Truck Refinance
Need a truck loan? Whether you're buying a new or used truck, upgrading or growing your fleet, we work hard to deliver the cheapest deal. We're known for delivering sharper rates than banks, dealerships and other brokers, with a loan strategically structured around your business.
How Truck Refinancing Works in Australia
Truck refinancing allows you to replace your existing truck loan with a new loans facility, potentially giving you a lower interest rate, better loan structure or more manageable repayments.
With truck refinance in Australia, the new lender pays out your existing truck loans and replaces it with a new loan. You keep the same truck and continue using it in your business as normal.
Refinancing may be worth considering if your current interest rate is too high, your business or credit profile has improved, your repayments are putting pressure on cash flow or another lender can offer a better deal.
We compare truck refinance options across 80+ lenders and can negotiate pricing directly with lenders to help secure a competitive rate and loans structure for your business.
Depending on the value of your truck and the amount you currently owe, you may also be able to access equity in the truck, subject to lender criteria, valuation and approval.
Example: Refinancing a $100,000 Truck Loan
If you currently owe $100,000 on your truck loans, a new lender could refinance that balance by paying out your existing lender and replacing the loan with a new loans agreement.
For example, if the new lender offers a lower interest rate or a more suitable loan term, your business may be able to reduce repayments and improve cash flow while continuing to use the same truck.
If your truck is worth more than the outstanding loan balance, you may also be able to access some of that available equity, subject to lender approval.
The actual interest rate, repayments, savings, fees and amount available will depend on your existing loan, truck value, lender criteria and credit assessment.
Overdrive is a specialist truck finance broker comparing 80+ banks and non-bank lenders on one application. Explore truck finance across every truck and trailer type, or get a free quote in minutes.
Why get a loan with Overdrive Truck Finance
Free service with no upfront costs or hidden fees.
Truck Loan Solutions
Whatever your situation, there's a loans structure to suit — we'll match you to the right one for your business.
Low Doc, Light Doc & Full Doc Truck Finance
When applying for truck finance, lenders will generally offer Low Doc, Light Doc or Full Doc options. The right choice depends on your business structure, trading history, and the type of truck you're purchasing.
| Feature | Low Doc Truck Finance | Light Doc Truck Finance | Full Doc Truck Finance |
|---|---|---|---|
| Financial Statements Required | No | No | Yes |
| BAS Statements Required | No | Usually | Sometimes |
| Business Bank Statements | No | Yes | Sometimes |
| Approval Speed | Fastest | Fast | Standard |
| Interest Rates | Higher | Competitive | Most Competitive |
| Borrowing Capacity | Up to $500k | Up to $500k | Up to $10m+ |
| Ideal Outcome | Quick approval with minimal paperwork | Balance of flexibility and pricing | Best pricing and maximum borrowing power |
Which Option Is Right For You?
Need help deciding? Our finance specialists will assess your circumstances and recommend the most suitable asset finance solution for your business.
| If You Are… | Recommended Option |
|---|---|
| Self-employed or businesses with limited financial records | Low Doc |
| Businesses with bank statements and BAS available | Light Doc |
| Businesses with full financials | Full Doc |
Low Doc Truck Finance
Low Doc finance is designed for borrowers who want a simple, streamlined approval process. In most cases, no financial statements or BAS statements are required. Approval is generally based on your ABN history, credit profile, and the asset being financed.
Light Doc Truck Finance
Light Doc finance provides a middle ground between Low Doc and Full Doc lending. Borrowers can often qualify using recent business bank statements and limited supporting documentation, without the need for full financial accounts.
Full Doc Truck Finance
Full Doc finance is suitable for borrowers who can provide complete financial records and supporting documentation. This option typically offers the most competitive rates and highest borrowing capacity.
Truck Refinance — frequently asked questions
Can I get a loan on a new or used truck refinance?
Yes — we arrange new and used truck refinance loans bought from dealers, private sellers or at auction, with the rate and term matched to the asset.
What interest rate will I get on a truck loan?
Rates start from 6.55% p.a. for a strong, asset-backed truck loan and move up with the age of the truck, the term, any deposit and your credit profile. Because we compare a panel of lenders on one application, we quote the sharpest rate you actually qualify for rather than a single bank's rate card.
Can I get a truck loan without financials (low-doc)?
Yes. For an eligible loan under a lender limit we can arrange a low-doc truck loan with no tax returns or BAS, on the strength of your ABN age, GST registration and clean credit. It typically needs a 2+ year ABN and sits slightly above a full-doc rate.
Who can apply for a truck loan?
ABN holders — sole traders, partnerships and companies. Commercial lending to ABN holders sits largely outside consumer credit rules, which usually means a faster, simpler process than a personal loan.
Does enquiring about a truck loan affect my credit score?
No. The initial enquiry is a soft check only and does not affect your credit score. We only lodge a formal loan application to a lender once you have seen the numbers and told us to proceed.
Do I need a deposit for a truck loan?
Not always. $0-deposit truck loans are available for eligible deals, subject to assessment. A deposit or trade-in can help with a newer ABN or an older asset, and it lowers the amount borrowed and your repayments.
What loan terms are available?
Truck loan terms typically run from 1 to 7 years. A longer term lowers the repayment but costs more interest overall; a shorter term costs less interest but repays faster. We help you balance cash flow against total cost.
Can I get a loan on a new or used truck?
Both. We arrange loans for new trucks (dealer stock and factory orders) and used trucks bought from a dealer, at auction or from a private seller. On a used truck, its age, kilometres and condition can affect the rate and term.
Can I buy from a private seller or at auction with a truck loan?
Yes. For a private sale the lender verifies ownership and checks the truck is clear of existing finance (a PPSR check) before releasing the loan funds. We manage that process with you.
How does a balloon or residual work on a truck loan?
A balloon (or residual) is a lump sum set aside to the end of the term. It lowers your regular repayments now, which suits operators who refresh trucks every few years — you pay it out, refinance it, or trade in at term end.
How quickly can a truck loan be approved?
For a straightforward, asset-backed truck loan we can often come back with an indicative answer the same business day, with conditional approval frequently inside 24 hours, and settlement within a few days once documents are in.
Truck loans by type
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