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Prime Mover Finance · Low Doc Tiers · Lender View
On a prime mover above the smaller low doc limits, lenders want a year of ABN history, GST registration and clean bank statements before they look at the truck. Here is how the tiers work, how a prime mover compares with a rigid, and what a clean file looks like.
Quick Answer
Prime mover finance is a business loan secured over the truck itself, and on a prime mover over the smaller low doc limits most lenders want a year of ABN history, GST registration and clean bank statements before they look at the truck. The loan size, not the truck type, sets the tier you land on, which is why a truck finance broker for owner-drivers sizes the file before choosing the lender.
Also called: prime mover loan, prime mover financing. Both mean the same product: business finance secured over the prime mover itself.
What is prime mover finance?
Prime mover finance is a business loan secured over the prime mover itself, written for an ABN holder who is buying the truck to earn income with it. Most deals are structured as a chattel mortgage: you own the truck from day one and the lender holds security over it until the loan is paid out.
Who funds it depends on the file. Major banks typically take strong full doc files with long trading history and lodged tax returns. Non-bank lenders and tier-2 specialists do most of the low doc work, where bank statements and BAS stand in for tax returns. Pricing depends on the file and the truck, so there is no single rate worth quoting here; our guide to what drives the rate on chattel finance covers the levers.
If you are an owner-driver or a small operator, the useful first step is a broker who can place the file on the right tier the first time. Semi truck finance terms sit on their own page, and if you are running more than one truck, fleet finance is assessed differently again.
What do lenders need for low doc prime mover finance?
Above the smaller low doc limits, lenders typically want 12 months of ABN history, GST registration and clean bank statements before they look at the truck. The loan size sets the tier, and a prime mover at $150k plus usually lands in the upper bands.
| Loan size (indicative) | ABN history | GST registration | Documents basis |
|---|---|---|---|
| Up to around $50k (more often a used rigid or trailer than a prime mover) | Around 6 months, varies by lender | Typically not needed under $75k turnover | Business bank statements, typically 6 months |
| Up to around $150k | Typically 12 months, or around 18 months without GST registration with some lenders | Helps, not always required at this size | Typically 6 months of business bank statements |
| Around $150k to $250k | Typically 12 months | Typically 6 months of GST registration | Bank statements and BAS, typically 6 months |
| Above around $250k | Typically 12 months | Typically 12 months of GST registration | A clean credit file and usually fuller documentation |
All figures are indicative, vary by lender and reflect lender policy as at October 2026. In deals I've seen, the file that stalls at this size is rarely a weak operator. It is a capable driver whose ABN or GST registration is younger than the tier asks for, lodging a $150k plus truck against a band built for smaller loans.
If your ABN is newer than that, the path is different, and our guide to truck finance for a new business covers what a young ABN can and cannot fund. The documents themselves (which statements, how much BAS history, when an accountant's letter helps) are covered in our lender view on low doc truck finance. For the wider vehicle picture, our low doc vehicle finance guide still applies.
What does the underwriter check first on a prime mover file?
The underwriter reads the operator before the truck: ABN and GST history, bank statements, BAS lodged on time and a visible buffer for fuel and repairs come first, then the asset. A strong truck does not rescue a thin file, but a clean file makes most reasonable trucks easy to approve.
The asset still matters. Most lenders cap how old a truck can be at the end of the term, and a prime mover that pushes against that cap on day one of the loan term often forces the file into a lower low doc tier or an alternative chattel mortgage structure with a different balloon profile, which our truck finance guide walks through. The caps themselves are covered in our piece on the truck's age at the end of the loan, and the asset age cap entry explains the term.
| Check | Usually passes | Usually stalls |
|---|---|---|
| ABN and GST history | Typically 12 months of ABN plus GST registration on a $150k plus low doc file | ABN under 12 months on a loan of that size |
| BAS | Lodged on time, figures match the bank statements | Missing, late or out of step with deposits |
| Asset age | Inside the lender's cap at the end of the term | Outside the cap, or right on it at the start |
| Cashflow buffer | A fuel and repair float visible in the account | An account that runs close to zero between payments |
| PPSR and rego | Clear title, rego details match the quote | Encumbered, flagged or mismatched details |
| Deposit | Trade-in equity or cash | None, which usually means a tighter tier or property support (see no deposit truck finance) |
What speeds a file up is plain paperwork: run sheets or invoices that show the work the truck will do, and the exact truck details (VIN, kilometres, year) on the quote rather than a description.
How do the truck's age and kilometres change the balloon and term?
The truck's age and kilometres change the balloon and term because lenders set both against what the truck will be worth at the end of the loan, not against the repayment the buyer wants. Some lenders allow a balloon of up to around 30% on a younger truck, indicative and varying by lender. High kilometres usually mean a shorter term and a lower balloon the lender will accept, and an older truck at the end of the term pulls both down further. Where this commonly lands is a buyer who planned the repayment around a large balloon and finds the truck's age will not carry it.
Do prime movers get approved faster than rigid trucks?
Prime movers do not get approved faster because of the truck type alone. A prime mover usually sits on a bigger loan and a higher low doc tier, so it needs more ABN and GST history, while its resale depth helps once the file qualifies.
That resale depth is real. A well-specced prime mover has a deep secondhand market and an obvious commercial purpose, and both make the lender more comfortable with the security once the operator side passes.
| Factor | $150k plus prime mover | Used rigid to around $50k |
|---|---|---|
| Typical low doc tier | The upper bands, around $150k to $250k or above | The smallest band |
| ABN history needed | Typically 12 months plus GST registration | Around 6 months, varies by lender |
| GST registration | Typically needed | Typically not needed under $75k turnover |
| What helps | Resale depth, interstate or depot contracts | Metropolitan contracts, a late model truck |
| What stalls it | Thin ABN or GST history for the loan size | An older rigid near the age cap |
| Time to indicative terms | Typically 24 to 48 hours on a complete file | Typically 24 to 48 hours on a complete file |
When does a rigid make the cleaner file?
A rigid makes the cleaner file when the work is metropolitan contracts or last-mile delivery, the truck is late model and the depot work is documented. A smaller loan on a younger ABN can clear where a prime mover on the same file would not, simply because it sits in a lower tier. For how the structure and age caps differ by body type, see our comparison of a rigid truck vs prime mover on a chattel mortgage. Either way, buy the truck your contracts need; the finance follows the file.
How long does prime mover finance approval take?
Prime mover finance approval typically takes around 24 to 48 hours to indicative terms on a complete file, and settlement is a separate step that runs on the truck's paperwork rather than the lender's clock. What usually delays settlement on a prime mover:
- Truck details that don't match. The VIN, engine number, kilometres or year on the quote differ from the truck. Get them off the compliance plate and odometer before lodging.
- No tax invoice yet. The dealer or private seller has not issued one. Ask for it the day terms come back.
- An existing finance interest on the PPSR. The seller's loan has to be paid out at settlement. Order the payout figure early.
- No insurance certificate of currency. Most lenders need it before funds move. Arrange cover while the file is in credit.
- A late bank statement or BAS request. Credit asks for a more recent month. Have the latest statements and BAS ready to send.
If you are buying for tax timing, the truck has to be in use (installed ready for use) by 30 June to count in that year, so plan early; our piece on timing a truck purchase around EOFY sets out the window. The instant asset write-off covers assets costing less than $20,000, for small businesses with aggregated turnover under $10 million, according to the ATO's instant asset write-off page, so a prime mover is depreciated rather than written off in one year, and how that plays out is a question for your accountant. To work out the repayment on a prime mover, use the truck finance calculator.
What does a clean prime mover file look like?
A clean prime mover file is one where nothing asks the underwriter a question: the trading history fits the tier, the account shows the buffer, and the truck details are exact.
None of that file is unusual. What lenders actually look at first is whether the pieces agree with each other, so assemble the same set before you lodge with the Truckie loan pack, and fix any gap before the underwriter finds it.
Prime mover finance is decided by the tier, not the truck. At $150k plus, most low doc lenders want around 12 months of ABN history, GST registration and clean bank statements, then they read the truck's age and kilometres to set the balloon and term. Prime movers are not approved faster than rigids by default; they sit on bigger loans that need more history, and their resale depth helps once the file qualifies. Indicative terms typically take 24 to 48 hours on a complete file, and settlement runs on the truck's paperwork.
Key takeaway: size the loan against your ABN and GST history first, then assemble the full file before you lodge.Frequently Asked Questions
You finance a prime mover as a business truck loan secured over the truck, usually a chattel mortgage, sized to the low doc tier your ABN and GST history fit. The lender reads your bank statements and BAS first, then the truck's age and value. Combination set-ups are covered in our guide to b-double and multi-combination finance.
You can finance a prime mover on low doc, typically up to the smaller low doc limits on around 6 months of bank statements, and above them with around 12 months of ABN history and GST registration. Limits are indicative and vary by lender. Our lender view on low doc truck finance covers the documents.
How much you can borrow for a prime mover on low doc depends on your ABN and GST history, with low doc limits typically sitting around $150k and $250k, indicative and varying by lender. Larger trucks usually need fuller documentation and a clean credit file. The low doc loan glossary entry explains how low doc lending works.
Prime mover finance approval typically takes around 24 to 48 hours to indicative terms on a complete file. Settlement is separate and depends on the tax invoice, PPSR, insurance and truck details lining up. Recent business bank statements and BAS sent with the first lodgement keep the file inside that window.
The balloon you can put on a prime mover is typically up to around 30% with some lenders, indicative and varying by lender, and the truck's age and kilometres do change it. An older or high-kilometre truck usually gets a smaller balloon and a shorter term. You can work out the repayment on a prime mover with and without a balloon.
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