Heavy Vehicle Finance

Find the best finance deal to secure your truck or heavy vehicle when you compare and apply through Savvy.

No obligation. It won't affect your credit score.
Written by 
Savvy Editorial Team
Savvy's content writing team are professionals with a wide and diverse range of industry experience and topic knowledge. We write across a broad spectrum of finance-related topics to provide our readers with informative resources to help them learn more about a certain area or enable them to decide on which product is best for their needs with careful comparison. Meet the team behind the operation here. Visit our authors page to meet Savvy's expert writing team, committed to delivering informative and engaging content to help you make informed financial decisions.
Our authors
, updated on August 28th, 2023       

Fact checked

At Savvy, we are committed to providing accurate information. Our content undergoes a rigorous process of fact-checking before it is published. Learn more about our editorial policy.

Financing a truck or heavy vehicle can seem difficult for businesses, given how much they can cost. It’s important to understand, though, that there’s a range of different finance offers you can utilise to help you gain access to the vehicle you need, which you can find here with Savvy.

You can secure heavy truck financing in Australia in no time by applying for finance with us. We’re partnered with lenders across the country, so we can help you find the deal that best suits your needs by comparing a wide cross-section of offers. Kick your application into gear today and drive away in your new truck within days.

The features and benefits of heavy vehicle finance

Competitive rates

With interest rates beginning at competitive prices, you can lock in a great loan deal from the outset and save yourself thousands over your repayment term.

Buy or lease

You’re not just limited to the purchase of trucks and heavy vehicles; if you’re only wanting to take out a lease agreement, we can find you a financier to help you out.

No deposit required

You can also borrow up to 100% of the purchase price of your vehicle, avoiding the need for you to put forward a deposit if you don’t want to pay a lump-sum up front.

Set your repayment term

You can choose the term over which you pay for your truck between one and seven years to ensure it’s manageable for you, while you can lease over up to five years.

Buy any new or used vehicle

We can help you finance your chosen vehicle, regardless of whether it’s brand-new off the lot or used, giving you more choice and greater money-saving options.

Tax benefits

Chattel mortgages enable you to claim GST, depreciation and interest on your repayments, while you can claim up to 100% of your payments on tax if you choose to lease your vehicle.

Why you should choose Savvy to help finance your heavy vehicle

Top tips for saving money on your heavy vehicle loan

Heavy vehicle finance questions answered

Can I finance a fleet of heavy vehicles?

Yes – we count financiers amongst our panel who can offer finance solutions not just for singular vehicles, but fleets also. Opting for fleet financing and management rather than a host of individual truck finance deals in Australia is a highly effective way to save time and money, as keeping them in the one deal will help reduce the required paperwork and likely bring overall discounts to your arrangement.

Will my interest rate be fixed or variable?

All asset finance, particularly those dealing with trucks and heavy vehicles, come with fixed interest rates. These are most often preferred by borrowers anyway, as they bring with them a level of stability to your repayments by locking your rate in from the outset, keeping them the same throughout your finance term. This facilitates more accurate budgeting, as you’ll know for certain what your financial commitment to your loan will be over extended periods. Variable rates are open to fluctuation, which opens you up to rate decreases, but also increases in equal measure.

Is my finance deal secured?

Yes – all asset finance deals are secured by the purchase of the asset itself. In this instance, a chattel mortgage would require your truck as collateral for the loan. This means that, should you become unable to fulfil your loan obligations, your lender would be able to sell off the asset as a last resort to recoup some of their lost funds. This is unlikely to happen, however, and security brings with it the major benefit of reducing the perceived risk on the part of your lender, most notably resulting in a reduced interest rate.

What’s the difference between a finance lease and an operating lease?

A finance lease is a type of lease whereby your financier buys a car and agrees to lease it to your business for a set monthly cost with a residual payment at its conclusion. You have the option to pay the residual and take ownership of the vehicle, trade in or sell the vehicle to cover the residual or refinance it to extend your lease term. Operating leases are similar but come without a residual payment, meaning you can hand it back at the end of your lease. They also tend to come with on-road costs pre-organised, which makes them costlier.

How does Savvy help me choose my heavy vehicle finance product?

When you apply with Savvy, your application is automatically matched with the best financiers for your situation using our state-of-the-art technology. From there, one of our consultants will review the comparison and select the best, most affordable option for you considering your personal preferences and circumstances. They’ll be in touch with you shortly afterwards to confirm this with you and, if you’re happy with it, they’ll go ahead and submit your application.

Can my finance deal cover other truck costs?

Yes – you can have substantial costs such as vehicle registration, stamp duty, insurance, extended warranties and more covered by your loan. All of these can set you back a significant amount of money at the beginning of your loan term, so you’re able to pay them off at your own pace without breaking the bank with money you may not have. This means, in some cases, you can actually access more than 100% financing for your heavy vehicle.

Am I able to use my loan to cover other business expenses?

No – vehicle finance deals are specifically designed to be used for the purchase of a vehicle, with some other costs able to be included. The amount you’re approved for will be tied directly to the sale value of the vehicle. However, if you’re looking at a loan for more general business expenses like equipment, an unsecured business loan might be the product you’re looking for. These can span up to as much as $500,000, meaning you can potentially purchase a heavy vehicle and distribute additional funds elsewhere. These loans are considered riskier, however, so interest rates are often much higher.

Your commercial finance options

Helpful guides on commercial loans

Features that can make or break your business loan

Know your options Lenders understand that small businesses play an important role in the Australian economy as they account for 93% of all Australian businesses by turnover. Small businesses account...

Top 5 tips when applying for truck finance

Some companies in Western Australia are even offering a $10,000 incentive for east coast truck drivers to relocate and fill some of the jobs, highlighting the important role trucks play...

Your next truck: to buy or to lease?

Of course, the toss-up is between buying a truck and leasing one. In 2015, via the Truck Industry Council Report, the Australian Equipment Lessors Association reported the Truck and Trailer...

We'd love to chat, how can we help?

By clicking "Submit", you agree to be contacted by a Savvy broker and to receive communications from Savvy which you can unsubscribe from at any time. Read our Privacy Policy.