Finance question
Can I get finance for a prime mover as a new owner operator?
Often yes, if you have work lined up and a deposit. Lenders look at the freight behind the truck, your time in the seat and a mainstream truck with sensible kilometres, more than how long you have held an ABN. A used prime mover at $180,000 ex GST is typically funded at around 80 per cent, leaving you about $36,000 as a deposit, subject to lender assessment.
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The short answer
For a first truck, the freight matters more than the paperwork
A new owner operator has no trading history in the truck, so a lender asks different questions: who is the freight for, how long have you driven or run a fleet, and what do you put in. A contract, a regular customer or a subcontract history answers the first. A clean credit file, recent BAS and bank statements and an inspection on the truck cover the rest. Lenders are generally comfortable with mainstream makes that resell well, such as Kenworth, Mack, Volvo, Scania and Freightliner, and more cautious on very high kilometres, imports with little resale history and applicants with no freight contract.
Prices decide the deposit. From our prime mover price guide: a new DAF CF450 is listed at $229,900 ex GST and a new Sitrak C7H at $159,091 ex GST, while three to five year old trucks run from $113,636 to $322,727 ex GST. Trucks from 2008 to 2017 with over 650,000 km sit between $50,000 and $90,000. A 2019 Kenworth T610 at 1,252,788 km asks $175,000 ex GST, against $322,727 for a 2023 T610 at 696,853 km, so kilometres and age pull in different directions.
Most prime movers are bought on a chattel mortgage, where your business owns the truck and the lender holds security over it. The guide notes terms of up to seven years with a balloon are common on linehaul work, and older units get shorter terms because lenders apply age limits at the end of the loan. If you own a home, equity can cover the deposit. Ventas is a broker across 40+ lenders and there is no upfront fee to you.
Do you qualify?
What a lender weighs on a first prime mover.
Work lined up
A contract, a regular customer or a subcontract history.
Time in the seat
Driving experience or time running a fleet.
Deposit or trade-in
Cash, equity in your current truck, or equity in property.
A mainstream truck
Reasonable kilometres for the age and a clean inspection.
Why first-time owner operators can still get funded
The truck is the security
A lender holds the prime mover, so the file leans on the asset and the freight.
Used can be cheaper than new
A three to five year old unit can sit below a new Kenworth and, at the cheap end, below a new DAF.
Equity can be the deposit
A property-backed loan can cover the gap, at the cost of putting that property at risk.
A worked example
A new owner operator buys a used prime mover at $180,000 ex GST. A lender advances 80 per cent, which is $144,000, secured on the truck. The driver puts in a $36,000 deposit or trade-in, and pays $18,000 GST at purchase, recovered through the BAS if registered, plus inspection, registration and insurance from cash or home equity. Illustrative only.
Common questions
Frequently asked questions
Do I need an ABN history to finance a prime mover?
Not always. Lenders weigh freight lined up, driving experience, your deposit and the truck itself. A short ABN history can be offset by a contract and a larger deposit.
Is a new or used prime mover easier for a first-time owner operator?
A used mainstream truck often needs a smaller loan, but high-kilometre units can bring a shorter term or a bigger deposit. New trucks finance off the dealer's build contract.
How much deposit do I need for a prime mover?
On our example, 80 per cent debt on a $180,000 ex GST truck leaves a deposit of $36,000. It varies with the truck, its age and your file, and equity in a truck or property can count.
Can I fund a prime mover with a balloon payment?
Often yes. A balloon lowers regular payments but leaves a bill at the end, so size it to the likely resale value of the truck.