Low-doc prime mover finance is a lending option for ABN holders who can't, or don't want to, provide full financial statements. It uses simpler evidence like bank statements to assess your loan, often leading to a faster approval on your next truck purchase.
What Low-Doc Finance Means
Low-doc prime mover finance is designed for ABN holders who cannot, or would rather not, provide full financial documentation such as two years of tax returns and financial statements. Instead, lenders rely on other evidence of your ability to service the loan, such as bank statements, an accountant's letter, or a signed income declaration, alongside your credit history and time in business.
Who It Suits
Low-doc options are popular with owner-drivers, subcontractors, and small transport operators who are newer to business, have irregular paperwork, or simply want a faster path to approval without pulling together a full accounting file. It also suits established operators who prefer to keep their financials private during the application process.
How Much You Can Borrow
Through our panel of over 80 banks and non-bank lenders, low, lite and no-doc finance is generally available up to $500,000, which may be sufficient to fund a single prime mover purchase depending on the vehicle. Purchase prices vary widely depending on make, model, age, configuration and condition, so it's worth speaking with us about what a loan amount could cover for the asset you have in mind. Larger fleet or full-doc scenarios can be arranged up to $10M or more when fuller financials are supplied.
Rates, Terms and Deposits
Indicative rates on prime mover finance start from 6.55% p.a. for strong applications, with higher-risk profiles priced up to around 15% p.a. Terms typically run from one to seven years, and no-deposit or up to 100% finance structures may be available so you can preserve working capital. Rates quoted are indicative only and subject to lender criteria, credit assessment, fees, terms and final approval.
How the Process Works
Most low-doc applications are assessed against your ABN registration period, GST status, and recent business bank statements rather than full financial statements. Chattel mortgage remains the most common structure for prime movers, letting you claim GST and depreciation while the lender holds security over the truck. Because requirements are lighter, decisions can often be faster, with same-day pre-approvals sometimes possible and formal approvals typically able to land within 24 to 48 hours on eligible applications, subject to lender assessment.
Things to Weigh Up
Low-doc lending generally sits at a slightly higher rate than full-doc equivalents to offset the reduced paperwork, so it pays to compare a range of lenders rather than accepting the first offer. Matching the loan term and deposit to your cash flow, rather than simply minimising monthly repayments, will usually save money over the life of the loan.
Get an Obligation-Free Quote
If you are ready to look at low-doc options for your next prime mover, Overdrive Truck Finance can compare offers across our panel of 80+ banks and non-bank lenders and match you to a structure that may suit your business, subject to approval. Enquiring is a soft credit check only, so it will not affect your credit score, and there is no obligation to proceed — get in touch for an obligation-free quote today.
Ready to compare cheap rates?
Free quote in minutes, decisions in 24–48 hours. No credit-score impact to enquire.