Owner-Driver Truck Finance in Australia

• ABN age. 12+ months is the sweet spot for mainstream rates. Newer than that pushes you to specialist owner-driver lenders (rates ~2% higher, but still very possible).
• Driving experience. 2+ years of HR/HC/MC licence + a recent employer reference from a transport company carries real weight. Fresh licence + no relevant experience = specialist lender only.
• Contract or income proof. A signed subcontractor agreement (or evidence of prior work) shows the truck will earn from day one. Lenders discount speculative "I'll find work" applications heavily.
• Deposit. Not required with a strong file, but 10-20% deposit unlocks better rates and older / higher-km trucks that lenders otherwise won't touch.
• Credit file. Clean 24-month history is the baseline. One paid default over 12 months old is generally fine with an explanation. Multiple defaults or bankruptcy under 5 years = specialist lender only.

Loan size is capped by three things: the truck's value, your serviceability, and the lender's owner-driver policy. Rough approvals for a clean-file applicant with a signed contract:

• New-to-industry owner-driver: up to $200,000 (typically a used prime mover or medium-duty rigid)
• Experienced owner-driver, 12+ months ABN: up to $400,000 (new or near-new prime mover with sleeper)
• Established owner-driver, 2+ years, existing truck payoff history: up to $600,000+ (multi-truck or heavy-haulage rig)

Serviceability is calculated on the truck earning ~$8,000-$12,000/month gross for a linehaul prime mover. Lenders assume 60-70% of that goes to repayments, fuel and running costs; the rest services the loan plus your living expenses.

Zero-deposit finance is available and heavily advertised, but doing the maths on a small deposit almost always wins for owner-drivers:

• $0 deposit on $250K truck at 10.5% over 5 years = $5,375/month, $322K total interest
• $25K deposit (10%) on same truck at 9.5% over 5 years = $4,712/month, $233K total interest

The deposit not only lowers the monthly cost by $663 — it saves you $89,000 in interest over the loan life. If you have the deposit sitting in offset or savings earning 4-5%, putting it against a 10%+ truck loan is a guaranteed ~5% net return.

1. ABN details (registration date, GST registration status)
2. Photo ID (driver's licence + passport ideal)
3. HR/HC/MC licence with issue date
4. Last 3 months of business bank statements (PDF from your bank — not screenshots)
5. Signed subcontractor agreement OR two recent RCTIs / invoices from your current transporter
6. Formal quote from the dealer showing make, model, year, VIN, price
7. If low-doc: your last BAS lodged
8. If depositing: savings account statement showing the funds

With this pack ready, mainstream lenders assess within 4-8 hours. Specialist owner-driver lenders (Prospa Business Finance, Metro Finance, Pepper Money) typically respond within 24 hours even on complex files.