Prime Mover Finance for Your Business
Prime mover finance for Australian owner-operators and transport businesses.
Discuss a new or used prime mover purchase, including standard or alternative financial evidence where a lender offers a suitable pathway.
Tell us whether this is your first prime mover, a replacement or an addition to your fleet. The vehicle, business position, contribution and lender criteria all affect assessment.
Realloans helps you prepare the transaction and compare relevant vehicle finance options. Approval, loan conditions and timing are determined by the lender.
Information to Prepare for Prime Mover Finance
- Business structure, ABN history, GST status and available financial records. Requirements vary by lender and transaction.
- Purchase price, available contribution, existing commitments and how the prime mover will be used in the business. Property ownership is not a universal approval rule.
- Credit history and the current status of any defaults or arrears. A paid default does not guarantee approval.
Historical Prime Mover Transaction
Historical client scenario – Realloans previously assisted with a $245,000 used prime mover purchased through a dealer. The client sought a low-documentation option, had an ABN more than 10 years old, was GST-registered, owned property and had good credit history.
Context – This example describes one past transaction, not current product terms or an indication of approval for another borrower. Your business, vehicle, financial evidence and lender requirements will be assessed separately.
Prime Mover Finance Structures to Discuss
- Commercial hire purchase: Ask whether this structure is available for your transaction and how ownership, repayments and end-of-term conditions work.
- Chattel mortgage: Discuss the proposed security, repayments, fees and any final balloon payment. Availability and terms depend on lender assessment.
- Truck lease: If available, compare ownership, usage and end-of-term conditions. Do not assume a lease removes liabilities or keeps the vehicle off your balance sheet; ask your accountant about the applicable accounting and tax treatment.
- Truck refinancing: Compare the existing loan with the proposed arrangement, including payout costs, fees, remaining term and total repayments. A previous decline does not establish eligibility with another lender.
- Sale and hire back: If you already own the prime mover, ask whether a suitable arrangement can be considered. Ownership, valuation, existing security and lender requirements need checking before assuming funds are available.
Prime Mover Only or a Complete Combination?
Set out exactly what you are buying before seeking finance. A prime mover purchase is different from replacing a trailer or acquiring both together.
- Prime mover only: Record the make, model, year, condition, purchase price and seller. Explain whether it replaces an existing vehicle or adds capacity.
- Prime mover and trailer: Identify each asset, its price, whether sellers differ and which component needs finance. Include details of any component you already own.
- Business use: Explain the intended work and whether this is an owner-operator purchase or an addition to an established fleet. Keep operating costs and existing commitments in view.
- Evidence or credit issues: Use the Low Doc Truck Loans page for alternative-evidence questions and Bad Credit Truck Loans for credit-history questions. Neither pathway guarantees approval.
Prime Mover Finance FAQs
Can a new business apply for prime mover finance?
A new business can discuss its proposed purchase with Realloans, but approval is not automatic. Be ready to explain the intended work, relevant experience, available contribution and supporting financial information. The lender determines its requirements.
What information helps assess a low-doc prime mover enquiry?
Provide the vehicle and seller details, business history and the financial records you can supply. Low doc means alternative evidence, not no evidence or no credit assessment. There is no single ABN-age, GST, amount or dealer rule that applies to every lender.
What affects a prime mover finance quote?
The applicant, credit profile, financial evidence, vehicle, seller, contribution and loan structure can affect the quote. Compare fees, total repayments and any final payment as well as the interest rate. A quote is subject to lender terms and assessment.
Is a deposit always required?
The required contribution depends on the lender and the complete transaction. Neither property ownership nor a past no-deposit example guarantees a no-deposit offer for your purchase. Confirm the proposed contribution before committing to the vehicle.
Can I discuss a used prime mover or private purchase?
Provide the make, model, year, condition, purchase price and seller details. Used vehicles and private sales need transaction-specific checks; not every vehicle or seller will meet a lender’s criteria.
Does the finance enquiry include a trailer?
Specify whether you are buying only the prime mover or also a trailer. For a package, list each asset, its price and seller, and any component you already own. Do not assume both assets will be financed under the same arrangement.