Best Hire Purchase Finance Rates
Secure the best hire purchase finance rates for your business needs, getting your equipment funded from $10k to $1M+ in as little as 24 hours. We provide a detailed loan comparison from 80+ lenders to find your best rate.
Your Best Hire Purchase Rates in 3 Simple Steps
Banks often take over two weeks to fund essential equipment loans. We deliver decisions in minutes and funding in hours by comparing 80+ lenders for your best rate, with expert, tech-driven approval support.
Submit Your Details
Fill out a quick questionnaire so we can understand your unique loan situation. This is 100% free and has zero impact on your credit score.
We Compare For You
Our impartial system provides a loan comparison from 80+ lenders to find your best deal. We make lenders compete for your business, ensuring you see the best rate we can secure.
Secure Your Funding
If the loan product suits you, confirm by phone to get approved and funded in as little as 24 hours.
Why Choose Lend for Your Hire Purchase Finance?
Our smart technology and expert team save you time, protect your credit score, and find you a great deal on business finance.
Access Specialist Lenders
Don’t waste time searching. We’ll help you compare rates and finance terms from multiple lenders that specialise in business vehicle lease.
Tailored Solutions & Support
A Lend specialist will guide you on your borrowing capacity and eligibility, and manage your finance from application to funding.
Smart LendIQ™ Technology
We’ve built our LendIQ™ technology to make getting business vehicle finance online faster and easier. No clunky processes or paperwork.
Why Our Data-Driven Approach Gets You Approved
Our technology analyses your real-time business data to build the strongest possible case for your loan approval.
"Business owners get fixated on a fraction of a percent on the interest rate, but they often overlook the real cost—the thousands of dollars in revenue they lose every week a critical asset isn't on-site and working. The best finance isn't just cheap; it's fast."
Andrew Beckett, Head of Broker and Third Party Distribution
Find Your Best Hire Purchase Finance Rates
Take the first step towards funding your next business asset. Find out what loan amount you’re eligible for in the next two minutes. It's free, secure, and will not impact your credit score.
Our promise: no credit score impact
Your Guide To Securing The Best Hire Purchase Loan
This guide provides a clear path to getting approved for a hire purchase agreement, helping you avoid weeks of waiting and the potential credit score damage from a failed loan application. We help you secure the most competitive hire purchase agreement.
Updated: 1/22/2026
Hire Purchase By The Numbers
Understanding the market is the first step to making a confident financing decision. These figures, based on our internal data, highlights key trends for hire purchase finance in Australia.
~6.5% p.a.
Prime Asset Starting Rates
1-4%
Interest Rate Savings via Comparison
9-15% p.a.
Typical Rates for Used Equipment
60-70%
Finance Deals for Used Assets
~$107,000
Average Business Vehicle Loan Value
Hire Purchase Loans Eligibility Criteria
Lenders have specific criteria, but most look for the following. Meeting these requirements puts you in a strong position to apply for a hire purchase loan.
- You must have an active Australian Business Number (ABN) or Australian Company Number (ACN).
- Your business must have been operating for a minimum of six months.
- Your business must be registered for GST and have a consistent turnover.
- At least one director must be an Australian citizen or permanent resident.
How A Hire Purchase Agreement Works
The simplest analogy for a Hire Purchase agreement is a Rent-to-Own contract. The finance provider buys the asset on your behalf, and you hire it from them by making fixed monthly payments over an agreed term. Once you make the final repayment, legal ownership of the asset officially transfers to your business. This structure helps manage cash flow while providing a clear path to ownership, making it a popular type of car loan.
- Borrow from $10,000 to $1,000,000+
- Loan term options from 1 to 7 years
- Buy from a dealership, auction, or private sale
- Fixed weekly, fortnightly or monthly payments
- No deposit required for approved loan applicants
- Option to include a balloon payment to reduce repayments
- Interest and fees may be tax deductible
Your In-Depth Questions, Answered
You can get a loan for almost any tangible asset for business use. This includes business vehicles, commercial vehicles like utes and trucks, or equipment for construction, agriculture, and hospitality fit-outs.
Yes, financing a private sale is common, though it requires a few extra steps. A specialist handles the entire process, which includes understanding the rate implications, defining the process for the specific lender, and guiding you through verification of the seller and the asset to ensure a secure transaction.
Yes. Before a lender releases funds, they will require a certificate of currency showing the asset is comprehensively insured. This is a standard loan condition to protect both you and the lender.
Absolutely. Lenders will fund used assets, though terms may be adjusted based on the asset's age and condition. Where a bank might see risk, we see a revenue-generating asset. The key is focusing on the strength of the borrower's profile and connecting them with specialist lenders who don't have strict age-limit restrictions. The mistake is assuming all lenders see your business through the same narrow lens.
Financing a car or asset from another state is a standard procedure. A loan specialist can coordinate with the seller to arrange inspections, verification, and payment to ensure a smooth transaction.
How To Apply For A Hire Purchase Loan
A well-prepared application is the fastest path to approval. The process involves confirming your eligibility, gathering your documents, and working with a lender to finalise the loan agreement.
Step 1: Confirm Your Eligibility For A Loan
Review the loan eligibility criteria to ensure your business meets the basic requirements for ABN, trading history, and residency before you apply.
Step 2: Gather Your Information For The Loan
Prepare necessary documents. Many lenders use secure digital platforms to verify your financial data instantly, but having recent bank and business activity statements handy can speed up the loan process.
Step 3: Submit Your Application
Work with a broker or apply directly. An experienced broker can assess your profile against multiple lender policies to find a suitable match, improving your chances of first-time loan approval for your desired vehicle.
Step 4: Review and Finalise Your Loan Agreement
Once you receive an offer, a specialist will present the formal loan details, including the loan interest rate, fees, and terms. Review everything carefully, ask final questions, and complete the documents to accept.
Helpful Finance Calculators
Is a Hire Purchase Loan Right For Your Business?
A hire purchase loan is an excellent tool for acquiring assets without a large upfront cost, but it’s important to understand both sides. Weigh the key advantages against the potential drawbacks to make a confident and informed decision for your business.
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A balloon payment can be a smart cash flow tool as it reduces your regular monthly repayments. However, you will pay more interest over the loan's life and need to plan for the final lump sum. It is ideal for businesses that plan to upgrade the car at the end of the term.
The interest on your repayments and the asset's depreciation are generally tax-deductible if the asset is used for business purposes. Always speak with your accountant for advice tailored to your specific circumstances and this loan type.
It depends on the lender. Some loan agreements have no early repayment penalty, while others may include one. This is a key detail to discuss with your specialist to ensure the loan suits your long-term plans.
With a Hire Purchase, the lender owns the asset until the final payment. With a Chattel Mortgage, your business owns the asset from day one. This difference has implications for how you can claim GST, so it's vital to discuss with your accountant before choosing a loan.
A formal loan application will record an enquiry on your credit file. This is why it is important to ensure your application is strong and submitted to a suitable lender to maximise the chance of first-time approval.
It is more challenging, but possible. Specialist non-bank lenders are often more flexible than major banks and may consider applications from businesses with past credit issues if current cash flow is strong for the loan.
For a prepared applicant, conditional loan approval can often be secured within a few hours, with funding completed in as little as 24 to 48 hours for the car.
For strong applicants, 100% finance with no deposit is often available. This allows you to preserve your business's working capital for other needs when getting a loan.
What Happens After Your Loan Is Approved?
Once your hire purchase loan has been approved and you have signed the documents, the loan process moves quickly. The lender will coordinate directly with the seller of the asset to arrange payment, transferring the funds to their bank account. Once the seller confirms payment, you are free to take possession of your newly acquired asset.
As Head of Broker and Third Party Distribution, Andrew Beckett has a deep understanding of the challenges facing Australian businesses. He is passionate about leveraging technology to demystify complex loan topics and empower business owners to make confident, strategic decisions.
Andrew Beckett, Head of Broker and Third Party Distribution
Phil Druce, our Chief Operations Officer, reviews all content to ensure it is accurate, up to date, and provides genuine value. His hands-on experience in the finance industry ensures our guides are practical, relevant, and trustworthy for the modern business owner seeking business finance.
Phil Druce, Chief Operations Officer
Stories From Our Clients
Urgent Funding Secures Critical Truck Purchase
Troy, a transport operator from Brisbane, was at risk of losing his deposit on a truck after his original broker failed to secure finance. We understood the urgency and secured the funding he needed in just 24 hours, with settlement the next business day. This fast turnaround prevented a significant financial loss and allowed Troy to get his new asset on the road without delay.
Overcoming Bank Restrictions on Used Equipment
Mark, owner of a small civil contracting business, urgently needed to replace an aging 10-year-old excavator to fulfill key infrastructure contracts. Major banks rejected the application due to strict age restrictions on used equipment, deeming it too risky despite the asset's strong condition and Mark's solid trading history. We focused on his reliable cash flow and business performance instead of the asset's age, connecting him with specialist non-bank lenders flexible on equipment vintage. We secured hire purchase funding with no deposit required, enabling quick approval and funding within days. This allowed Mark to deploy the excavator immediately, complete projects on schedule, and avoid costly downtime turning a potential setback into continued growth for his business.
Smooth Private Sale Purchase of Commercial Vehicle
Sarah spotted a well-maintained 2020 Toyota Landcruiser from a private interstate seller, which would be perfect for her growing logistics operation but worried about verification risks, potential encumbrances, and delays that could jeopardize the deal. A standard PPSR check flagged existing finance, complicating matters further. Our specialists coordinated the entire process: guiding a third-party inspection, handling secure lender payments to the seller, managing interstate logistics, and securing competitive hire purchase terms despite the private sale hurdles. Approval came fast with funding released promptly, allowing Sarah to take possession quickly, get the vehicle insured and operational, and capitalise on new client contracts without missing out.
Why Australia Trusts Lend
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