Starting a transport business is a big move that requires some big investments. Whether you’re shipping freight across WA or hauling interstate, one of your first purchases will be a prime mover.

At Loans Unlimited, our crew have helped countless new business owners apply for truck finance and can help find a practical option to suit your business. Here’s what new operators should expect when applying for prime mover finance and how to make the process faster, easier and more transparent.

Understanding Truck Finance

Before we go any further, let’s outline how truck loans actually work.

They’re like any other financing: the vehicle itself secures the loan and you can spread payments over 2-7 years. The difference for new operators is that lenders will take a closer look at your experience, income and business structure to get a gauge of your ability to repay.

Even if your business if new, you can qualify by having transport experience, regular work lined up or a well written business plan.

1. What Lenders Look For

If you’re new to business or a first time buyer, lenders will look at more practical indicators when assessing your application. They like to see:

• Valid ABN and GST registration (usually active for at least 6 months)

• Driver’s licence and ID

• Business plan or letter of intent from a freight company or broker

• Work contracts or job offers to show income potential

• Work contracts or job offers to show income potential

• Bank statements (personal or business)

• Deposit information

They just want to know that you can keep repayments steady once you’re on the road. If you haven’t been in business for 30+ years, that’s not a worry.

2. Deposit and Loan Options

Most new operators are asked to contribute a deposit of 10-20%. This will lower your repayments and shows lenders that you are committed to the purchase. Terms will usually range from 2-7 years with fixed or variable rates, depending on the lender.

If you have limited or unusual paperwork, you might still qualify for a low doc truck loan. These rely on ABN history, bank statements and accountant’s letters rather than full financials, which is perfect for new businesses.

3. Common Hurdles for New Operators

Although lenders are more than happy to cooperate with first time buyers, there are still a few challenges that come with being new to business:

• Limited trading history: Lenders can’t see long term trends in your income

• Credit history: If you’ve had truck or equipment finance before and kept it clean, that helps massively

• Asset age: Older trucks or higher kilometre units attract stricter lending limits

• Insurance and registration: Get these sorted before settlement – lenders will usually need proof of comprehensive cover

Working with Loans Unlimited, we’ll make sure none of these catch you off guard. You application will be designed to hit the right lender at the first time of asking.

4. The Application Process

Our crew have developed a quick and straightforward application process:

Send us your details: Click ‘Apply Now’ and we’ll match you with lenders who specialise in truck finance

Provide supporting documents: A few quick uploads will do the trick

Choose your vehicle: You can find it first or apply pre-approval to shop with confidence

Get approved. We negotiate rates and terms on your behalf and keep you informed at every step

Drive away. Once the application is approved, the funds are released directly to the dealer or seller

5. Use a Broker Like Loans Unlimited

Banks can be cautious with new operators, but brokers (like us) work differently. Our crew:

• Understand transport-industry cash flow and seasonal work

• Compare multiple lenders to find one that fits your setup

• Help you structure repayments that match your earnings cycle

With Loans Unlimited, a single application is seen by 40+ lenders and with our crew at the helm, you’ll have your truck finance approved in days, not weeks.

You can also use our online truck finance calculator to guide your planning.

Apply Now and Get Pre-Approved for Truck Finance Today

Launching a transport business might be daunting, but truck and fleet finance don’t have to be. With proper documentation, a bit of experience and comprehensive support from Loans Unlimited, new operators can get approved in quick time and start earning on their terms.

To get pre-approved in as little as one business day, click ‘Apply Now’ at the top of your screen.