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Truck Finance · Finance Lease

Truck finance lease

Fund truck on finance lease and lease it over its useful life, with an option to buy at the residual. Indicative rates From ~7.6% p.a. (new, prime borrower) — subject to credit.

Quick answer

Truck finance structured as finance lease means you lease it over its useful life, with an option to buy at the residual. Truck finance in New Zealand funds light, medium and heavy commercial trucks for transport, logistics, civil, construction and freight businesses. Most NZ truck finance is structured as hire purchase or chattel mortgage so the business owns the truck at the end.

Is finance lease right for truck?

A finance lease suits operators who want lease-payment deductions and do not need to own the vehicle outright during the term, with the option to buy at the agreed residual at the end.

About truck finance

Truck finance in New Zealand funds light, medium and heavy commercial trucks for transport, logistics, civil, construction and freight businesses. Most NZ truck finance is structured as hire purchase or chattel mortgage so the business owns the truck at the end. Indicative rates start from around 7.6% p.a. for prime borrowers on new trucks from a recognised dealer, with up to 100% finance available and conditional approval often inside 1–2 business days. Used trucks are funded across the major NZ asset-finance lenders, typically up to 8–10 years of age at end of term.

Why finance lease

  • ✓Lease payments are deductible operating expenses
  • ✓No GST charged upfront on the asset — GST is on each lease payment
  • ✓Often easier approval than a traditional loan for new businesses
  • ✓Predictable fixed payments
  • ✓May suit assets with strong second-hand market (machinery, plant)

Trade-offs to weigh

  • –You do not own the asset during the term
  • –Buying out at end of term usually requires negotiating residual
  • –Less flexibility than hire purchase if you want to sell mid-term

Truck finance at a glance

Indicative rate
From ~7.6% p.a. (new, prime borrower) — subject to credit
Typical term
36–60 months (light/medium); up to 72 months on prime movers
Deposit / LVR
Up to 100% on new trucks from a recognised dealer; 80–90% on used
Lenders
UDC Finance, Heartland Bank, BNZ Asset Finance

What you can fund

Heavy trucks (8x4, 6x4, 6x2 rigid)Prime movers and tractor unitsLight and medium trucksCurtain-siders, flat-decks, tippers, transportersRefrigerated trucks and reefer unitsTrailers, semi-trailers, dollies

How finance lease is treated

Ownership during term Lender owns the asset
Ownership at end of term Lender (with option to purchase at residual)
Who claims depreciation Lender
GST treatment GST on each lease payment (not upfront)

See the full breakdown in the finance lease guide, compare all four structures on the comparison page, or read more on truck 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. Finance Lease is a common way to fund truck for New Zealand businesses — it means you lease it over its useful life, with an option to buy at the residual. A finance lease is an arrangement where the lender owns the asset and rents it to your business for an agreed term, with you taking on most of the risks and rewards of ownership economically. Lease payments are treated as an operating expense for tax purposes. All applications are subject to lender credit approval.