Financing a new prime mover comes down to matching the right loan structure and lender to your business, with indicative rates from 6.55% p.a. (subject to lender criteria, credit assessment, fees, terms and approval) and terms from 1 to 7 years available for well-qualified ABN holders. This guide covers the main options, what shapes your rate, and how to move quickly once you've chosen your truck.
What Counts As A New Prime Mover
A new prime mover is a brand-new truck purchased directly through a dealer, typically covered by full manufacturer warranty and backed by current-model resale value. Lenders generally view new prime movers as lower risk than used equipment, which can translate into sharper pricing, longer terms, and more flexible structures for well-qualified ABN holders.
Loan Structures Available
Most operators finance a new prime mover through a chattel mortgage, where you own the truck from settlement and the lender holds it as security, though finance leases and hire purchase can suit specific tax or balance sheet positions. Terms typically run 1 to 7 years, with loan amounts from $20,000 up to $10 million or more, so the right structure usually comes down to how you plan to use the truck and how you want repayments to sit against cash flow.
Rates And What Drives Them
Indicative rates on new prime mover finance start from 6.55% p.a. for strong applicants, with pricing for higher-risk profiles ranging up to around 15% p.a., shaped by deposit, term, credit history, time in business, and the lender's own risk appetite. Rates quoted are indicative only and remain subject to individual lender criteria, credit assessment, applicable fees, loan term, and final approval.
No-Deposit And Low-Doc Options
Operators with equity in other assets or a strong trading history may be able to access no-deposit finance covering up to 100% of the purchase price, keeping working capital free for fuel, insurance, and registration costs. Low-doc, lite-doc, or no-doc pathways are also available for amounts up to $500,000, useful for newer ABNs or businesses without a full two years of financials, while full-doc applications can support borrowing up to $10 million or more for established fleets.
Getting A Fast Answer
Because a new prime mover purchase often runs on a dealer timeline, speed matters. Eligible applications may be able to receive same-day pre-approval, with full approval potentially available within 24 to 48 hours, giving you a clearer budget to negotiate with before you commit to a specific truck or delivery date. Actual timeframes and outcomes depend on individual lender assessment.
Comparing Lenders The Smart Way
Rather than approaching a single lender and taking whatever terms are offered, it pays to compare across the market, since pricing and appetite for new prime mover deals can vary considerably between lenders. As a broker, Overdrive Truck Finance compares 80+ banks and non-bank lenders on your behalf, matching your application to the lenders most likely to offer competitive terms for your circumstances, subject to approval.
Get An Obligation-Free Quote
If you're ready to spec out a new prime mover, Overdrive Truck Finance can provide an obligation-free quote and talk you through the loan options that may be available for your business. Enquiring is a soft credit check only, so it won't affect your credit score, making it a straightforward first step before you commit to a purchase.
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