Prime movers, rigids and trailers funded, often within 2 business days
- Non-bank approvals and supplier payment often within 2 business days on standard trucks
- $50K to $5M, from a single trailer to a fleet of prime movers
- Owner-drivers, subcontractors, transport companies and fleet operators
- New and used trucks, trailers, refrigerated bodies, tippers and tankers, from a dealer, auction or private seller
- Full-doc (tax returns), low-doc or alt-doc (BAS, bank statements or an accountant's letter instead), and no-doc, across 90+ lenders
The contract needs another truck on the road by the first of the month. Maybe a freight customer has added a run, or a council job needs two more tippers. Maybe the truck you already own is costing more each week as diesel and repairs climb, and the repayment no longer sits comfortably beside them. Truck finance is a loan secured against the truck or trailer itself, repaid over a fixed term, so the vehicle earns while you pay it off. It can fund one prime mover, a set of trailers, or several units at once, and it can refinance trucks you already own. Joseph Farhat and his team work with owner-drivers and transport businesses every week, and can tell you quickly which lenders will fund your truck, at what age, and on what paperwork.
Who we can help access finance
- Owner-drivers moving from one truck to two after winning a regular run with a freight company or distributor.
- Transport companies adding prime movers and trailers to service a new contract with a fixed start date.
- Subcontractors buying their first truck after years of driving for another operator.
- Fleet operators replacing older units on a rolling schedule and looking for one approved limit to draw from.
- Operators who own trucks outright and want to refinance them to fund another unit or settle other business debts.
- Transport businesses whose current truck repayments have become hard to carry next to rising fuel and maintenance costs, looking at a longer term.
How Truck Finance Works
The lender pays the dealer or seller, takes security over the truck, and registers that interest on the Personal Property Securities Register (PPSR). You repay over a fixed term, commonly 3 to 5 years, and sometimes up to 7 on a new unit. The truck itself is the main security, so the rate depends heavily on what is being bought. A late-model prime mover from a mainstream manufacturer suits the widest range of lenders. An older trailer, a modified rigid or a single-purpose body narrows the field and can shorten the term.
Most truck finance is written as a chattel mortgage, where the business owns the truck from the start. Some operators use hire purchase or a lease instead. Each is treated differently for GST and income tax. For example, a chattel mortgage allows the whole GST credit to be claimed up front with a valid tax invoice, while lease payments carry GST credits one payment at a time. For heavy vehicles over 4.5 tonnes gross vehicle mass (GVM) used on public roads, fuel tax credits are claimed on the BAS and reduced by the road user charge. We are a finance broker, not an accountant, so the structure and any credits are for your accountant to confirm before you sign.
Joseph Farhat and his team look at the trucks, the work they will do, and your trading history. They match the file to a lender from a panel of 90+ bank, non-bank, and specialist lenders, then manage the application until the supplier is paid. For several units over a year, a fleet facility may suit better, as covered in the questions below.
What Lenders Assess for Truck Finance
The truck and its age
make, model, kilometres and condition. Most lenders cap how old a truck or trailer can be at the end of the loan, and those limits differ between lenders.
The work it will do
a signed contract, a letter of engagement or a regular run shows the lender where the repayments come from.
Time in the industry
how long you have held an ABN and how long you have driven or run trucks. Experience counts for a lot with a first-time owner-driver.
Documentation
the business bank statements, BAS or tax returns you can supply, and how they line up with the amount you are asking for.
Existing truck debts
repayments already running on other units, and how they have been kept up.
Deposit or trade-in
a deposit, or equity in a truck being traded, can widen lender choice on older or specialised units.
The seller
dealer purchases are simplest. Auction and private sales are funded too, with a PPSR search and checks on the seller first.
The Truck Finance Process: What to Expect
- Tell Joseph Farhat and his team about the truck or trucks, the price, the start date of the work, and what paperwork you have on hand.
- Send the dealer quote or seller details, plus recent business bank statements. For larger amounts or full-doc lenders, add BAS or tax returns.
- We take the file to the panel lenders most likely to fund that truck at that age. Each credit enquiry is recorded on your file, so we pick the lender before applying.
- The approval sets out rate, term, any balloon and fees. We take you through the repayment and the total cost over the term before you sign.
- The lender pays the supplier and registers on the PPSR. The truck is handed over and can start work.
Indicative Finance Options
| Lender Type | Indicative Rate | Typical Loan Range | Loan Term | Deposit Required | Speed to Funding |
|---|---|---|---|---|---|
| Bank | From ~7% p.a. | $50K to $5M | 1 to 7 years | Often none on new trucks | 1 to 3 weeks |
| Non-Bank Lenders | From ~9.5% p.a. | $50K to $2M | 1 to 7 years | None to 20% | Within 2 business days |
| Private Finance | Not typically used for truck finance. Available for unique scenarios only. | ||||
Indicative figures only. Actual rates and terms depend on your project, financial position, property location, and lender assessment at the time of application. Rates are subject to change.
Why borrowers choose Settled With Joe for truck finance
We represent you, not the lender
Joseph Farhat and his team act for you from the dealer quote through to the day the truck is handed over.
Truck age policy decides deals
one lender may stop at a trailer of a certain age while another will still fund it. We know where those lines sit.
One limit for a growing fleet
where several units are coming, a fleet facility can save a new application for each truck.
Owner-driver experience counts
some lenders give real weight to years behind the wheel for a first truck, and we take the file to those first.
Fewer enquiries on your file
one conversation with us replaces applying to several lenders in turn.
90+ bank, non-bank, and specialist lenders
a strong file on a new prime mover can go to a bank at a sharper rate, and an older trailer or specialised body still has options.
Your accountant decides the structure
we set out how chattel mortgage, hire purchase and lease differ, and the tax side stays with your accountant.
Private finance for unique scenarios
where bank and non-bank lenders are not the right fit, we can introduce you to private finance options.
Usually no direct cost to you
as a broker we are typically paid by the lender on settlement.
An honest answer early
if the contract start date is close, call before you commit to a truck and we will tell you what is realistically achievable.
Frequently asked questions
What is truck finance?
Truck finance is a business loan secured against a heavy vehicle: a prime mover, rigid, tipper, refrigerated truck or trailer. The lender holds security over the truck until the loan is repaid, which keeps the rate below unsecured business lending. Repayments are fixed over the term, and the truck can be bought new or used, from a dealer, at auction or privately.
Can I finance a used truck or trailer?
Yes. Used trucks and trailers are financed every day. Age is the main limit. Most lenders cap the age a truck can reach by the end of the loan, and that cap differs by lender and by type of unit, so an older truck may be offered a shorter term. Kilometres, condition and service history also count. Tell us the year, make and model, and Joseph Farhat and his team will say which lenders are likely to fund it and for how long.
Fleet facility or loan by loan?
It depends on how many trucks you are buying and how quickly. A loan by loan approach means a separate application for each unit. It suits an operator adding one truck now and then. A fleet facility is an approved limit set up once, with each new truck drawn against it, so the next unit can be bought without starting again. Lenders usually want a longer trading history, full financials and a record of keeping up existing truck repayments before offering one.
Can trucks I already own be refinanced?
Often, yes. Trucks owned outright can be used as security for a new loan, releasing some of their value back into the business. Trucks already under finance can be refinanced to a new lender, sometimes over a longer term to lower the repayment. A longer term means more interest paid in total, and we show you that figure before you decide. The truck's age at the end of the new term still applies, which limits refinancing on older units. If the business is struggling to pay its debts as they fall due, speak with your accountant or a registered insolvency practitioner before taking on any new loan.
What do lenders want from a new owner-driver?
Lenders want to see that the work exists and that you know the industry. A contract, letter of engagement or confirmed run with a freight company is a strong start. Years of driving experience, a heavy vehicle licence held for some time, and an ABN with some trading history all help. A deposit, or other security such as property, widens the choice of lenders. A newer ABN can still be considered when the experience and the work are clear. Joseph Farhat and his team can tell you what your file needs before you apply.
How does a balloon work on a truck loan?
A balloon is a lump sum left owing at the end of the term. It lowers each repayment, which can help cash flow while a new contract builds up. The balloon still has to be paid, refinanced or covered by selling or trading the truck, and total interest is higher than on a loan without one. Truck balloons are usually kept modest because heavy vehicles cover high kilometres. If a balloon is already due on a truck, our balloon payment refinance page covers the options.
Can I get truck finance with low-doc or no-doc?
Often, yes. Established owner-drivers and transport businesses can usually be considered on low-doc or alt-doc terms, using business bank statements, BAS or an accountant's letter instead of tax returns, up to a limit set by each lender. No-doc lending is available from fewer lenders and generally needs a deposit, extra security or comes at a higher rate. Full financials usually bring a sharper rate in return.
Do you work with borrowers with bad credit?
Yes, we do. Defaults, late payments or an old judgment do not rule you out of truck finance, and you will not be judged for raising them. Plenty of operators picked up a listing during a quiet season, a lost contract or a breakdown that kept a truck off the road. It says little about whether the work and the truck can carry a repayment today. Several lenders on our panel put more weight on the truck, the contract and recent trading than on the credit file, and price for the risk rather than decline it. Tell us at the start, so we go to the right lender first and avoid extra enquiries on your file. Joseph Farhat and his team will give you an honest view of what is achievable before anything is lodged.
Why work with Settled With Joe to arrange your truck finance?
Because one conversation replaces a string of applications. Most people we help with truck finance are owner-drivers, transport company owners and directors working to a date: a contract starting on the first of the month, a dealer holding a prime mover for a few days, a truck that has broken down mid-season, or repayments that need a longer term. None of that is unusual to us, and there is no judgement in the conversation. What lenders care about is the truck, its age at the end of the loan, the work it will do and your record in the industry. Our panel covers 90+ bank, non-bank, and specialist lenders, so a strong file can go to a bank at a sharper rate, and there are still options for older units, specialised bodies or a tight deadline. We are based in Sydney and work with operators Australia-wide. Joseph Farhat and his team will tell you honestly and early whether we can help and what is realistic in your timeframe.
Do you give financial advice?
No. We do not guide you on your finances, nor give financial advice. We focus on outcomes and solutions of presenting your unique scenario to the right lender so you can access funding in a timely and compliant manner.
Do you help with truck finance outside Sydney?
Yes. Settled With Joe is based in Sydney and arranges truck finance Australia-wide, for metro and regional operators. We work with clients in Sydney, Melbourne, Brisbane, Perth, Adelaide, and Canberra, as well as regional areas including Newcastle, Wollongong, Geelong, Gold Coast, Sunshine Coast, and Toowoomba. Joseph Farhat and his team will narrow the panel to the lenders that suit your truck and start date.
