Owner-operators to national fleets. Prime movers, rigids, tippers, and light commercial — Novara structures truck finance across 60+ lenders with terms that match how your trucks actually earn.
From a single rigid to a multi-unit prime mover rollout — we structure finance against the asset and match the repayment to how the truck earns.
Kenworth, Western Star, Volvo, Scania, Isuzu, Hino, Fuso. New and used. Chattel mortgage, hire purchase, and operating lease structures sized to your cashflow and contract terms.
HiLux, Ranger, NP300, Amarok, Ducato, Sprinter — and everything in between. Personal or ABN, single vehicle or fleet. Fast approval, competitive rates.
Different operators need different structures. Owner-drivers, fleet operators, and subcontractors each have specific requirements around tax, cashflow, and balance sheet.
Truck finance is a category of commercial asset finance used to fund the acquisition of light, medium, and heavy commercial vehicles for business use. The truck itself serves as security for the finance, which means lenders can fund up to 100% of the purchase price (including GST and on-road costs) without requiring additional property security.
What makes truck finance different from standard equipment finance is the transport industry's unique operating model. Trucks earn revenue per kilometre, per load, or per contract. The finance structure needs to match how the truck earns — not just how much it costs. An owner-operator running a single prime mover on a fixed contract has very different finance needs from a fleet operator rolling out 20 rigids across multiple depots.
That's why structure matters as much as rate. A chattel mortgage at 6.5% might cost you more over 5 years than a hire purchase at 7% if the HP includes a balloon payment that preserves cash flow during the critical first two years of a new contract. The numbers aren't always what they seem on the surface.
Prime movers — Kenworth, Western Star, Volvo, Scania, DAF, Freightliner, Mack, Mercedes-Benz Actros. New and used. Single units or fleet rollouts. Finance available for prime movers up to 15–20 years old depending on condition, compliance, and lender appetite.
Rigid trucks — tippers, tautliners, pantech, curtainsiders, refrigerated, crane trucks, service bodies, concrete agitators, vacuum trucks, water trucks. All configurations, all major manufacturers.
B-doubles and road trains — multi-combination vehicles require specialist finance assessment because of the higher asset values and the operational complexity. We work with lenders who understand multi-combination operations and don't apply generic lending criteria to specialist transport assets.
Trailers — flat tops, drop decks, skel trailers, tankers, side tippers, walking floors, refrigerated trailers. Trailers can be financed standalone or as part of a truck-and-trailer package.
Utes — HiLux, Ranger, NP300 Navara, Amarok, Triton, BT-50, D-Max. Personal or ABN. Single vehicle or fleet. Utes sit in the crossover between personal vehicle finance and commercial asset finance — the right product depends on whether you're buying for personal use or under an ABN.
Vans — Ducato, Sprinter, Transit, HiAce, Crafter. From courier vans to fully fitted service vehicles.
Light trucks — Hino 300/500, Isuzu N/F Series, Fuso Canter/Fighter, UD Kuzer/Croner. The workhorse vehicles for trades, logistics, and last-mile delivery.
Truck finance rates vary significantly based on the vehicle type, age, your business profile, and the finance structure.
| Borrower profile | New truck (secured) | Used truck (secured) |
|---|---|---|
| Established operator (2+ years, clean credit, full financials) | 5.5% – 8.0% | 6.5% – 9.5% |
| Growing operator (1–2 years, clean credit, limited financials) | 7.0% – 10.0% | 8.0% – 12.0% |
| New operator or adverse credit (low-doc or non-conforming) | 10.0% – 15.0%+ | 12.0% – 18.0%+ |
Rates current as of June 2026. Individual circumstances vary. Subject to lender criteria and approval.
| Asset | Purchase price | Rate | Term | Monthly repayment | Total interest |
|---|---|---|---|---|---|
| New Isuzu NLR rigid | $85,000 | 6.5% | 5 years | $1,664 | $14,840 |
| Used Hino 500 tipper | $120,000 | 8.0% | 5 years | $2,433 | $25,980 |
| New Kenworth T610 prime mover | $280,000 | 6.0% | 7 years | $4,095 | $63,980 |
| Used Volvo FH prime mover | $180,000 | 7.5% | 5 years | $3,609 | $36,540 |
Indicative figures only. Actual repayments depend on individual circumstances, lender, and loan structure. Subject to lender criteria and approval.
The rate difference matters more on trucks than on cars because the loan amounts are larger. A 1% rate difference on a $280,000 prime mover over 7 years equals approximately $11,000 in extra interest. That's why comparing across 60+ lenders through a broker — rather than accepting the first offer from a dealer or a single bank — is worth the conversation.
The three main truck finance structures each serve a different purpose. The best one for you depends on your GST registration, how you use the truck, your cash flow pattern, and whether you want to own or return the asset at term end.
You own the truck from day one. The lender holds a mortgage (charge) over the vehicle as security. Once the loan is repaid, the mortgage is discharged and you own the truck free and clear.
Tax treatment: Claim GST on the purchase price upfront in your next BAS. Depreciate the asset over its effective life. Deduct interest as a business expense. This is the most tax-efficient structure for most GST-registered operators.
Best for: owner-operators, established fleet operators, and any ABN holder who wants to own the truck and maximise tax deductions.
Watch out for: if you're not GST registered, you can't claim the GST credit upfront — which removes one of the main advantages of chattel mortgage over other structures.
The lender purchases the truck and hires it to you over an agreed term. You take title (ownership) at the end after a final payment. Balloon payments are available to reduce monthly repayments during the early years of a contract.
Tax treatment: Interest is deductible. The asset is depreciated in your name. GST is claimed progressively on each repayment rather than upfront.
Best for: operators growing their fleet who need to manage cash flow carefully during the ramp-up period of a new contract. The balloon payment option keeps monthly costs down when cash flow is tightest.
Watch out for: the balloon creates a lump sum obligation at the end of the term. Make sure you have a plan — refinance, pay it out, or trade the truck in. Don't let it surprise you.
The finance company owns the truck throughout the lease. You make fixed payments for an agreed term, then return the truck, refinance, or purchase at residual value.
Tax treatment: Lease payments are fully deductible as an operating expense. The asset stays off your balance sheet — useful for businesses managing debt-to-equity ratios or lender covenants on other facilities.
Best for: subcontractors and project-based operators who want the truck for the duration of a specific contract. When the contract ends, hand the truck back. No residual risk, no ownership obligation.
Watch out for: you don't build equity in the asset. If you plan to keep the truck long-term, chattel mortgage or hire purchase will cost less overall.
| Factor | Chattel mortgage | Hire purchase | Operating lease |
|---|---|---|---|
| Ownership during term | You own it | Lender owns, you hire | Lender owns, you lease |
| Ownership at end | Yes (mortgage discharged) | Yes (after final payment) | No (return, buy, or refinance) |
| GST claim | Upfront on purchase price | Progressive on repayments | Progressive on repayments |
| Depreciation | Yes (in your hands) | Yes (in your hands) | No (lender depreciates) |
| Interest deductible | Yes | Yes | N/A (lease payments deductible) |
| Balance sheet | On balance sheet | On balance sheet | Off balance sheet |
| Balloon available | Yes | Yes | Built in as residual |
| Best for | Owner-operators | Fleet growth | Contract-aligned terms |
Consult your accountant for tax advice specific to your situation.
You're running one or two trucks, often on a subcontract arrangement or your own authority. Every dollar counts, and your finance structure directly affects your take-home.
What we typically see: chattel mortgage is the most common structure for owner-operators, because it maximises tax deductions and gives you ownership from day one. Loan amounts typically range from $150,000 to $400,000 for prime movers, or $80,000 to $200,000 for rigids.
The broker advantage for owner-operators: your application looks different to different lenders. A major bank sees a small business with one asset. A specialist transport lender sees an operator with a contract, a compliance history, and a revenue-generating asset. We submit to the lender that sees your business the way it actually works.
You're running 5, 10, 50, or 200+ trucks. Your finance needs are about fleet management, replacement cycles, and structured rollouts — not individual truck loans.
What we structure: master lease agreements, staged drawdown facilities, fleet-wide chattel mortgage programs, and blended rate packages that average the cost across new and used assets. We also coordinate with your fleet management provider to align finance terms with planned replacement cycles.
Deal sizes: $250,000 to $120 million+.
You're working on project-based contracts with defined start and end dates. Your finance needs to align with the contract term — not a generic 5-year loan.
What works: operating leases matched to contract duration, or chattel mortgages with balloon payments timed to contract milestones. The key is ensuring your finance obligation doesn't outlast your revenue stream.
Getting finance as a new operator is harder, but not impossible. The mainstream banks typically want 2+ years of trading history and a full set of financials. If you're starting out, you won't have these.
What's available: rent-to-own structures, low-doc chattel mortgages (based on bank statements rather than financials), and guarantor-backed arrangements. Rates will be higher than for established operators — typically 10–15%+ — but the goal is to get you on the road and building a track record. After 12–24 months of clean repayment history, we can look at refinancing to a better rate.
Understanding what lenders assess helps you position your application for the best possible outcome.
ABN age and trading history: most mainstream lenders want 2+ years. Specialist lenders work with 6–12 months. Some rent-to-own providers accept new ABNs.
Financial statements: tax returns or accountant-prepared financials for the last 2 years. Low-doc options require 6–12 months of business bank statements instead.
Credit history: clean credit gets the best rates. Paid defaults older than 2 years are manageable. Unpaid defaults or recent adverse events require specialist lenders at higher rates.
The asset itself: newer trucks with strong resale values attract better rates. A new Kenworth has different financing parameters than a 15-year-old rigid with high kilometres. The truck's compliance status (Euro emissions standards, roadworthiness) also matters.
Contract or revenue evidence: especially for owner-operators, evidence of a current contract or consistent freight revenue strengthens the application significantly.
Deposit: not always required, but a 10–20% deposit reduces the loan amount and the lender's risk, which typically results in a better rate.
Truck dealers often offer finance through one or two aligned lenders. The rate may include a dealer markup of 1–3%. On a $200,000 truck over 5 years, a 2% markup costs you approximately $11,000 in extra interest. Always compare the dealer's offer against what a broker can source.
A chattel mortgage is the default for most operators — but it's not always the best choice. If you're not GST registered, you miss the upfront GST credit. If you're a subcontractor on a 2-year project, an operating lease aligned to the contract term might be more tax-efficient. Consult your accountant for tax advice specific to your situation.
Balloon payments reduce your monthly repayments, which feels great. But when the balloon comes due — $30,000, $50,000, $80,000 — you need a plan. Refinance it, pay it out, or trade the truck in. Too many operators get caught without a strategy.
Every formal truck finance application triggers a hard credit enquiry. Five rejected applications in a month tells every subsequent lender that nobody else wants to fund your deal. Use a broker to pre-assess first — one application to one matched lender.
Before financing any used truck, check the PPSR (Personal Property Securities Register) to confirm there's no existing finance on the vehicle. And check compliance — a non-compliant truck can't be registered, which means the lender's security is worthless. We handle both checks as part of every deal.
Many lenders offer zero-deposit truck finance for established operators buying new or near-new vehicles. For newer operators, those with credit issues, or for older trucks, a deposit of 10–20% is typically required. A deposit always improves your approval chances and rate.
Yes, but options are limited and rates are higher. Rent-to-own and low-doc products from specialist lenders are the usual pathway. After 12–24 months of clean repayment, refinancing to a mainstream product at a better rate is typically possible.
Through Novara, straightforward applications for established operators typically receive a decision within 48 hours. Complex deals (new operators, large fleet rollouts, adverse credit) may take 5–7 business days as specialist lenders assess individually.
Yes. Most lenders finance used trucks up to 15 years old, and some specialist lenders will consider older assets if they're well-maintained and compliant. Rates are typically 1–2% higher than new truck rates for the same borrower profile.
Under a chattel mortgage, you own the truck from day one and the lender holds a charge over it. Under a hire purchase, the lender buys the truck and hires it to you — ownership transfers at the end after a final payment. The main difference is GST treatment: chattel mortgage lets you claim GST upfront, while hire purchase claims it progressively. Consult your accountant for tax advice specific to your situation.
Yes. We regularly structure truck-and-trailer packages as a single finance deal. This often achieves a better rate than financing each asset separately, because the combined deal size is more attractive to lenders.
The interest component of a chattel mortgage or hire purchase is deductible. Lease payments under an operating lease are fully deductible as an operating expense. The asset can be depreciated under a chattel mortgage or hire purchase. The instant asset write-off scheme may also apply. Consult your accountant for tax advice specific to your situation.
Stephen Harvey is the CEO and Head Broker at Novara Finance, with 45 years of experience in commercial and asset lending. Stephen has structured truck and transport finance deals for owner-operators, fleet operators, and national logistics companies — from single prime movers to multi-million dollar fleet programs. He leads a team that has funded over $500 million in total finance for Australian businesses.
Single unit or fleet rollout. Tell us what you're buying and we'll come back with the best structure and rate from our 60+ lender panel.
This article provides general information only and does not constitute financial advice. Consider your own circumstances and seek independent advice where appropriate. Consult your accountant for tax advice specific to your situation. Novara Finance Pty Ltd | AFSL 517192 | ABN 99 687 789 144. Level 36, 1 Macquarie Place, Sydney. Operates Australia-wide.