Whether you're putting your first truck on the road or expanding a fleet, financing it the right way makes a real difference to your cashflow and your bottom line. This guide covers everything NZ business owners need to know about truck finance — types of finance, what lenders actually look at, typical rates, and how to apply.
fundr is a specialist asset finance broker working with 15+ NZ lenders. One application, one point of contact — Nick — and most decisions within 24 hours.
Why finance a truck instead of buying outright?
Buying a truck outright ties up working capital that your business needs elsewhere — wages, fuel, parts, insurance, and the next job. Truck finance lets you access the vehicle now and spread the cost over time while the asset earns revenue for your business.
- Preserve working capital for day-to-day operations
- Access better, newer equipment without a large upfront payment
- Tax advantages — interest deductions and depreciation claims
- Keep credit lines free for other business needs
- Scale up faster when the work is there
Types of truck finance in New Zealand
The most common structure by far is a term loan (also called a chattel mortgage in NZ — they mean the same thing). Other options are available depending on your situation.
Term loan / chattel mortgage
This is the default for truck finance in NZ and what most businesses use. You own the truck from day one, make regular repayments over an agreed term (typically 2–5 years), and the lender holds security over the vehicle.
- You own the asset from settlement
- Fixed repayments over a set term — easy to budget
- GST-registered businesses can claim the full GST back upfront
- Can be structured with a balloon payment at the end to reduce monthly repayments
- Secured against the truck itself — no property needed as collateral
Best suited for: owner-operators wanting to build asset value, established businesses with predictable revenue, and start-ups who want fixed outgoings and eventual ownership.
Hire purchase
Similar to a term loan, but ownership formally transfers at the end of the agreement rather than from day one. Less common in NZ commercial vehicle finance. GST is claimed over the term rather than upfront — worth discussing with your accountant before choosing between the two.
Finance lease
The lender owns the truck and you lease it for an agreed period. At the end you can buy it, extend the lease, or return it. Suits businesses that want to keep vehicles off the balance sheet or prefer to upgrade regularly without the hassle of selling.
Revolving credit facility
A pre-approved credit limit you can draw down on as needed. Better suited to fleet operators who need to move quickly when trucks become available, or businesses with variable cashflow that want ongoing access to funds. Interest is charged only on the amount used.
For most NZ businesses financing a single truck or building a fleet, a term loan (chattel mortgage) is the right structure. Nick will walk you through the options based on your specific situation.
What do lenders actually look at?
Understanding what lenders assess helps you present your application in the strongest possible way. fundr works across 15+ NZ lenders — banks and non-bank specialists — each with different criteria. Here's what matters across most of them:
- Trading history — Most lenders prefer 12+ months. Shorter history doesn't automatically disqualify you, but fewer lenders will consider it and the structure may need to be stronger elsewhere.
- Credit profile — Both business and personal credit history is assessed. Some adverse history doesn't rule you out — it depends on the nature and age of the issue.
- Revenue and cashflow — A rough guide: total debt repayments shouldn't exceed 30–40% of monthly revenue. Bank statements are the primary evidence.
- The truck itself — Age, make, model, condition, and resale value. Newer trucks from established manufacturers are easier to finance.
- Deposit — Not always required, but a 10–20% deposit reduces lender risk and often results in a better rate.
- Contract or work in place — For new businesses, having a contract showing ongoing revenue is a strong supporting document.
What rates can I expect?
Truck finance rates in NZ typically range from around 7% to 16% per annum depending on your profile, the lender, the truck, and the deal structure.
| Profile | Typical rate range |
|---|---|
| Established business, clean credit, new truck | 7% – 9% p.a. |
| Established business, clean credit, used truck | 8% – 11% p.a. |
| New business (<12 months), clean credit | 10% – 13% p.a. |
| Complex credit or older/high-hours vehicle | 12% – 16% p.a. |
fundr is primarily paid a commission by the lender, not your business. In some cases a broker fee may apply depending on deal complexity — Nick will always be transparent about this before you proceed.
Can new businesses get truck finance?
Yes, though your options are more limited than for an established business. Lenders that work with start-ups will typically want to see:
- Industry experience — even if the business is new, personal experience in the sector counts
- A solid business plan with realistic revenue projections
- A deposit (10–20% is common for new businesses)
- A contract or letter of intent from a customer showing work is lined up
- Clean personal credit history
fundr has access to lenders who specifically work with start-ups and new-to-industry operators. Nick will give you an honest assessment of what's achievable before you apply anywhere.
What you'll need to apply
The exact requirements vary by lender, but most will ask for some combination of:
- Business and personal ID (driver's licence, passport)
- Last 2 years of financial statements (or business plan for new businesses)
- Last 6 months of business bank statements
- GST and IRD returns
- Quote or invoice for the truck
- Proof of deposit (if applicable)
fundr handles the preparation and presentation of your application — you don't need to navigate each lender's requirements yourself.
New vs used trucks — does it matter?
- New trucks — More lenders available, lower rates, easier approvals. Higher purchase price but stronger resale value backing the loan.
- Used trucks — Fully financeable across fundr's panel but age, make, condition, and kilometres matter. Trucks over 10 years old or with very high hours attract a smaller pool of lenders and may require a deposit.
- Imported trucks — Can be financed but some lenders are more cautious depending on the make and availability of parts in NZ. Nick can advise which lenders are comfortable with imports.
Common questions
Talk to Nick.
One application. 15+ lenders. One point of contact from enquiry to settlement. No forms, no credit impact to enquire. Most decisions within 24 hours.