vehicles · Equipment & asset finance
Ute finance
A work ute is rarely just a ute by the time it hits the road. We fund the vehicle, the tray and the fit-out together instead of leaving you to pay for the extras from cash flow.
What is ute finance?
Ute finance is funding for a work utility vehicle bought through a business, secured against the vehicle. Utes are the most commonly financed business vehicle in Australia, and because trays, canopies, toolboxes and racks are usually fitted at delivery, they can generally be funded on the same contract as the vehicle.
The Australian ute market is dominated by dual-cab four-wheel drives that double as work vehicles and family cars. That dual use is worth thinking about at finance time, because the split between business and private use affects the tax treatment and, for a heavily private vehicle, may mean consumer credit rules apply rather than commercial ones. Your broker will ask about the intended use up front for this reason.
For trades, the fit-out often costs $10,000 to $25,000 on top of the vehicle. Financing that separately, or paying for it from working capital, is the common and avoidable mistake. Get a single quote covering vehicle, tray or canopy, drawers, racks and safety gear, and it can all be funded on one chattel mortgage with the interest and depreciation deductible to the extent of business use.
Ute finance at a glance
| Typical price range | $30,000 – $120,000 |
|---|---|
| Finance term | Up to 84 months |
| Useful life | About 10 years |
| New or used | New dual cabs are the volume purchase and attract the sharpest rates; late-model used utes are widely financed and often better value after depreciation. |
| Indicative rates (Chattel mortgage) | 6.9% – 14.5% p.a. · rate history |
| Finance structures | Chattel mortgage (recommended), Business vehicle finance, Equipment loan, Novated lease |
How lenders assess ute finance
Utes are a high-volume asset and most lenders will fund one on minimal documentation for an established ABN. Where the vehicle is used predominantly for business, it is funded as a commercial asset with a chattel mortgage and the GST is generally claimable. Trays, canopies, tool bodies, bull bars and racks can be included when quoted with the vehicle. Utes above the luxury car tax threshold may be treated differently for depreciation and GST — worth checking with your accountant before you order.
Before you buy
- Get the tray, canopy and accessories quoted before delivery so they settle on the one finance contract at the same rate.
- Check payload after the fit-out — a heavy service body plus tools can leave a nominal one-tonne ute with very little legal capacity.
- Compare a cab chassis with an aluminium service body against a factory tub if you carry tools daily; the resale market is different.
Commonly financed
Toyota HiLux SR and SR5 · Ford Ranger XLT and Wildtrak · Isuzu D-MAX LS-U · Mitsubishi Triton GLX · Toyota LandCruiser 79 Series
Estimate ute repayments
- Number of repayments
- 60
- Balloon at end of term
- $15,000
- Total interest (est.)
- $21,230
- Total repaid (est.)
- $96,230
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 ute finance?
Ute finance is a secured loan or lease used to buy a utility vehicle for business use, with the vehicle as security. Terms usually run 36 to 84 months and a chattel mortgage is the most common structure, allowing depreciation and GST claims where the ute is used for business.
Can I finance a tray and canopy with my ute?
Yes, when they are quoted and invoiced with the vehicle before settlement. Trays, canopies, service bodies, drawers, racks and bull bars are routinely included on the same contract. Fit-out added months later is much harder to finance separately.