Business finance
Vehicle and fleet finance
Vehicle finance for a business works much like equipment finance, because a vehicle is an asset a lender can identify and value. It covers a single ute for a growing trade business through to a fleet of trucks and trailers.
This is business-purpose finance. We do not arrange car loans for private use, and a vehicle used mainly for personal driving is not something we can help with.
What it is
The same structures used for equipment apply here, and the choice between them affects how the vehicle is treated for tax and on your balance sheet. That part of the decision belongs with your accountant.
Heavy vehicles are assessed differently from light commercial ones. Trucks, prime movers and trailers have their own pool of lenders, their own view on age and condition, and often their own documentation requirements.
- Chattel mortgage: you own the vehicle and the lender takes security over it
- Finance lease: the lender owns it and leases it to the business
- Hire purchase: ownership transfers to you at the end of the term
- Operating lease or rental: you use it and return it at term end
How it usually works
You find the vehicle, whether from a dealer, an auction or a private seller, and the specialist takes it to lenders who write that type. Private and auction purchases are commonly financed but suit a narrower set of lenders than a dealer sale, so it is worth checking before you bid.
For a fleet, lenders will often look at the whole picture rather than each vehicle in isolation, including replacement cycles and what is already financed elsewhere.
What lenders look at
The vehicle matters as much as the business, because it is what supports the facility.
- The vehicle: type, age, condition and how readily it resells
- Whether it is bought from a dealer, at auction, or privately
- Trading history and turnover of the business
- Whether directors own property
- Credit history, including recent defaults
- For fleets, what is already financed and with whom
When it tends to suit
- Adding a vehicle so you can put another team on the road
- Replacing a vehicle whose downtime is costing you jobs
- Buying at auction or privately rather than from a dealer
- Building or renewing a fleet on a planned replacement cycle
- Keeping cash free rather than buying a vehicle outright
Common questions
Can I finance a vehicle bought privately or at auction?
Often, yes, though it suits a narrower set of lenders than a dealer purchase and the process differs. Speak to a specialist before you bid or commit, not after.
Do you arrange personal car loans?
No. We only match finance used wholly or mainly for business purposes. For a vehicle that is mainly for private use, the government's free guidance at moneysmart.gov.au explains how to compare lenders safely.
Can I finance more than one vehicle at a time?
Yes, and for a fleet a lender will usually want to understand the whole picture, including what is already financed and how you plan replacements.
Related finance types
See which lenders fit your business
A specialist compares lenders that work with vehicle and fleet finance and explains the options in plain English. No cost, no obligation.
Around 60 seconds. No obligation. Not a lender.