How much you can borrow for a prime mover comes down to your business's financial strength, the documentation you can provide, and the deposit or equity you bring to the deal. Most operators can access funding anywhere from $20,000 to $10M or more, with the exact figure shaped by lender assessment rather than a fixed formula. Overdrive Truck Finance compares 80+ lenders to help you find the right fit for your circumstances.
What Determines Your Borrowing Capacity
Lenders weigh up your time in business, ABN and GST registration history, credit record, existing debts, and the strength of your financials before deciding how much they'll lend. The age, type and value of the prime mover also matters, since it forms the security for the loan. Two operators with similar turnover can end up with quite different limits depending on how their business is structured and documented.
Full-Doc vs Low-Doc Borrowing
If you can supply full financials, tax returns and BAS statements, lenders generally have more confidence to approve larger amounts, with full-doc finance available up to $10M or more through Overdrive's lender panel. For newer businesses or those who prefer not to hand over full financials, low-doc, lite-doc and no-doc options are available up to $500,000, using alternative evidence like bank statements or an accountant's letter instead.
Deposit and Equity Make a Difference
Putting down a deposit or trading in equity reduces the amount you need to borrow and may improve your approval odds and rate, subject to lender assessment. That said, no-deposit finance and options up to 100% of the vehicle's value may be available for eligible applicants, which can matter if you'd rather keep cash in the business for fuel, wages or maintenance.
Typical Loan Sizes and Terms
Prime mover finance through Overdrive typically ranges from $20,000 to $10M or more, with terms from one to seven years to suit the asset's expected working life and your cash flow. Rates start from 6.55% p.a. for well-qualified applicants, rising to around 15% p.a. for higher-risk profiles; these figures are indicative only and subject to lender criteria, credit assessment, fees, terms and final approval.
How to Get a Clearer Picture of Your Limit
The most reliable way to know your borrowing capacity is to get pre-approved before you start shopping for a truck. Pre-approval gives you a firmer figure to negotiate with, and same-day pre-approvals may be available on eligible applications, with full approvals often turning around within 24-48 hours, subject to lender assessment.
Get an Obligation-Free Quote
Overdrive Truck Finance compares 80+ banks and non-bank lenders to help you find a prime mover finance option that matches your borrowing capacity and your business goals. Enquiring is a soft credit check that won't affect your credit score, so reach out today for an obligation-free quote and find out how much you could borrow.
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