Financing a prime mover typically costs a monthly repayment built from an interest rate from 6.55% p.a., a term of one to seven years, and whatever deposit or balloon structure you choose. There's no single "cost" that applies to every operator, since your rate and repayment depend on your credit profile, the truck's age, and how the loan is structured.
What Actually Drives The Cost
The total cost of financing a prime mover comes down to a handful of variables: the interest rate you're offered, the loan term, the deposit or trade-in you put in, and whether you choose a balloon payment at the end. Two operators financing the same truck can end up with very different repayments and total interest paid depending on how these are structured.
Interest Rates On Prime Movers
Rates on prime mover finance in Australia typically start from 6.55% p.a. for well-qualified, full-doc applicants with a strong credit history and a clean asset, and can move up towards around 15% p.a. for higher-risk profiles, newer businesses, or older equipment. Your rate reflects the lender's view of risk, so time in business, credit history, deposit size and the age of the truck all play a part. Rates quoted are indicative only and remain subject to individual lender criteria, credit assessment, fees, loan term and final approval.
Loan Term And Repayment Size
Prime mover finance is generally structured over one to seven years. A shorter term means higher monthly repayments but less interest paid overall, while a longer term spreads the cost thin but adds to the total interest bill across the life of the loan. Matching the term to how long you expect to run the truck, and to your cash flow cycle, is usually the difference between a comfortable repayment and a stretched one.
Deposit, Balloon Payments And Loan Amount
Loan amounts for prime movers typically range from $20,000 to $10 million or more, and no-deposit or up to 100% finance options may be available for eligible applicants, subject to approval, which preserves working capital but can mean paying more interest overall. A balloon or residual payment at the end of the term lowers monthly repayments in exchange for a lump sum owing later, which can suit operators planning to refinance or trade the truck in when the term is up.
Full-Doc Versus Low-Doc Costs
Full-doc applications, where financials are provided in full, can support loan amounts up to $10 million or more and generally attract more competitive pricing, subject to lender assessment. Low-doc, lite-doc or no-doc options may be available up to $500,000 for businesses that can't produce full financials, though the trade-off is often a slightly higher rate to reflect the reduced verification. Choosing the right documentation path for your situation matters as much as the headline rate.
Getting A Clearer Picture Of Your Cost
Because rates and structures vary so much lender to lender, the only reliable way to know what a prime mover will actually cost you is to compare real offers against your specific circumstances, rather than relying on a generic rate quoted online. Overdrive Truck Finance compares options across 80+ banks and non-bank lenders to line up rate, term, deposit and doc-type against your business rather than the other way around.
Get An Obligation-Free Quote
If you want a clearer read on what financing a prime mover could cost for your business, Overdrive Truck Finance can put together an obligation-free quote, with pre-approvals and approvals that may be available within 24 to 48 hours on eligible applications, subject to lender assessment. Enquiring is a soft credit check only, so it won't affect your credit score, making it an easy first step before you commit to anything.
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