Truck Finance Australia: How to Get Approved for Heavy Vehicle Loans
Financing a truck in Australia is different to financing a car or light commercial vehicle. The asset values are higher, the lender pool is more specialised, and the income assessment is typically based on business trading history rather than a payslip. Get it right and you can acquire a major business asset with minimal cash outlay and significant tax benefits. Get it wrong and you end up paying a rate that doesn’t reflect your actual business strength.
This guide covers exactly how truck finance works in Australia, what you need to get approved, and how to access the most competitive rates from specialist heavy vehicle lenders.
What Is Truck Finance?
Truck finance is a form of asset finance specifically for heavy and medium commercial vehicles — rigids, semi-trailers, B-doubles, tippers, crane trucks, refrigerated vehicles, and other commercial vehicles used in transport, logistics, construction, and related industries.
Because trucks are high-value, purpose-built business assets, they’re treated differently to standard car loans by lenders — both in terms of how the loan is structured and how income is assessed.
Types of Trucks Commonly Financed in Australia
- Light commercial (under 4.5 tonnes GVM): Utes, vans, light trucks — financed like standard business vehicles. See our ute finance guide
- Medium rigid trucks (4.5–16 tonnes GVM): Tray trucks, tippers, refrigerated vans — require business finance structures and specialist lenders
- Heavy rigid trucks (16+ tonnes GVM): Prime movers, tankers, flat-tops — specialist lenders only, higher loan amounts
- Semi-trailers and B-doubles: Often financed as two assets (prime mover + trailer) or as a single combination
- Crane trucks and specialised vehicles: Specialist lenders with appetite for niche heavy assets
Truck Finance Structures in Australia
The same business finance structures available for equipment and light vehicles apply to trucks:
Chattel Mortgage (Most Common)
You own the truck from day one. The lender holds a security interest until the loan is repaid. You claim the full GST upfront, depreciation annually (or instant asset write-off), and interest deductions on repayments. Most truck operators use chattel mortgages because they want to own the asset and maximise tax deductions.
Finance Lease
The lender owns the truck and leases it to your business. Full lease payments are potentially tax deductible. Better suited to businesses that want to upgrade their fleet regularly and don’t want the asset on their balance sheet long-term.
What Lenders Look For in a Truck Finance Application
Truck finance applications are assessed differently to standard vehicle loans. Lenders focus on:
Business Trading History
Most truck finance lenders require a minimum of 12 months of business trading history, with 2+ years preferred for full-doc applications. Operators with shorter histories can access finance via low-doc products but will face a narrower lender pool and slightly higher rates.
Industry Experience
Lenders want to see that the business (or operator) has relevant experience in the transport or construction sector. An experienced owner-operator with a strong contract in place is a far more attractive proposition than a new entrant with no sector history.
How Much Can You Borrow for Truck Finance?
Truck finance can range from $50,000 for a used medium-rigid to $600,000+ for a new B-double combination. Most lenders offer up to 100% finance on new trucks from dealers (no deposit required) and 80–90% on used trucks (a deposit or equity may be required).
The Bottom Line
Truck finance in Australia is a specialist product that rewards working with a specialist broker. The right lender for your specific truck, business history, and income profile can offer meaningfully better rates than a general bank — and the tax advantages of a well-structured chattel mortgage can dramatically reduce the net cost of the asset.
Journey Finance works with dedicated heavy vehicle lenders across Australia. Whether you’re an owner-operator buying your first prime mover or an established fleet operator adding to your capacity, we’ll compare the market and structure a deal that works for your business.