Truck and trailer finance: your questions answered

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.