Truck finance for owner-drivers and growing fleets

A truck is a business on wheels with serious running costs. Fuel, tyres, registration, insurance and servicing can easily match the repayment itself. Truck finance works when the freight behind the truck pays for all of it with room to spare, which is why lenders look as hard at the work as they do at the vehicle.

What does truck finance cover?

• Light and medium rigids for local delivery, removals and trades.
• Heavy rigids and tippers for construction, bulk haulage and waste.
• Prime movers for line-haul and interstate work.
• Trailers: flat-tops, tippers, refrigerated, curtainsiders, low-loaders.
• Bodies and equipment: cranes, tail-lifts, refrigeration units.

How do lenders assess a truck purchase?

What they look at	Why
Freight contracts or subcontracts	Shows where repayments come from
Your history in transport	Experience lowers the risk of underestimating costs
The truck’s age and condition	Affects security value and reliability
Running cost budget	Repayments only work if everything else is covered too
Existing fleet debt	Total commitments across all vehicles

Transport has been a tough sector. The Reserve Bank’s October 2026 Financial Stability Review notes insolvencies are elevated in transport, alongside hospitality and construction. Expect careful questions, and come with your numbers.

How do you budget a truck’s real cost?

Before borrowing, build a simple monthly budget:

1. Income from contracts or regular work, after any subcontract commission.
2. Fuel at your expected kilometres.
3. Tyres, servicing and repairs, averaged monthly.
4. Registration and insurance.
5. Tolls, permits and road user charges where they apply.
6. The repayment.

If income minus everything else leaves a healthy margin for you and a buffer for breakdowns, the purchase works. The purchase payback calculator is a quick sense check.

Which funding structure suits which truck?

• Late-model truck from a dealer: truck-secured finance is common.
• Older truck or private sale: an unsecured loan for smaller amounts, or a property-backed loan for larger ones.
• Prime mover plus trailers: consider separate terms, since trailers often outlast the prime mover.
• Several trucks for a new contract: see funding a big contract.

Illustrative example. An owner-driver in Wagga Wagga has subcontracted for a grain carrier for six years in their trucks. He’s offered a two-year subcontract if he brings his own truck and tipper trailer. A four-year-old prime mover and a used tipper come to about $230,000. Truck-secured finance covers the prime mover; the trailer, bought privately, is funded with a property-backed loan over a longer term. His running cost budget shows a comfortable margin at the contracted rate, and he keeps a repair buffer in the bank.

What are the traps to avoid?

• Oversized balloons that leave you owing more than the truck’s worth.
• Optimistic kilometres. Base income on the work you’ve actually got.
• No repair buffer. A blown turbo or a set of tyres can be thousands at short notice.
• Stacking short-term loans across the fleet. One properly structured facility is easier to manage.

What should you check before buying a used truck?

Used trucks can be excellent value, and expensive mistakes. Before committing:

• Run a PPSR search to confirm there’s no finance or security interest registered.
• Get a mechanical inspection by someone who knows the make, focusing on engine, gearbox, diff and brakes.
• Check the service records and odometer or engine hours for consistency.
• Look at the tyres, which can be a large cost on heavy vehicles.
• Check compliance with registration and roadworthy requirements in your state, and any accreditation the work requires.
• Ask about emissions standards, which some contracts or sites specify.

A truck that’s a little dearer with full records and a clean inspection is often the safer purchase. Factor any immediate repairs into the amount you borrow so the truck can start earning straight away.

If you’re buying from an auction or a private seller, ask how the funds will be paid and who will clear any existing finance. Lenders often pay the seller directly, and where there’s a payout owing to another financier, they can split funds at settlement.

Ready to put a truck on the road?

If there’s freight waiting and a truck is the missing piece, let’s fund it properly. Asking us doesn’t involve a credit check; that only comes up once you decide to proceed. We don’t spread your enquiry across a list of lenders. A real person who understands transport looks at the truck and the work, and calls you with options.

Please be accurate about the truck, the contract and your running costs. It makes the first option we bring the right one. Start your truck finance enquiry.