Truck Finance for Sole Traders

Yes — sole traders are one of the most commonly funded borrower types in Australian truck finance. Owner-drivers make up a large share of the transport industry, and lenders have built products specifically for them. You do not need a company structure; an active ABN, a licence for the class of vehicle, and evidence you can service the repayments are the fundamentals.

Two paths are typically available. Low doc suits sole traders who own property: with an ABN registered for a reasonable period and GST registration, many lenders will approve a truck purchase without full financials, often up to $150,000–$250,000 depending on the lender and the vehicle. Full doc applications require tax returns or BAS statements and generally deliver a sharper rate, higher limits and more flexibility on older or specialised trucks.

Lenders will look closely at the truck itself — age, kilometres, make, and whether it is bought through a dealer or privately. They also want to see income continuity: a subcontract agreement, regular invoices from a prime contractor, or a consistent history of work in the same sector all strengthen the file.

Structure matters for tax as well as approval. A chattel mortgage is the usual choice for GST-registered sole traders, allowing the GST on the purchase price to be claimed upfront and interest and depreciation to be deducted. A Lonix broker can compare lender pricing and set the term to match how long you plan to keep the truck.