Prime mover finance rates in Australia aren't a single fixed number, they depend on your credit profile, deposit, loan term and documentation. Generally, rates start from around 6.55% p.a. for well-qualified applicants and can rise to roughly 15% p.a. for higher-risk borrowers. Comparing lenders is the best way to find out what your business actually qualifies for.
How Prime Mover Finance Rates Work
Prime mover finance rates are the interest cost lenders charge to fund a new or used prime mover, expressed as a percentage per annum on top of the amount financed. The rate you're offered reflects how a lender views the risk of your application, not a single fixed industry number. Two operators buying the same truck can be quoted different rates depending on their financials, credit history and how the deal is structured.
What Influences Your Rate
Lenders weigh up several factors: time in business, ABN history, credit file, deposit or trade-in, the age and type of prime mover, loan term, and whether you're providing full financials or applying low-doc. Newer trucks financed over shorter terms with a stronger credit profile generally attract sharper pricing, while older equipment, longer terms or thinner documentation can push the rate higher.
Typical Rate Ranges
Across the market, prime mover finance is generally priced from around 6.55% p.a. for well-qualified applicants with strong credit and full documentation, up to roughly 15% p.a. for higher-risk profiles such as newer businesses, adverse credit or low-doc arrangements. These figures are indicative only and subject to lender criteria, credit assessment, fees, loan term and final approval.
Loan Amounts, Terms and Doc Options
Finance is typically available from $20,000 up to $10 million or more, with terms ranging from one to seven years to suit cash flow and equipment life. Low, lite or no-doc options can be arranged up to $500,000 for those who prefer not to provide full financials, while full-doc applications can support funding up to $10 million and beyond. No-deposit options, including up to 100% finance, may also be available depending on the deal and lender assessment.
Why Comparing Lenders Matters
Because rates and terms vary so much between lenders, comparing multiple options is usually the difference between an average deal and a genuinely competitive one. As a broker, Overdrive Truck Finance compares offers from more than 80 banks and non-bank lenders, matching your business profile, deposit and doc preference to lenders more likely to offer favourable pricing and structure.
Getting a Fast Answer
Some eligible applications may qualify for same-day pre-approval, with full approval often achievable within 24 to 48 hours where documentation is in order. Turnaround times vary by lender and depend on credit assessment and the complexity of your application, so outcomes and timing are not guaranteed. That said, speed matters when a prime mover is on the yard and you need certainty before you commit.
Get Your Free Rate Comparison
If you want to know what rate your business could realistically secure, get in touch with Overdrive Truck Finance for an obligation-free quote. Enquiring is a soft credit check only, so it won't affect your credit score, and you'll get a clear picture of your options, subject to lender criteria and approval, before you decide anything.
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