify.
New vs used, dealer vs private sale
Truck finance works for new and used trucks, bought from a dealer or through a private sale. The asset’s age and condition can affect which lenders will consider it and on what terms, so it’s worth mentioning upfront if you’re looking at an older or higher-kilometre unit.
Private sales do involve some additional work — things like inspections and valuations — but the good thing is, we take care of all of that for our customers. We also get in touch with the seller directly: we explain the process to them, keep them informed, and chase them for the documents and information we need — all on your behalf. We even generate the tax invoice for the transaction. Essentially, we take care of everything so you don’t have to worry about the paperwork.
Chattel mortgage, balloon, or something else?
Most truck finance is arranged as a chattel mortgage, sometimes with a balloon payment built in to lower the regular repayments. Which structure suits you depends on how long you’ll keep the truck, your cash flow, and your accountant’s advice on tax treatment.
How Budget Finance can help
Instead of applying to one lender and hoping, we take your deal to our panel of 40+ lenders and bring back options that actually fit your business and the truck you’re buying — prime movers, rigids, tippers, curtain-siders and more. One call is usually all it takes to find out what’s possible. Currently renting or considering a rent-to-buy truck instead? It’s worth checking the numbers before you commit — financing usually costs a lot less than it looks.
Find out your borrowing power — it costs nothing
Remember: asking one of our brokers to assess your profile and come back with your exact borrowing power doesn’t cost you anything, and it doesn’t affect your credit file. So why not find out? Many businesses qualify for more than they expect.
Have a question about your deal?