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Compare Truck Finance Solutions in Australia

Need to gear up your business with a new truck? Make your pit stop here and compare truck finance below. Give our truck loans repayment calculator a go while you’re at it. Whether it’s for a one-truck start-up or a super-sized fleet, BestFind can help you find an option that’ll keep your business wheels turning.

Calculate your repayments

Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

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There's nothing quite like the thrill of buying a car, but one of the biggest challenges is finance. Ideally you'll want a car loan that offers flexibility and a low competitive rate, and is easy to apply for.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)4.99%

Car loan comparison rate5.69%

Monthly repayments (approx)$566

Total repayments (approx)$33,960

Total interest repayments (approx)$3,960

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesNo

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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A quick and easy, 100% online application. No printing. No paper. No fuss. No monthly account keeping fees, no exit fees and no early repayment fees.

Overview

Application / establishment fees$250

Minimum loan amount$2,001

Maximum loan amount$75,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)5.35%

Car loan comparison rate5.65%

Monthly repayments (approx)$570

Total repayments (approx)$34,257

Total interest repayments (approx)$4,257

Rate typeFixed

Secured or unsecuredSecured

GO TO OurMoneyMarket

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$27

For used vehiclesYes

SponsoredYes

Telephone1300 990 115

Data accurate as of30/04/2021

GO TO OurMoneyMarket

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NRMA used car loans can help you get one step closer to owning your dream pre-loved car.

Overview

Application / establishment fees$399

Minimum loan amount$10,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)6.24%

Car loan comparison rate6.94%

Monthly repayments (approx)$583

Total repayments (approx)$35,000

Total interest repayments (approx)$5,000

Rate typeFixed

Secured or unsecuredSecured

GO TO NRMA

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleFortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$205 or 2% of outstanding balance (whichever the greater) at the time the final payout is made. Applies in the first three quarters of the original loan term only.

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 732 398

Data accurate as of12/08/2020

GO TO NRMA

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Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $15,000-$100,000. What's more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score.

Overview

Application / establishment fees$0

Minimum loan amount$15,000

Maximum loan amount$100,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)4.45%

Car loan comparison rate4.45%

Monthly repayments (approx)$558

Total repayments (approx)$33,516

Total interest repayments (approx)$3,516

Rate typeFixed

Secured or unsecuredYes

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

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Pay ZERO fees on all loans with NOW Finance. That's right - no establishment fee, no monthly fees, no early payout fee on all loans between $8,000-$50,000. What’s more, get your guaranteed, tailored interest rate in two minutes without impacting your credit score. The comparison rate can vary from 5.95% to 17.95%

Overview

Application / establishment fees$0

Minimum loan amount$8,000

Maximum loan amount$50,000

Minimum term1.5 years

Maximum term7 Years

Car loan interest rates (base)5.95%

Car loan comparison rate5.95%

Monthly repayments (approx)$579

Total repayments (approx)$34,757

Total interest repayments (approx)$4,757

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Now Finance

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly

Early repayments allowedYes

Exit / early repayment feeYes

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredYes

Telephone1300 275 669

Data accurate as of21/02/2021

GO TO Now Finance

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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.69%

Car loan comparison rate13.56%

Monthly repayments (approx)$677

Total repayments (approx)$40,670

Total interest repayments (approx)$10,670

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

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Buy the type of car or vehicle you want with interest rates from 12.99% p.a. (comparison rate 14.06% p.a.)

Overview

Application / establishment fees$195

Minimum loan amount$3,000

Maximum loan amount$80,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.74%

Car loan comparison rate13.81%

Monthly repayments (approx)$678

Total repayments (approx)$40,716

Total interest repayments (approx)$10,716

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Bank of Melbourne

Other Fees & Information

Monthly fee$12.0

Other fees$0

Missed payment fee$9

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$100

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 100 266

Data accurate as of13.09.2017

GO TO Bank of Melbourne

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We have dropped the rate on our 5 and 6 year loan terms.

Overview

Application / establishment fees$150

Minimum loan amount$4,000

Maximum loan amount$50,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)12.99%

Car loan comparison rate13.86%

Monthly repayments (approx)$682

Total repayments (approx)$40,946

Total interest repayments (approx)$10,946

Rate typeFixed

Secured or unsecuredUnsecured

GO TO Commonwealth Bank

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 14 31

Data accurate as of02.04.2017

GO TO Commonwealth Bank

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Make your dreams come true with a car loan that offers maximum flexibility. Our Flexi Car Loan is available for the purchase of new and used cars.

Overview

Application / establishment fees$175

Minimum loan amount$5,000

Maximum loan amount$500,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.45%

Car loan comparison rate13.71%

Monthly repayments (approx)$689

Total repayments (approx)$41,371

Total interest repayments (approx)$11,371

Rate typeVariable

Secured or unsecuredSecured

GO TO Beyond Bank

Other Fees & Information

Monthly fee$0.0

Other fees$0

Missed payment fee$0

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone1300 236 344

Data accurate as of02.04.2017

GO TO Beyond Bank

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Whether you're upgrading your ride or adding to your garage, a NAB Personal Loan gives you a great rate. If you are an existing customer and apply in- store by 2pm, you could walk away with your money that very same day

Overview

Application / establishment fees$150

Minimum loan amount$5,000

Maximum loan amount$55,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.49%

Car loan comparison rate14.36%

Monthly repayments (approx)$690

Total repayments (approx)$41,408

Total interest repayments (approx)$11,408

Rate typeVariable

Secured or unsecuredUnsecured

GO TO NAB

Other Fees & Information

Monthly fee$10.0

Other fees$0

Missed payment fee$35

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check fee$0

For used vehiclesYes

SponsoredNo

Telephone13 13 12

Data accurate as of17.09.2017

GO TO NAB

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The variable rate personal loan is unsecured.

Overview

Application / establishment fees$195

Minimum loan amount$5,000

Maximum loan amount$100,000

Minimum term1 year

Maximum term7 years

Car loan interest rates (base)13.60%

Car loan comparison rate13.89%

Monthly repayments (approx)$691

Total repayments (approx)$41,510

Total interest repayments (approx)$11,510

Rate typeVariable

Secured or unsecuredUnsecured

GO TO Credit Union SA

Other Fees & Information

Monthly fee$0

Other fees$0

Missed payment fee$10

Repayment scheduleWeekly, Fortnightly, Monthly

Early repayments allowedYes

Exit / early repayment fee$0

Encumberance/REVVS check feeAt cost

For used vehiclesYes

SponsoredNo

Telephone08 8202 7777

Data accurate as of16/08/2021

GO TO Credit Union SA

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BestFind.com.au provides factual information in relation to financial products. While BestFind.com.au attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at time of publishing. The information published on BestFind.com.au is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with BestFind.com.au. BestFind.com.au recommends that you read the relevant PDS or offer documentation before taking up any financial product offer. For more information please see BestFind.com.au's Terms of Use and Services Guide.

Minimum and maximum loan periods vary between 6 months and 10 years. Comparison interest rates vary between 6.55% and 19.07% p.a. Total interest repayments vary between $4,290 and $14,531 over the life of the loan. *Comparison rate is based on an unsecured loan of $30,000 for a term of 5 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. These rates can change without further notice. All rates quoted are per annum. For more information regarding fees click on "View fees & additional info +" for each product or contact the provider.

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truck interior driving cabin

Truck finance – Get funding for your heavy business assets

Each day thousands of trucks criss-cross up and down Australia’s roads. It’s no surprise that trucking has been dubbed a billion-dollar industry in a recent National Industry Insights Report. But if you’re familiar with the nuts and bolts of the trade, you’ll know that vehicles are one of the major costs saddling many businesses out there. Therefore, and to stay abreast of the competition, you might need a cash flow injection to keep your heavy vehicle count where it needs to be.

BestFind explores what you need to know about truck finance in Australia and how to find a tailored funding solution for your business budget and needs.

What is truck finance?

Truck finance is an innovative financial product that pumps working capital into your coffers so you can purchase a truck or heavy vehicle. This means you can easily outfit your business with what’s undoubtedly the major tools of the trade without also exhausting cash reserves.

Instead, you embark on a flexible repayment plan that can take up to 10 years and allows you to enjoy truck ownership benefits and hopefully smooth cash flow. Generally, businesses in Australia can arrange finance with their automobile dealer, finance specialists, or a suitable financial institution, although the terms will likely differ from lender to lender.

What type of trucks can I finance?

Whether you’re searching for big truck loans or commercial truck loans, the list of heavy vehicle types you can finance includes:

  • Trucks and truck trailers – Box truckers, semi-trailers, semi-trucks, prime movers, tow trucks, etc.
  • Transportation vehicles – Buses, vans, flatbed trucks, tankers, etc.
  • Earthmoving equipment – Excavators, dump trucks, dozers, compactors, etc.
  • Construction equipment – Cranes, forklifts, concrete transporters, etc.
  • Mining equipment – Crushers, haul trucks, etc.
  • Farming equipment – Tractors, farm trucks, livestock trucks, etc.

Truck finance options in Australia

Credit providers generally hand out truck finance deals with a spectrum of different arrangements:

  • Chattel mortgage. A chattel mortgage gives your business the cash boost it needs to make a truck purchase. You then whittle away the debt through regular payments. Although you get to enjoy immediate ownership benefits, the lender takes out and holds a mortgage over the vehicle. However, this mortgage only hangs over your head during the repayment period. Once the lender receives their due, the mortgage will be lifted.
  • Commercial hire purchase. With commercial hire purchase, you can evenly space out the cost of a new vehicle. As the name suggests, you hire the vehicle from the lender for a fixed period. During this time, you pay for the service via fixed monthly repayments. Once the time is up, ownership then turns over to you.
  • Operating lease. An operating lease allows your business to record any heavy vehicles in use as operating expenses rather than assets. That’s because the trucks belong to the lender who cashes monthly repayments from you. When the lease expires, the lender also makes a profit by selling the vehicle, which usually still has residual value.
  • Finance lease. Although the lender purchases the vehicle on your behalf, a finance lease also doesn’t grant ownership. But once the lease reaches a dead end, you have the option to cover the residual value if you wish to own the vehicle. As a second and third option, you can also return the truck or upgrade with a new lease.
  • Business car loan. Besides trucks and trailers, business finance can also furnish you with a range of new or used vehicles, including motorcycles, work vans, or caravans. However, you can only apply if the vehicle services your business for at least 51% of the time.

How to choose the right truck finance option for your business

A side-by-side and like-for-like strategy is best when comparing truck finance options. Here’s what you should look at to arrive at a solution that’s right for your business:

  • Finance costs. Don’t get too invested in a low interest rate. You also need to add up fees and charges to get an idea of the true cost. The comparison rate is a rough approximation if you need to gauge overall costs quickly. Beware of penalty fees that get triggered when you repay too early or too late.
  • Repayment amount. Need to know what your monthly repayment will be? Our truck finance calculator will spit out an estimate once you tell it your preferred loan amounts and terms. As a heads up, longer terms tend to be kind on your cash flow while running up more total costs. On the other hand, taking less time to clear your debt makes more sense if you want to keep finance costs down.
  • Repayment flexibility. Consider how you want to make repayments: weekly, fortnightly, or monthly. Check whether the finance provider allows for any of these options depending on what you want.
  • Tax benefits. Some loans have business tax benefits built into them. For instance, you might be able to claim the vehicle as a deduction. Have a quick consult with your accountant to beef up your understanding of potential tax benefits, just in case.
  • Lender’s product portfolio. As mentioned earlier, truck loans come with a stack of different arrangements. Make sure the lender has your preferred financial product in stock. Some lenders merely offer big truck financing, while others provide equipment finance for heavier and specialised machines.

What are the requirements for heavy vehicle finance?

To secure the best rates on the table, providers generally ask for the following to determine your financial standing:

  • Personal tax returns
  • Bank statements
  • Profit and loss balance sheets
  • Details of the vehicle you plan to purchase

How to get started on your truck loan application

The easiest way to apply for truck finance is through a comparison website like BestFind. Our product table and truck loans calculator at the top of this page will set you on the right path to what you need. Once you have a top choice, switch over to the lender’s application page by simply clicking “Go to Site.”

Truck finance FAQ

Can I use a personal loan to buy a truck?

Yes, but usually, personal loans should only be considered if you’re also planning to use the vehicle for personal errands. Additionally, personal loans tend to have higher interest rates.

Do I qualify if I’m starting a new business?

Truck finance is an excellent option if you’re setting up shop for the first time. If you qualify, you might even be able to finance more than one vehicle at a time.

Can I get a low doc or no doc truck loan?

Yes. You can also get the following special types of finance from some providers:

  • Pre-approved truck financing
  • New and used truck financing
  • Bad credit truck financing
  • No-deposit truck financing

Can I choose an option with a balloon payment?

If you wish to reduce your repayments, some Australian lenders allow you to opt for a balloon payment. This is a lump sum that’s only due at the end of your loan term.

Can I buy a truck from any seller?

You can generally buy a truck from either a manufacturer, dealer, auction house, or private seller.

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