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HEAVY VEHICLES

Truck and trailer finance

Prime movers, rigids, tippers, tankers and trailers. Heavy vehicle finance turns on the asset as much as the borrower, and the age of the unit is usually what decides which lenders will look at it.

Start a heavy vehicle enquiry1300 015 267
Sorting terms, asset age and cash flow before a prime mover goes on the books

  • Assets

    Prime movers to trailers

  • Age

    Older units considered

  • Sellers

    Dealer, private or auction

  • Lender panel

    40+

Is this you?

If any of these are true, we can help.

Talk it through
  • An owner-driver buying a first prime mover and finding the banks cautious about the age of the unit
  • A small fleet adding a tipper or a trailer to take on a new contract
  • A transport operator whose truck has failed and who needs a replacement working this month
  • An operator buying at auction with a settlement deadline that does not move
  • A business with trucks owned outright and a cash flow gap it would rather fund from the fleet than the house
  • A subcontractor who has been offered a rate on a truck and wants to know if it holds up

How it works

Three moves, in plain words.

  1. 01

    Send the unit details

    Make, model, year, kilometres and engine hours, configuration, and the listing or invoice. Photographs help on an older unit.

  2. 02

    Tell us the work

    What the truck will be doing, for whom, and under what arrangement. Evidence of the contracted work strengthens the file considerably.

  3. 03

    Assemble the borrower file

    ABN and GST details, financials or low doc declarations, bank statements, director details and property position.

Send us the unit and the work

Start a heavy vehicle enquiry1300 015 267

What we fund

Heavy vehicle finance covers the units that earn and the gear behind them. Lenders assess by category, because resale markets differ sharply between a common prime mover and a specialised body.

  • Prime movers, single and multi-drive
  • Rigids, from light rigids up through the classes
  • Tippers, bins, water trucks and truck and dog combinations
  • Tankers, curtain siders, flat tops, drop decks and skels
  • Trailers, dollies and converters
  • Buses, coaches and specialised bodies

The more specialised the body, the narrower the resale market, and the more carefully a lender looks at what happens if the asset has to be sold. That is not a reason to avoid specialised gear. It is the reason the file needs to be presented properly.

Prime mover
The tractor unit that pulls a trailer. Single drive or multi-drive, and the configuration affects both the work it can take and the resale market behind it.
Rigid
A truck where the body is fixed to the chassis rather than towed. Assessed by class, body type and what the body is worth on its own.
Truck and dog
A tipper truck towing a matching dog trailer. Usually funded as one package where both units come from the same seller.
Skel
A skeletal trailer built to carry containers. A narrow purpose, so lenders look closely at who else would buy it.
Engine hours
The measure that matters more than kilometres on plant and on some vocational units. Read alongside service history rather than on its own.
PPSR search
The register check that shows whether money is still owed on a unit before you buy it privately. Inexpensive, and the cheapest protection in the transaction.

The detail

Asset age is the first question

In heavy vehicles, age does more work than almost any other factor. Most lenders assess the age of the unit at the end of the proposed term rather than at settlement, so a ten-year-old truck on a five-year term is being read as a fifteen-year-old truck.

The general shape of lender appetite by age. It is not a rule, and it differs by lender, by asset and by borrower.
Age of the unitLender appetiteTypical effect on the deal
New or near newBroadest choice on the panelLongest terms available, widest range of structures
A few years oldMost lenders will consider itStandard terms, straightforward assessment
Mid-lifeFewer lenders, more questionsShorter terms, more weight on the borrower and on condition
Older unitsSpecialist lenders, sometimes private fundingShorter terms, valuation or inspection often required
Age
Read at end of term
Hours
Weighed with the years
Records
Service history counts
Rebuild
Only if documented
Body type
Sets the resale market

Engine hours, kilometres, service history and whether the unit has a recent rebuild all move the assessment. A well-documented older truck with a complete service history reads very differently from an identical unit with no records.

Owner-drivers, small fleets and start-ups

The borrower side of a heavy vehicle file usually falls into one of three shapes, and each one is assessed differently.

Established operators

Trading history, financials and bank conduct carry the file. The asset still matters, but a strong operator with a track record buying an older unit is a very different proposition from a new entrant doing the same thing.

Owner-drivers and new ABNs

Lenders want to see something to hold onto: industry experience, a contract or a letter of engagement, property ownership, a deposit, or a clean personal credit file. First-truck applications are done regularly. They are done on preparation, not on optimism.

Growing fleets

Once you are adding units repeatedly, a facility with an approved limit usually beats a fresh application every time. It shortens settlement on each unit, which matters when a contract has a start date.

Dealer, private sale and auction

Heavy vehicles change hands through all three channels, and the channel changes the timeline more than it changes the price.

  • Dealer: cleanest path. A licensed entity, a tax invoice, and funds paid to a known account.
  • Private sale: needs a PPSR search, seller verification and often an inspection or valuation. Build in extra days.
  • Auction: tight settlement windows, limited inspection, and some lenders will not fund auction purchases. Get finance sorted before you bid, not after.

Buying from a dealer

  • A licensed entity, a tax invoice and funds paid to a known account
  • Warranty or statutory cover may apply to the unit
  • Inspection before purchase is normally straightforward
  • The widest part of the panel will look at it

Buying at auction

  • Settlement deadlines are short and they are enforced
  • Inspection is limited and the unit is usually sold as it stands
  • Some lenders on the panel will not fund auction purchases at all
  • Approval needs to be organised before the hammer falls, not after

The auction clock, from bid to settlement

Every step after the hammer is on someone else’s timetable. The only part you control is the one before it, which is why approval organised first turns a tight settlement into an administrative task rather than a scramble.

Auction conditions differ by house and by sale. Read the conditions of sale for the specific auction before you bid.

View as a table
WhenWhat happens
Before you register to bidApproval organised, and the lender confirmed as one that will fund an auction purchase at all. Not every lender on a panel will.
The hammer fallsThe purchase is binding. The auction house’s clock starts running, and it is not the lender’s clock.
Usually the same dayA deposit is payable to the auction house under its conditions of sale.
Commonly inside a weekFull settlement is due. A file still being assembled at this point is already behind, and the deposit is what is at risk.
After settlementCollection, transport, inspection and registration, on your timetable rather than the auction house’s.
The settlement window that starts running the moment a bid succeeds
Auction houses set the clock, not the lender. Arranging the approval first turns a tight settlement into an administrative step rather than a race with your deposit on it.

Running the application

  1. 01

    Send the unit details

    Make, model, year, kilometres and engine hours, configuration, and the listing or invoice. Photographs help on an older unit.

  2. 02

    Tell us the work

    What the truck will be doing, for whom, and under what arrangement. Evidence of the contracted work strengthens the file considerably.

  3. 03

    Assemble the borrower file

    ABN and GST details, financials or low doc declarations, bank statements, director details and property position.

  4. 04

    Match to appetite

    Heavy vehicle appetite varies widely, especially by age and body type. We place the file where the policy fits rather than testing the whole panel.

  5. 05

    Verification

    PPSR search, seller confirmation, inspection or valuation where required, and insurance arranged before settlement.

  6. 06

    Settlement

    The financier pays the seller, the security is registered, and the unit can be put to work.

Refinancing the trucks you already own

A fleet owned outright is capital sitting in a yard. Sale and leaseback, or an asset refinance, releases that value back into the business while the units keep working. For a transport business with a tax debt or a run of unsecured facilities, this is often a better answer than another second mortgage over the house.

  • Units owned outright, with clear title and a clean PPSR position
  • Age and hours within the lender’s appetite, which is the usual constraint
  • A documented business purpose for the funds
  • Enough margin in the business to carry the new repayment comfortably

It is not free money and it is not always the right move. Refinancing gear to cover a structural loss delays the problem rather than solving it. Where the underlying issue is solvency rather than timing, the right call is an insolvency practitioner, and we will say that rather than write a loan.

Run the numbers

See it with your own figures.

Indicative only. Change anything — the defaults are starting points, not quotes.

The loan

The amount you are borrowing, after any deposit and before fees.

A starting assumption for you to change, not a rate we are quoting and not a lender product. What you are offered depends on the security, the lender and a full credit assessment.

Principal and interest across the whole term, with no interest-only period.

Worked out on the real period rate and the real number of repayments, so a fortnightly figure is not simply half a monthly one.

Paying it down faster

Optional. Leave it at zero to see the plain schedule. Anything above zero shortens the term and cuts the interest.

Monthly repayment

$4,108.44

$650,000 over 30 years at 6.50%, principal and interest.

Number of repayments
360 monthly repayments
Total repaid
$1,479,039
Total interest
$829,039
Interest as a share of the amount borrowed
127.5%

Where the money goes

Amount borrowed$650,000
Interest over the full term$829,039

A repayment figure is the easy part. Whether a lender will lend it, on what security and at what cost, is the part we handle. Bring the number you have landed on and we will tell you what is realistic.

Talk it through with a broker
Assumptions
  • The interest rate is a figure you typed. It is not a current rate, a comparison rate, or a lender product we are offering.
  • The rate is assumed to stay the same for the whole term. Variable rates move, and a single change resets every figure on this page.
  • Repayments are principal and interest, equal in size, made on time, with no interest-only period, no repayment holiday and no redraw.
  • Weekly and fortnightly figures are calculated on the true period rate — the annual rate divided by 12 — and on 360 repayments. They are not a monthly figure divided down.
  • Interest is calculated per repayment period. A lender accruing daily and charging monthly will land on a slightly different number.
  • Extra repayments are assumed to start with the first repayment and continue every period, and to reduce the balance immediately with no fee and no break cost.
  • No fees are included: no establishment, valuation, legal, settlement, discharge or ongoing fees, no lender's mortgage insurance and no broker fee.

Open the full calculator

Dave Pham, Head Broker at WeL'nd

“Tell me the number. I have almost certainly seen worse.”

Dave Pham · Head Broker

Talk to Dave1300 015 267

FAQ

Questions people actually ask

If yours is not here, ask it. We would rather answer the awkward one early than have you find out later.

1300 015 267
Can I finance a truck as a first-time owner-driver?
Yes, it is done regularly, and it needs preparation. Lenders look for industry experience, evidence of the work the truck will do, a deposit, property ownership or a clean personal credit file. The more of those you have, the wider the panel. A first-truck application with none of them is difficult.
How old a truck will lenders finance?
There is no single answer, because every lender sets its own limits and most assess the age at the end of the term rather than at settlement. Newer units get the widest choice. Older units are still funded, generally over shorter terms, sometimes through specialist lenders, and often with an inspection or valuation.
Can I finance a truck bought at auction?
Some lenders will and some will not, and the settlement window is the real constraint. Arrange finance before you bid so that a successful bid can settle within the auction house deadline. Bidding first and financing afterwards puts your deposit at risk.
Do I need financials to get truck finance?
Not always. Low doc options exist based on ABN and GST registration, the asset, and often a property-ownership test. Full doc files with financials, tax returns and BAS give you the widest choice and generally the best available terms. Which route suits depends on how current your accounts are.
Can I finance a truck and a trailer together?
Yes, and it is common. They may be written as one facility or as separate contracts depending on the lender and whether the units are being bought from the same seller. Tell us the whole purchase up front so it is structured once rather than twice.
Does a rebuilt engine help the application?
It can, if it is documented. A recent rebuild with invoices and records addresses the lender’s main concern about an older unit, which is what it will cost to keep it on the road. Undocumented work carries far less weight, so keep the paperwork.
Can I get truck finance with tax debt on the books?
Sometimes, and it depends on the size of the balance, whether it is disclosed and whether an arrangement is in place and being met. Do not hide it. If the tax debt is the bigger issue, financing another unit on top may be the wrong sequence, and there is a whole side of our work that deals with exactly that.
What happens if the truck is off the road for repairs?
The finance repayment continues regardless. That is the practical argument for keeping the repayment inside what the business can carry through a quiet month or a breakdown, rather than at the maximum the lender will approve.

Credentials

  • Credit Representative 554029
  • ABN 20 672 801 651
  • FBAA member
  • AFCA external dispute resolution

Related

Other ways we can help

Reading

Worth understanding first

All of car & asset finance

Where we work

Send us the unit and the work

Give us the truck details, where it is coming from, and what it will be doing. We will tell you which part of the panel will look at it and what the file needs before we lodge anything.

Or call us

1300 015 267

Monday – Friday, 09:00 to 17:30

Dave Pham, Head Broker at WeL'nd

“Tell me the number. I have almost certainly seen worse.”

Dave Pham · Head Broker

Talk to Dave1300 015 267

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