Best Truck Finance Options in Australia

For most GST-registered Australian businesses, a chattel mortgage is the best truck finance option. It allows the full GST on the purchase price to be claimed in the next BAS, gives the borrower ownership from day one, allows balloon payments to lower monthly costs, and offers terms from 1 to 7 years. Owner-operators without GST registration may prefer hire purchase. Fleets often choose operating lease.

The cheapest truck finance in Australia in 2026 starts at approximately 7.5% per annum for prime borrowers (strong credit, GST registration, 2+ years trading, 20% deposit). Rates rise to 12% for established operators with impaired credit. Comparing 3 or more lenders typically saves 1 to 2% on rate.

Yes. No-deposit truck finance is widely available in Australia for both new and used trucks. Lenders may require a deposit if the borrower has an impaired credit file or the truck is older than 10 years. Equifund's lender panel includes lenders offering 100% finance plus GST for established operators (2+ years trading).

A chattel mortgage gives the borrower ownership of the truck from day one with the lender holding a security interest, and the full GST is claimed upfront. A finance lease keeps the truck owned by the lender, with the borrower making lease payments and GST claimed across each payment. Chattel mortgage suits GST-registered businesses wanting balance-sheet ownership; finance lease suits businesses preferring off-balance-sheet treatment.

Yes. Used trucks of any age can be financed in Australia, though banks typically cap the truck age at 10 to 12 years at the end of the loan term. Specialist asset finance lenders accept older trucks. Equifund has settled finance on trucks up to 25 years old where the borrower's profile and the truck's condition support the application.

Pre-approval for truck finance in Australia can be issued within 24 hours when payslips, 6 months of bank statements, and a recent BAS are provided. Settlement is typically 2 to 5 business days for chattel mortgage, and same-day for unsecured business loans up to $250,000.

Yes. Truck finance is available with bad credit through specialist non-bank lenders. Active defaults under $1,000, paid defaults of any size, and discharged bankruptcies older than 12 months are commonly approved. Rates are higher (10 to 14% per annum) and a deposit may be required.

Yes. Refinancing an existing truck loan is straightforward when there is at least 12 months remaining on the original term and the borrower's credit and trading position have improved. Refinancing can reduce monthly payments, consolidate multiple loans, release equity for a deposit on the next truck, or extend the term to ease income cycle. Equifund compares the existing loan against the 80+ lender panel and only proceeds where the saving justifies the change.

Yes, in most cases. Under a chattel mortgage, the interest portion of repayments and depreciation on the truck are tax-deductible. Under a lease, the full lease payment is generally deductible. The instant asset write-off may also apply for eligible small businesses. Confirm with your accountant for your specific circumstances.

A balloon payment is a lump sum due at the end of the loan term, typically 20 to 40 percent of the truck's purchase price. It lowers monthly repayments during the loan. At term end, the balloon can be paid out, refinanced into a new loan, or covered by trade-in proceeds when upgrading the truck.

No, GST registration is not required for truck finance in Australia. Established sole traders without GST can use hire purchase. However, GST-registered businesses benefit most from a chattel mortgage because the full GST is claimable in the BAS following purchase.

Equifund submits one application to a panel of 80+ Australian lenders, including the four major banks, second-tier banks, and specialist asset finance lenders. Lenders are matched to your profile (credit, trading history, asset age, deposit, GST status) and the application is sent only to the 2 to 4 lenders most likely to approve at the lowest rate. Pre-approval and quotes are obligation-free; a brokerage fee applies on settlement and is disclosed in writing before you sign.