Truck Loans Australia – Monzi Explains All You Need To Know

Looking for a tough and rugged vehicle for your business? Truck loans may be a manageable option when you’re in need of finance. Want to know more? Monzi’s here to help. Read on for our comprehensive guide to truck loans. Let’s go.

Please note, certain ideas and products presented in this article may not be offered by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What are truck loans?

Let’s begin with the basics.

Truck loans are a form of vehicle financing that you may use to purchase trucks and other similar large vehicles for personal or business use. These loans will typically take a standard principal and interest structure, meaning that you borrow the cash required today and pay it back via a series of repayments over the coming months or years.

The benefit of these loans is that rather than paying the significant purchase costs upfront, you can divide the costs over a long period. In many cases, this will be a much more manageable option for most individuals or businesses.

While that provides a quick definition, note that Monzi is not a lender and we cannot offer truck loans. Instead, we’re simply here to provide you with an easy guide explaining all the information that you need to know. Keen to learn more? Let’s dive in.

Can I get a truck loan for bad credit?

If you’ve got a few mistakes on your credit record but would like to purchase a truck, ute or other such vehicles, then the good news is that there may be some bad credit truck loans. In short, it’s about taking a different approach.

While in the past, lenders often attributed a lot of weight to your credit, these days, there are a number of online lenders who may do things differently. In short, they may assess your current financial situation too.

As a result, you may be able to access truck loans with bad credit, so long as you demonstrate that you are in a secure financial situation. In other words, you’ve got your budget under control.

However, note that Monzi cannot guarantee if you will be offered a truck loan as a person with bad credit. It will simply come down to the lender you are dealing with and the outcome of their assessment. Moreover, many lenders may not consider bad credit applicants.

Where can I get truck loans Australia?

As with all loans, you’ll need to approach a lender. In short, while you can apply through a bank, you may also be able to apply online with one of the many new-age credit providers. It will simply be up to you to decide which to select for your truck financing needs.

In addition to this, you may also be able to access truck finance through a dealership. Obviously, though, this will only be possible if you are buying trucks from a dealership as opposed to a private seller.

Should I apply for new or used truck loans?

When it comes to vehicle financing, whether that’s a boat, car, motorbike or truck, the big question is always: should I buy new or used?

Realistically, there is no right answer. It simply comes down to what you prefer.

Starting with a new truck, while you will have to pay more, the benefit is that’s brand new. As a result, there’s no need to worry about any damage or wear. Moreover, as it’s new, you may be able to customise the colour, specs and additional features to better suit your needs.

On the other hand, buying a used truck will be cheaper. New vehicles can lose up to 30% of their value within three years of being purchased. However, the downside is that there may be wear and tear that can lead to reduced performance or hefty repair bills.

In any case, no matter the option you choose, there may be a lender who can offer the used or new truck loans you need. Do your research online or make use of handy comparison sites to determine what your options may be today.

Why should I use a truck loan calculator?

If you need to purchase a new ute or truck for your hard-working business, then you must first consider the costs. The easiest way to do this is to make use of a truck loan calculator.

In short, these loans calculators are an excellent tool that you can use to determine if a loan may be affordable for you. Simply enter the details of your loan (e.g. interest rate, amount, etc.) and it will provide you with an estimate of your repayments and total loan costs. From there, you can compare those figures to your finances to see whether or not the loan would be suitable.

The calculators are typically found online through the websites of lenders, banks and financial institutions. However, remember that any figures generated are estimates only. As a result, you should only use them as a guide. Your lender will determine your actual repayments as part of your loan agreement.

What type of trucks can I purchase with a loan?

Trucks come in many forms. As a result, you may be wondering if your ideal truck can be purhcased using a truck loan. While Monzi cannot say, given we’re not lenders, some common trucks that are purchased using vehicle finance include:

  • Utes
  • Tow trucks
  • Refrigerated trucks and trailers
  • Livestock trucks/trailers
  • Water trucks
  • Cement trucks

If your desired truck is not listed, there’s no need to worry. This is just a quick list intended to provide a few examples. Talk to a lender directly to determine if you can purchase your preferred vehicle with a truck loan.

Are there any trucks loans for new businesses?

If you’re a new business owner looking to purchase a truck to get your operations up and running, you may find that your applications keep running into dead ends. While this may be frustrating, it is not abnormal.

For new businesses, it can often be a struggle to receive approval on a loan. After all, lenders prefer to offer loans to business and individuals that have a strong track record of making repayments, assets they can use to secure loans and strong financial situations. Obviously, this may not be possible if you’re just starting out.

The good news, though, is that there may be some lenders out there who may be willing to help. However, be aware that you may need to pay higher interest rates, given the additional risk involved for your lender. Alternatively, you may be able to secure your loan using a personal asset (e.g. your vehicle). However, consider the risks associated before taking this step.

If you are new to the business world, then check out this handy resource provided by that explains the steps involved in applying for a business loan.

What are the interest rates on a truck loan?

Truck loans, like any loans, will come with interest. It’s simply the price you have to pay for the right to borrow money. The exact rate, however, will vary based on several factors which makes it impossible for Monzi to say what your rate may be.

If you’re applying for a truck for personal uses, then your credit score may impact the rate you are offered. Moreover, whether you apply for a secured or unsecured loan may affect your rate too.

On the other hand, if you’re applying for a commercial truck loan, then businesses who are well-established, have extensive capital and can secure their loan using existing assets will typically be offered lower rates than a young and growing business.

At the end of the day, your lender will determine the rates you are offered based on the nature of your application. Do your research online to get an idea of what you may have to pay.

Truck title loans explained

While we’ve explained loans to purchase trucks extensively, truck title loans are a little different. As a result, it’s worth explaining.

In short, title loans involve using the title of your asset as collateral. In other words, it’s just like a secured loan. As part of your application, you’ll nominate an asset that you own (i.e. hold the title of) as secuirty. If you default on your loan, then the lender may be able to repossess this asset to recover their losses.

Given this, a truck title loan simply refers to the loans referenced above where you use the title of your truck to secure the loan. In other words, it’s the collateral. As a result, title truck loans may be a type of personal loan that you could use to cover upexpected expenses such as car repairs, travel costs or unexpected bills.

What is the best bank for commercial truck loans?

At Monzi, we cannot recommend any bank specifically. What we can say, though, is that banks are often one of the primary sources of commercial truck financing. As a result, you should have plenty of options to choose from.

With the range of banks who may be able to help, you don’t need to rush. Take your time and approach it in a calculated manner. Do your research and layout your options. Each lender may offer slightly different terms and features, meaning that there may be an option that is more suitable than the others for your business.

Finally, note that banks and other lenders may not advertise truck loans specifically. Instead, they may be grouped in with equipment loans or car loans for your business. As a result, ensure you check the eligibility requirements as well as the terms and conditions to ensure that you can borrow money to purchase a truck for your business.

Can I apply for big truck loans online?

Yes, you may.

Banks and dealerships have long been the traditional suppliers of truck finance. While both may still be viable and attractive options, these days, you may also apply for truck loans online through a variety of lenders.

In short, these lenders will operate entirely via the internet. In other words, they won’t have any physical locations, meaning you can apply from the comfort of your home or office. Moreover, as they don’t run branches, they may have lower overheads allowing them to potentially offer more favourable deals.

However, Monzi cannot guarantee if this will be the case. While you can apply for truck loans online, don’t limit your options. Shop around and compare all your options to determine which deal is right for you or your business.

How many years can you finance a truck for?

This will vary based on your loan and lender.

If you borrow a large amount to purchase a number of vehicles, then you may be offered a longer repayment term than a borrower who only takes out a small loan to purchase a single truck.

In addition to this, lenders may apply minimum and maximum terms. For example, they may offer terms ranging from two to seven years and allow you to select your preferred term.

As a guide, when it comes to selecting the right repayment term, aim to find the right balance. A term that’s too short may overextend your budget, while one that is too long could be unnecessary. As a result, take the time before applying to determine what is right for you.

What credit score do you need to buy a semi truck?

Given that we’re talking about credit scores, we’ll focus on buying truck loans for personal use. In terms of what credit score you may need to purchase a truck, it will vary.

Lenders may institute minimum credit score requirements. In other words, they will not offer truck loans to borrowers with a credit score below a certain threshold. However, lenders may vary in the level of risk they’re willing to take on, meaning that some may be willing to consider applicants that don’t have good credit.

Given this, it’s difficult for Monzi to say what credit score you may need to get a semi-truck loan. However, remember that your credit score isn’t the only factor in your loan assessment. You must also demonstrate that you’re in a secure financial position too.

How much of a down payment do I need for a truck?

Most lenders will require you to pay a deposit on a truck loan. To give you an idea, this may range from anywhere as low as 5% up to 20% and beyond. At the end of the day, the exact amount may ultimately be determined by your lender based on the nature of your business (e.g. age, credit history) and the amount you would like to borrow.

Having said this, note that you may be able to avoid paying a downpayment if you apply for a secured loan. With this, you must secure the loan with one of your business’ assets. Although, keep in mind that this may not be an option with all lenders. Instead, some may always require you to pay a deposit.

Can I get a semi truck loan with bad credit and no money down?

As mentioned, it may be possible to get a truck loan without paying a deposit. However, if you’ve got bad credit too, then this may make it more difficult to secure approval, given that you may be viewed as a risky borrower.

In any case, in these situations, you may need to apply for a secured loan as a bad credit borrower. With this, lenders may be willing to allow you to pay nothing upfront, given that the level of risk on these loans is lower.

Ultimately, though, Monzi cannot say with certainty if you can get a truck loan with no deposit and bad credit. It may simply be determined by your lender and their willingness to consider bad credit applicants. In other words, approval is never certain.

red truck purchased with a truck loan

What is the monthly payment on a $25,000 truck loan?

Unfortunately, Monzi cannot say.

Your truck loan repayment amount will vary based on your interest rate, fees and term. As a result, we cannot provide a clear answer to this question.

As a general rule, the longer your repayment term is, the smaller your regular repayment amount will be. Conversely, the shorter your term is, the larger your regular amount will be.

Given this, as we’ve already mentioned, it’s never a bad idea to consult a truck loan calculator. You can enter the key details of your loan to determine an estimate of what your repayments may be on loans of varying amounts and terms. Do your research to find a loan calculator online today.

Should I lease or buy a truck?

In short, you must decide. After all, Monzi cannot provide any advice, given that the right decision will be determined by your own or your business’ unique financial situation.

On the one hand, renting may be more cost-effective if money is tight, given that you’ll pay less upfront. This may make it easier for your business to manage its cash flows and expenses. In addition to this, you may be able to upgrade to a newer model once your lease has expired.

On the other hand, buying comes with the benefit that you will own the truck outright. As a result, it’s yours and you can do whatever you want with it. If the vehicle is a personal purchase, then this may be an attractive option.

Ultimately, though, it’s up to you whether you decide to rent or buy. Consider the pros and cons as well as the costs involved to determine what’s best for you.

Can I get a truck loan through my business?


If you’re a business owner who needs a new fleet of reliable, hard-working trucks, then the good news is that there are truck finance options available. However, before applying, it’s important to understand what lenders will look for to determine if your business should be offered a loan.

As a guide, they’ll usually base their assessment on the five C’s. Check them out:

  • Character: is your business trustworthy, established and reliable? Moreover, do you have a track record of making repayments on time?
  • Capacity: are you earning sufficient income to cover the repayments? Lenders may analyse your business’ financial situation to assess this criteria.
  • Collateral: do you have any assets that you can use to secure the loan? Lenders view these loans more favourably than loans that are unsecured.
  • Capital: what assets and cash does your business hold?
  • Conditions: are the terms of the loans suitable and affordable for your business?

Lenders will provide you with an outcome after completing your assessment. Note that approval is not certain.

How do I choose the right truck?

As long as you have a good understanding of what you will be using your truck for, there’s no reason why choosing the right truck should be difficult. After all, you’ve got plenty of options to choose from.

So, when you’re trying to choose the right truck, ask yourself a few of the following questions:

  • What will I be using my truck for?
  • Is it a business or a personal purchase?
  • Can this truck complete the tasks (e.g. towing trailers) that I need it to?
  • How much will you have to pay to maintain it?
  • Is it a safe and reliable vehicle?

How can I get the lowest rates on a truck loan?

Ultimately, your lender will determine the rate that you are offered. In terms of the lowest rates available, they will typically be offered to well-established businesses with reliable repayment histories and strong financial performance.

Obviously, if you’re a new business, then this may not be possible. However, lenders may offer lower rates on secured loans. So, if your business owns assets (e.g. equipment), then this could be one way to reduce your costs. Moreover, you may even be able to use your personal assets (e.g. your home) in certain situations too.

Again, though, your lender will determine your rate. As a result, shop around and consider your options before applying for a truck loan.

How long does it take to receive approval on a truck loan?

In short, times will vary.

In some cases, you may receive an outcome on the day you apply. However, it is more realistic to expect that it will take a few days for your application to be processed and assessed.

Given this, Monzi is unable to provide you with a clear answer. The waiting time involved may depend on the lender you are dealing with and the nature of your application. However, if you’re after a fast outcome, then it’s usually a good idea to apply during business hours. Moreover, take the time to ensure that your application is complete and contains all the necessary information before you submit it.

How do I compare new truck loans?

If you’re looking to find a good deal on truck financing, then comparing your options is a non-negotiable step. By shopping around, you may be able to access more favourable terms and even lower costs.

However, if this is your first truck loan or you’re just not sure where to begin, there’s no need to worry. Monzi has assembled this quick guide that you can use to compare loans. Check it out:

  • The costs: what rates and fees are applied to the loan? The comparison rate provides an easy way for you to compare annual loan costs side-by-side.
  • The terms and features: do you have a reasonable timeframe to repay your loan. In addition to this, are there any other benefits or features that you may take advantage of (e.g. option to make additional repayments)?
  • Security: do you have to secure the loan with an asset? In many cases, you may be able to use the truck you purchased as security on the loan.
  • The credit provider: not all lenders are the same. Compare their user reviews to see how they’ve treated borrowers in the past.

Note that there may be other points worth comparing on your loan. This is just a quick list to get the ball rolling.

Will there be a balloon payment at the end of my loan?

There may be. However, this will depend on the terms of your loan.

A balloon payment is a lump-sum amount that you must pay as your final repayment. It is referred to as a balloon payment as it is usually much larger than your previous repayments.

The benefit of a balloon payment is that you can reduce the amount that you must pay via your regular repayment. However, balloon payments are often offered as an option. In other words, you may choose whether you want a balloon payment or not.

Given this, Monzi cannot guarantee if you will have to make a balloon payment. This will be determined as part of your loan agreement.

Truck loans and Monzi: can we help?

Unfortunately, we cannot.

At Monzi, we can’t offer truck loans. Moreover, we can’t offer home loans, cash loans or car loans either. That’s because not lenders. Instead, we’re an easy, online Aussie lender-finder service.

In short, every day, we help people from all over the country connect with lenders offering personal loans. So, if you’re on the hunt for fast cash to cover your costs from $300 to $10,000, why not apply with Monzi?

You may be able to borrow the money required today and repay it via a series of management repayments over terms ranging from 12 to 24 months.

Keen to know more? Read on and we’ll explain how you can apply with Monzi today.

How do I apply for cash loans with Monzi?

So, you’re after a little cash to cover an emergency expense today? No worries. Monzi may be able to put you in touch with a lender today. However, before we get to applying, you must first make sure that you’re eligible. See below for Monzi’s eligibility criteria:

  • Australian citizen or permanent resident.
  • At least 18 years of age.
  • Can provide a current email address and mobile number.
  • Have a bank account that has at least three months of history.

Now that you’ve confirmed that you’re eligible, you can move onto applying. Just follow these easy steps:

  1. Select your loan amount.
  2. Complete Monzi’s online application.
  3. Wait while we attempt to pair you with an available lender.
  4. Receive your outcome. If we successfully match you with a lender, then they will be in contact to assess your application.

Finally, note that approval is never guaranteed.

Send us your questions

While Monzi may not be able to offer truck loans, we pride ourselves on our commitment to our users. So, if you’ve got any questions about what our lender-finder service entails, then we’d love to hear from you.

You can contact us at any time you like. From there, our customer service team will do what they can to address any concerns you may have. Just remember that we will only monitor this account during business hours.

Finally, if you’ve got questions about truck loans or the rates and costs involved, then you may need to contact a bank or lender directly. As Monzi does not offer these products, we will be unable to answer your questions.

Truck loans? Apply for a personal loan today

At Monzi, we’re specialists at connecting Aussie borrowers with lenders offering personal loans fast from $300 to $10,000. Unfortunately, though, we cannot offer truck loans. As a result, you’ll have to look elsewhere.

In any case, if you need a little bit of fast cash today, then give Monzi a try. With one application, you might cut out the hassle that comes with trying to find a lender. In short, Monzi may pair you with an Aussie credit provider in just 60 minutes. Monzi may be a simple and stress-free option for Aussies, by Aussies.

Ready to apply? Hit the “Apply Now” button or scroll up to our loan slider at the top of the page. Let’s go.

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Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

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24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

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$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.