Trucks are usually financed against the vehicle itself. You pay a deposit, the lender finances the rest, and you repay over an agreed period. What a lender allows depends on the type of vehicle, whether it is new or used, and how it will be used.
What changes by vehicle type
- Commercial vehicles: from the bank summary we hold, one bank lists up to 95% financing with a 5% deposit over up to 72 months for commercial vehicles.
- Passenger service vehicles (PSV) and PSV Saccos: lenders usually ask for a larger deposit and a shorter period. The same summary shows 70% financing with a 30% deposit over up to 36 months at one bank.
- School buses: terms can differ from other vehicles. The summary shows a bank figure above 100%, which means the bank may finance costs beyond the vehicle price. Confirm the details with the lender.
- Used trucks: banks generally want a higher deposit and a shorter period, and some set a maximum vehicle age.
These are indicative figures from a bank summary and they change. The full comparison is on the financing page.