Get truck finance quickly & easily with Lend
We’ll help you compare truck loans and leases and find you the best deal. It’s free to compare, with no credit score impact.
$
$1bn+
Processed loans
2000+
Users
70+
Lenders & growing
12k
Deals monthly
Time for a new heavy vehicle for your business?
Having access to the right trucks and other heavy vehicles is absolutely essential for a business to operate and generate revenue.
Lend is experienced at helping Aussie businesses access the finance that enables them to acquire vehicles exactly when they need them. Our brokers will work on your behalf to get your truck finance approved and funded as quickly as possible, without sacrificing on rates and finance terms.
We have access to more than 70 Australian lenders and can help you secure truck finance up to $1million or more if needed, no matter what type of vehicle or brand you’re after:
- Prime movers
- Tow & tilt trucks
- Service body trucks
- Pantech trucks
- Tipper trucks
- Concrete pump trucks
- Water tucks
- Livestock transporters
- Refrigerated trucks
- Cab chassis
- Crane trucks
- Curtainsider trailers
- Rigid trucks
- Semi trucks
- B-doubles
- Tankers
How Lend gets your business moving with truck finance
1
Speak with one of our brokers
Our brokers know exactly what questions to ask to understand your business and what it needs. We’ll get as much information as possible up front to save you hours later.
2
We’ll present your options
Lend’s industry-leading technology platforms lets us compare 70 lenders based on your exact specifications. We’ll show you only the best of the best truck finance rates and terms.
3
We’ll negotiate rates with the lender
We won’t settle for your chosen lender’s standard rates. We’ll leverage our contacts and scale to get you the cheapest rate and best terms possible.
4
We’ll help you apply
We’ll let you know what supporting documents the lender needs, then submit the applications and any other paperwork to the lender on your behalf.
5
Support through settlement and beyond
From there, we’ll make sure your application is processed as quickly as possible, from pre-approval through to the funds landing in your or dealer’s account.
Truck loan (chattel mortgage)
A chattel mortgage is a fixed-term loan with a lump sum provided to you up front to cover the full purchase price of the truck, or you can contribute a deposit to lower your finance costs. You’ll own the truck from day one and repay the finance with interest over a term of 1 -10 years. You’ll have the option to include a lump-sum balloon payment in the loan agreement, which means you’ll defer part repayment of part of the loan (up to 40%) until the end of the contract.
Truck lease
If owning the truck outright is not necessary, you could choose a finance or operating lease. This gives you unrestricted access to the vehicle in return for regular, predictable payments. At the end of the lease you simply return the truck to the lease provider, or you can extend the contract either with the same truck or an upgraded vehicle.
Hire purchase
Hire purchase is effectively a mix of a truck loan and lease. It’s an agreement to make a deferred purchase of your truck of choice, which is financed up-front by a lender. Your business will have access to the vehicle from the start of the agreement and make regular repayments until the end of the finance term, at which point your business will take full legal ownership of the asset.
How your Lend broker will help you decide
At Lend, we’re not restricted to any particular type of truck finance. Our brokers will maintain an open mind as to what option will suit you best, and simply help you arrive at the best decision for your business. Here are the factors that come into the equation:
- Interest costs and fees
- How soon you need the asset
- What the vehicle will be used for
- Your business structure
- Your revenue and cashflow
- Your trading history
- The tax implications of each option
- The implications for your balance sheet
Truck finance rates explained
Truck finance rates in Australia start from around 6.50% p.a. with a secured chattel mortgage. The lowest rates will be available to businesses with a strong trading history, credit record and healthy revenue and cash flow.
It’s also worth bearing in mind that the type of heavy vehicle you purchase and its age will impact the interest rate on the finance. Heavily specialised vehicles and older trucks tend to attract higher rates as there’s more risk for the lender.
We generally recommend that clients consider a used truck that’s only a few years old. That’s generally the sweet spot between minimising the purchase price while still securing a low interest rate.
Secondary truck finance options
When you’re acquiring a large asset like a truck, the upfront purchase price is generally not the only cost involved. You may also need to hire a driver, on top of the insurance, maintenance, fuel and other running costs.
Your Lend broker will be able to support you with any finance needs beyond acquiring the asset itself.
A popular option is a line of credit, which gives your business access to funds on an ongoing basis as needed. It serves as a secondary source of cashflow, meaning you can fund your operations while you wait for invoices to be paid, then repay the funds borrowed. You can repeat this process as many times as you need without needing to reapply for credit.
Got more questions?
FAQs
We can help you finance any heavy vehicle brand, including:
- Isuzu
- Kenworth
- Hino
- Volvo
- Western Star
- Mercedes-Benz
- Freightliner
- Fuso
- Iveco
- Mack
- Mitsubishi
- Scania
We can’t make guarantees, but with over 70 lenders on our panel, we back ourselves to find a solution that will enable most businesses to finance the truck finance they need.
Some of the basic criteria most lenders apply are:
- You need at least six months trading history
- You need at least $10k in monthly revenue
- You can’t be bankrupt or discharged from bankruptcy for more less than 12 months
Lenders that specialise in finance for heavy vehicles like prime movers and tipper trucks are generally fairly flexible when it comes to the age of the vehicle. That said, older vehicles may need to pass a mechanical check before the lender will approve finance.
With older vehicles, the finance costs are generally higher as the lender is taking on increased risk.
There are generally no hard and fast limits on how much you can borrow with truck finance, although $1m is the upper limit for some lenders.
Provided you can demonstrate that the vehicle will be productive for your business and generate enough revenue to comfortably cover the repayments, most lenders will consider you for finance.
The application process for truck finance is surprisingly simple in most cases:
- Apply for pre-approval with the lender by completing an application form and submitting business financials. Lenders vary in terms of what documents you’ll need to submit (i.e. bank statements, BAS statements, profit and loss, balance sheet).
- With pre-approval, you can make an offer to buy a truck either through a dealer (generally preferred) or through a private sale.
- The lender then completed a final assessment of your application, including the specific asset being financed.
- If approved, the funds are released typically within 1-2 business days.
This depends on the lender, with some requiring full financials (i.e. bank statements, BAS statements, profit and loss, balance sheet) and others requiring virtually none on truck loans up to $500k. The low doc loans typically come with higher interest rates and fees but can still make sense for some borrowers.
Once your truck loan is approved, it’s possible to have the funds in your account within hours, but we generally recommend allowing 1-2 business days from approval for the finance to settle.
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What our customers say...
360 Finance
I would highly recommend adopting Lend into any brokerage. The system is highly customisable to fit different processes, and the ongoing support and development mean that you will always be working with a platform that evolves alongside your business.
Will Sterling
National Development Manager, 360 Finance
Finstead
The level of integrations available within Lend saves my team close to 20 minutes per application. Previously, my team would have to go between service providers, extract data and then come back to our original CRM to check and upload all of these documents.
Steven Shirley
Director, Finstead
Pro Loans
The team at Lend has been fantastic to partner with. They’ve provided exceptional support, from helping us get started to offering ongoing assistance with anything our business needs.
Luke Walsh
Managing Director, Pro Loans
The Asset Finance Specialists
It seems most others adopt a “set and forget” methodology to customer service vs the hands-on customer service model we’ve experienced with Lend. The ultimate result is that we want to work with Lend for years to come. We feel we have a meaningful connection with their team, but also that our voice is heard.
Anthony Fitzpatrick
Asset Finance Broker, The Asset Finance Specialists
uFinance
We have tried a few broker crm companies before Lend, without a doubt Lend have been the smoothest and most accommodating to work with. We loved the fact that everything moves smoothly and the open mind the team at lend have and wiliness to upgrade system to improve user engagement and enjoyment.
Chris Theo
General Manager and Finance Specialist, uFinance