What rate and term apply to forklift hire purchase?

Indicative forklift finance rates are From ~7.6% p.a. (new, prime borrower) — subject to credit, with terms of 48–84 months and deposit/LVR of Up to 100% on new from a recognised dealer; 80–90% on used. Your actual rate depends on the forklift, its age and condition, your deposit and term, and your business credit profile — and is set by the lender on approval. Figures here are indicative only, not a quote.

Should I buy or lease a forklift?

For high-utilisation forklifts you intend to run long-term, hire purchase or chattel mortgage usually beats leasing on total cost. For fleets that need predictable cost, bundled servicing and refresh every 3–5 years, operating lease (especially fully-maintained) often wins.

Can I finance a used forklift?

Yes — most NZ asset finance lenders fund used forklifts up to about 10–12 years at end of term. Used forklifts from a recognised dealer or rental fleet roll-off are easier to fund than private-sale units.

Forklift Finance · Hire Purchase

Forklift hire purchase

Fund forklift on hire purchase and own it outright at the end of the term. Indicative rates From ~7.6% p.a. (new, prime borrower) — subject to credit.

Quick answer

Forklift finance structured as hire purchase means you own it outright at the end of the term. Forklift finance funds counterbalance forklifts, reach trucks, walkie stackers, pallet jacks, order pickers and telehandlers for NZ warehousing, logistics, manufacturing and yard operations. Most NZ forklift finance is structured as hire purchase, chattel mortgage or operating lease (commonly bundled with servicing for fleets).

Is hire purchase right for forklift?

Heavy plant earns over a long working life, so hire purchase over a longer term lets you match repayments to the asset’s productive use and own it at the end.

About forklift finance

Forklift finance funds counterbalance forklifts, reach trucks, walkie stackers, pallet jacks, order pickers and telehandlers for NZ warehousing, logistics, manufacturing and yard operations. Most NZ forklift finance is structured as hire purchase, chattel mortgage or operating lease (commonly bundled with servicing for fleets). Indicative rates from ~7.6% p.a. for new forklifts from a recognised dealer, with terms up to 84 months. Used forklifts including ex-rental and auction units are funded by specialist NZ non-bank lenders.

Why hire purchase

✓Ownership transfers to you at the end of the term
✓Fixed interest rate and fixed repayments — easy to forecast
✓Claim depreciation and interest on your tax return
✓Up to 100% finance available for established businesses on eligible new assets
✓Asset shows as a fixed asset on the balance sheet

Trade-offs to weigh

–The asset shows as a liability on the balance sheet until paid off
–Lender holds security over the asset until final payment
–Early-termination fees may apply if you exit before the end

Forklift finance at a glance

Indicative rate: From ~7.6% p.a. (new, prime borrower) — subject to credit
Typical term: 48–84 months
Deposit / LVR: Up to 100% on new from a recognised dealer; 80–90% on used
Lenders: UDC Finance, Heartland Bank, Toyota Financial Services

What you can fund

LPG, diesel and electric counterbalance forkliftsReach trucksWalkie stackers and pallet jacksOrder pickersTelehandlers (rough-terrain forklifts)Container handlers and heavy industrial lifts

How hire purchase is treated

Ownership during term	Lender (security)
Ownership at end of term	You — automatic on final payment
Who claims depreciation	You
GST treatment	Claim GST on asset cost upfront (cash/invoice basis)

See the full breakdown in the hire purchase guide, compare all four structures on the comparison page, or read more on forklift finance.

Rates, terms and LVR are indicative market ranges for guidance only — not a quote, not financial or tax advice, and subject to lender credit approval. Confirm tax and accounting treatment with your accountant.

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Frequently asked questions

Yes. Hire Purchase is a common way to fund forklift for New Zealand businesses — it means you own it outright at the end of the term. Hire purchase is a fixed-term finance agreement where you pay off the cost of an asset in regular instalments and take ownership at the end. The lender holds security over the asset until the final payment. All applications are subject to lender credit approval.