Truck finance for people who drive for a living
If you drive for a living, the truck is the business. No truck, no income. That is why we treat truck finance with more urgency than a bank does. Solvyr Capital is based in Southport on the Gold Coast, and we arrange truck loans and heavy vehicle finance for clients Australia-wide.
We work with a panel of more than 30 lenders, from the major banks through to specialist equipment financiers. That matters with trucks, because banks can be picky about vehicle age, kilometres and how long you have held your ABN. When one lender says no, we usually know two or three others who look at the same deal differently.
What we finance:
- Rigids, from light rigid pantechs through to heavy rigid tippers
- Prime movers, new and used, a single truck or a small fleet
- Tippers and tipper combinations for civil and earthmoving work
- Trailers, including flat tops, drop decks, dollies and side tippers
The initial enquiry takes about two minutes and does not affect your credit score. We look at your situation first, then approach lenders. Every approval is subject to lender criteria and credit assessment.
Chattel mortgage and balloon payments, explained straight
Most business truck loans are written as a chattel mortgage. You own the truck from day one, the lender registers its interest over it as security, and once the final payment is made the truck is yours outright. Because you own the asset, depreciation and the interest component may be claimable. Whether that suits your setup is a question for your accountant, not for us. We arrange the finance, we do not give tax advice.
A balloon payment is another option worth knowing about. Instead of paying the truck down to zero over the term, you leave a lump sum owing at the end. Your regular repayments come down during the term, which can help cash flow while you are building up the run or waiting on slow-paying contractors. When the term ends you can pay the balloon out, refinance it, or trade the truck and go again. It is not right for everyone, and we will tell you plainly if we think it is a bad fit for your work.
New trucks, used trucks and low doc options
Lenders treat new and used trucks very differently. A new prime mover from a dealer is straightforward. A fifteen-year-old rigid from a private seller is a harder conversation, because most lenders set a limit on how old the truck can be at the end of the loan term, and some look at kilometres and service history as well. That is rarely a flat no. It usually just means a different lender, and that is where a panel of 30+ earns its keep.
Private sales are fine with most of our lenders. Expect a little more paperwork: an inspection, proof of ownership and a clear PPSR check.
If your financials are not up to date, you may still have options. Several of our lenders offer low doc truck finance for ABN holders, where the application leans on your ABN history, deposit or asset position instead of two years of tax returns. Our low doc business finance page covers how that works. And if you are a subbie who also needs a ute or a car for the business, see our self-employed car loans page.
How truck finance works with us
We keep the process short, because most people who call us already have a truck picked out and a job waiting on it.
One thing on our side of the deal, stated up front: Solvyr Capital acts as a credit representative, and we may receive a commission from the lender when your loan settles. We disclose this, and you will know about it before anything is signed.
Ready to move? Start your two-minute enquiry and we will take it from there.
FAQs
Can I get truck finance with just an ABN and no financials?
Often, yes. Several lenders on our panel offer low doc truck finance for ABN holders, which leans on things like your ABN history, deposit and asset position rather than full tax returns. Approval is always subject to lender criteria and credit assessment, but missing paperwork on its own is rarely a dead end.
What is a chattel mortgage and why is it used for trucks?
A chattel mortgage is a business loan where you own the truck from day one and the lender holds security over it until the loan is paid out. It is the most common structure for work trucks because ownership can bring depreciation and interest deductions. Whether those deductions apply to your situation is a question for your accountant.
How old can a truck be and still get finance?
It depends on the lender. Most set a limit on the truck's age at the end of the loan term, and some also look at kilometres and condition. Older trucks usually need a specialist lender rather than a bank, which is exactly where a broker with a wide panel helps.
How fast can truck finance be approved?
Once your documents are in, approvals often land within 24 to 48 hours. Trickier deals, like older trucks or private sales, can take a little longer. Every approval is subject to lender criteria and credit assessment.
Does applying for truck finance affect my credit score?
Our initial enquiry does not touch your credit file. It takes about two minutes and gives us enough to see which lenders suit your situation. A credit check only happens later, if you choose to go ahead with a full application to a lender.
Ready to get moving?
Tell us what you are looking to finance. It takes about two minutes and does not affect your credit score.
Prefer to talk? Call 0468 157 797