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Ute Finance · Hire Purchase

Ute hire purchase

Fund ute 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

Ute finance structured as hire purchase means you own it outright at the end of the term. Ute finance is one of the most common NZ asset finance categories — funded across new and used Toyota Hilux, Ford Ranger, Mazda BT-50, Mitsubishi Triton, VW Amarok, Isuzu D-Max, Nissan Navara and others. Most business ute finance is structured as hire purchase or chattel mortgage so the business owns the ute at the end and claims depreciation.

Is hire purchase right for ute?

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 ute finance

Ute finance is one of the most common NZ asset finance categories — funded across new and used Toyota Hilux, Ford Ranger, Mazda BT-50, Mitsubishi Triton, VW Amarok, Isuzu D-Max, Nissan Navara and others. Most business ute finance is structured as hire purchase or chattel mortgage so the business owns the ute at the end and claims depreciation. New utes from a recognised dealer often qualify for up to 100% finance with conditional approval in 1–2 business days. Indicative rates from ~7.6% p.a.

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

Ute finance at a glance

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

What you can fund

Toyota Hilux (single, extra, double cab)Ford Ranger (single, super, double cab)Mazda BT-50Mitsubishi TritonVolkswagen AmarokIsuzu D-Max, Nissan Navara, Ssangyong Musso

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 ute 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 ute 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.