What rate and term apply to truck hire purchase?

Indicative truck finance rates are From ~7.6% p.a. (new, prime borrower) — subject to credit, with terms of 36–60 months (light/medium); up to 72 months on prime movers and deposit/LVR of Up to 100% on new trucks from a recognised dealer; 80–90% on used. Your actual rate depends on the truck, 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.

Can I finance a used heavy truck in NZ?

Yes. Most NZ asset-finance lenders fund used heavy trucks up to about 10 years of age at end of term. UDC, Heartland and Speirs are particularly active in used heavy truck finance. Pricing depends on age, mileage, vehicle category and your business profile.

How fast can I get approved for a new truck?

Conditional approval on a new truck from a recognised dealer is often available in 1–2 business days. Same-day or next-day settlement is common once approval and documentation are complete.

Truck Finance · Hire Purchase

Truck hire purchase

Fund truck 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

Truck finance structured as hire purchase means you own it outright at the end of the term. 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 hire purchase right for truck?

Commercial vehicles hold resale value and work across long lives, so hire purchase — where you own the vehicle on the final payment — is the most common choice for NZ operators who keep their trucks and utes rather than refresh them.

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 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

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 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 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.

Get truck hire purchase quotes

Answer a few questions and we'll match you with the NZ lenders most likely to fund your truck on hire purchase.

Get matched in 60 seconds

Frequently asked questions

Yes. Hire Purchase is a common way to fund truck 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.