Prime movers, rigids and vocational trucks
Truck finance for owner-drivers and fleets.
Prime movers, tippers, tow trucks and crane trucks funded by lenders who know the market. Your broker matches the term to the contract the truck is running.
What is a truck finance?
Truck finance is secured lending used to buy prime movers, rigid trucks, tippers and specialised vocational vehicles, usually structured as a chattel mortgage over three to seven years with an optional balloon. Trucks hold value well, so lenders on our panel will fund considerably older units than they would cars.
A prime mover with a million kilometres on it can still be a solid piece of security, which is why truck lenders behave differently from car lenders. Age limits are more generous, terms on used units are longer, and specialist financiers will assess a well-maintained fifteen-year-old Kenworth on its actual condition and market rather than a rigid age cutoff. Service records and a clear PPSR result matter more than the odometer alone.
First-time owner-drivers are a distinct case. Coming out of a driving job to buy your own truck usually means no trading history, and lenders respond by weighing the freight contract, your years of driving experience, deposit size and whether you own property. A signed sub-contract with a reputable prime contractor changes the conversation substantially, and a 20% deposit changes it further.
Structure the term against the work, not the truck. A truck bought for a three-year contract with no certainty beyond it should not be carrying a large balloon in year four. Where the contract is long and the operator is established, longer terms and a modest balloon keep monthly repayments in line with what the truck earns per week after fuel, tolls and maintenance.
Truck finance at a glance
| Amount | $20,000 – $2,000,000 |
|---|---|
| Term | 12–84 months |
| Rate type | Fixed |
| Indicative rates (Q3 2026) | 7% – 16.5% p.a. · see rate history |
| Security | Secured by the asset |
| Repayments | Monthly, with weekly and fortnightly available |
| Typical speed | 24–72 hours for established operators |
| Best for | Owner-drivers and transport operators buying prime movers, rigids or vocational trucks |
| Consider something else if | Operators without a contract, deposit or driving history, where approval is unlikely |
| Tax | Interest and depreciation on a business truck are generally deductible and GST is usually claimable upfront under a chattel mortgage. Confirm with your accountant. |
Advantages
- Older trucks are financeable where cars would not be
- Specialist lenders understand vocational and custom builds
- Repayment frequency can match weekly freight payments
Trade-offs
- First-time owner-drivers face narrower options and higher rates
- A balloon on a high-kilometre truck can exceed its resale value
- Losing the contract leaves the repayment in place
How to apply for a truck finance
- 01
Truck and work
Make, model, year, kilometres, build specification and the contract or freight task it will service.
- 02
Match lender to profile
Your broker places established operators and first-time owner-drivers with lenders that have appetite for each.
- 03
Inspection and settlement
PPSR search, inspection for private sales, then funds are paid to the seller.
Documents lenders commonly ask for
- Driver licence, ABN and any operator accreditation
- Invoice or sale contract, plus service history for used trucks
- Freight contract, bank statements or financials depending on profile
What people finance with a truck finance
Lenders we compare for this
TruCap, Metro Finance, Angle Finance, Pepper Money, Flexicommercial and others on our panel. See the full panel.
Estimate your repayments
- Number of repayments
- 48
- Total interest (est.)
- $16,133
- Total repaid (est.)
- $91,133
This calculator provides an estimate only and does not account for fees, charges or the specific terms a lender may offer. It is not financial advice or an offer of finance.
Key terms
What is truck finance?
Truck finance is asset-backed business lending used to purchase prime movers, rigid trucks and vocational vehicles. The truck secures the loan, most commonly under a chattel mortgage over three to seven years with an optional balloon payment.
Can you get truck finance as a first-time owner-driver?
Yes, though options are narrower. Lenders weigh a signed freight contract, driving experience, deposit size and property ownership. A larger deposit and a reputable contract materially improve both approval prospects and pricing.
How old a truck can you finance?
Many specialist lenders will fund trucks up to 15–20 years old at the end of the term, subject to condition, service history and a clear PPSR search. Older units attract shorter terms, larger deposits and higher rates.
Truck finance FAQs
How old a truck will lenders finance?
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.
Can I get finance for my first truck as a new owner-driver?
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.
Should the truck and the trailer be on the same contract?
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.