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Ute & dual cab finance

Ute finance for work utes and dual cabs

Ute finance is a secured car loan or, for a ute used in a business, a chattel mortgage over the ute, usually at a fixed rate over one to seven years. A GST-registered business can generally claim the GST on the price and deduct interest and depreciation, and the car limit that caps depreciation on a passenger car does not apply to a ute built to carry one tonne or more. NAB, for example, publishes $0 deposit for most purchases and no monthly fees on its business vehicle loan, which covers cars, utes and vans.

What are the repayments on a $60,000 ute?

Monthly principal and interest repayments over 5 years, by loan amount and interest rate
Loan amountMonthly repayment at
6%p.a.8%p.a.10%p.a.12%p.a.
$30,000$580$608$637$667
$40,000$773$811$850$890
$50,000$967$1,014$1,062$1,112
$60,000$1,160$1,217$1,275$1,335
$70,000$1,353$1,419$1,487$1,557

Scroll the table sideways for more rates

Illustrative monthly principal and interest repayments over 5 years, before fees and charges. Rates are examples, not offers; your rate depends on the lender and your circumstances. Secured car loan ranges published by the major lenders start around 6%; business vehicle rates are quoted on application. Run your own numbers.

Calculator

Ute finance calculator

New and used utes, personal or business

Loan amount$55,000
$10,000$120,000
Interest rate6.49% p.a.
5.00% p.a.12.00% p.a.
Loan term5 years
1 year7 years
Monthly repayment
$1,075.88
Total interest
$9,553
Total repayment
$64,553
Principal 85.2%Interest 14.8%
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Estimates only. Actual rate and repayment depend on your lender, loan structure and credit assessment.

Ute finance lenders a broker can compare

Lenders in our directory that write chattel mortgages over vehicles, the structure most work utes are bought on. For a ute bought for personal use, the car loan lenders on the car loans hub apply.

Ute finance lenders a broker can compare: each lender's type, the products it offers and its current rate
Australia and New Zealand Banking GroupMajor bankProducts:
  • Chattel mortgage
Current rate: ANZ rate card (opens in a new tab)
Commonwealth Bank of AustraliaMajor bankProducts:
  • Chattel mortgage
Current rate: CommBank rate card (opens in a new tab)
National Australia BankMajor bankProducts:
  • Chattel mortgage
Current rate: NAB rate card (opens in a new tab)
Westpac Banking CorporationMajor bankProducts:
  • Chattel mortgage
Current rate: Westpac rate card (opens in a new tab)
BankSAMajor-bank brandProducts:
  • Chattel mortgage
Current rate: BankSA rate card (opens in a new tab)
Suncorp BankMajor-bank brandProducts:
  • Chattel mortgage
Current rate: Suncorp Bank rate card (opens in a new tab)
Bank of QueenslandTier-2 bankProducts:
  • Chattel mortgage
Current rate: BOQ rate card (opens in a new tab)
Bendigo and Adelaide BankTier-2 bankProducts:
  • Chattel mortgage
Current rate: Bendigo Bank rate card (opens in a new tab)
EarlypaySpecialistProducts:
  • Chattel mortgage
Current rate: Ask a broker
GetCapital (Shift)SpecialistProducts:
  • Chattel mortgage
Current rate: Ask a broker
ScotPacSpecialistProducts:
  • Chattel mortgage
Current rate: Ask a broker
SelfcoSpecialistProducts:
  • Chattel mortgage
Current rate: Ask a broker

Inclusion is editorial reference, not a recommendation. Rates change often, so we only show a rate we captured from the lender's own page in the last 60 days, with a link to that page; otherwise we link to the lender's rate card where it publishes one. The broker you are matched with compares the lenders on their own panel.

See all 13 equipment finance lenders
Ute finance at a glance
  • Single cab, extra cab, dual cab and cab chassis utes, new or used, for personal or business use
  • Business use under a chattel mortgage: GST credit if registered, interest deduction and depreciation
  • The car limit does not apply to a ute built to carry one tonne or more
  • NAB publishes $0 deposit for most purchases, $0 monthly fees and a $600 set-up fee on its business vehicle loan
  • Accessories fitted before delivery can often be included in the finance

Ute finance for tradies

For many tradies and small business owners the ute is the main work tool, so the finance structure matters as much as the rate.

If you operate under an ABN and use the ute mainly for business, a chattel mortgage is usually the most tax-effective option. You own the ute from day one, a GST-registered business claims the GST on the purchase price on its next BAS, the interest is a business expense, and the vehicle is depreciated. NAB and ANZ both publish that the vehicle must be used mostly for business. The business car loans guide compares chattel mortgage, hire purchase and lease.

Utes, the car limit and the one-tonne rule

The car limit ($69,883 for 2026-27) caps the cost that can be depreciated on a passenger car, and caps the GST claim on one. It does not apply to a ute, van or truck built to carry a load of one tonne or more, which is why the payload rating on a dual cab matters to a business buyer.

The instant asset write-off is a separate rule: it only applies to an asset costing less than $20,000, so most new utes are depreciated rather than written off in the first year. Your accountant confirms both for your business.

Financing accessories and fitout

A work ute often needs accessories to be job-ready, and many lenders let you include those fitted before delivery in the vehicle finance, so you are not paying for them separately:

  • Canopies and hardcovers: aluminium or fibreglass canopies and tonneau covers
  • Toolboxes and storage: underbody toolboxes, drawer systems and cargo management
  • Bull bars and protection: steel and alloy bull bars, side steps and bash plates
  • Tray bodies: aluminium or steel trays for cab chassis models
  • Towing equipment: tow bars, trailer wiring and weight distribution hitches
  • Roof racks and ladders: heavy-duty roof and ladder racks

How ute finance works

1
Tell a broker what you need
The ute, the accessories, and whether it is for personal or business use.
2
Get pre-approved
Approval rests on your income or business details; the broker picks the structure and lender.
3
Shop and negotiate
Visit dealers with finance in place, and negotiate the ute and accessories as a package.
4
Drive away ready to work
Ute and accessories on one loan with one repayment.
4.9 / 5 · 320+ reviews

Related finance guides

Business car loans
Chattel mortgage, lease and the tax rules
Chattel mortgage
Tax-effective business finance
Truck finance
Larger commercial vehicles
Low doc car loans
Self-employed finance
New car loans
Finance a new ute
No deposit car loans
100% ute financing

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are calculated on a secured loan of $150,000 over 25 years for home loans, a loan of $30,000 over 5 years for car and personal loans, and $50,000 over 5 years for equipment finance, unless the lender states another basis.

Ute finance FAQs

What ute finance options are available?
A standard secured car loan for personal use; a chattel mortgage or hire purchase for business use; a novated lease if your employer offers salary packaging; or a lease. The right one depends on whether the ute is for work or personal use and your tax position. Tradies using a ute for work usually look at a chattel mortgage first.
Can I claim tax deductions on my work ute?
If the ute is used for business and financed through a chattel mortgage or hire purchase, you can generally claim the interest, depreciate the vehicle and, if GST-registered, claim the GST on the purchase price, all to the business-use share. For a ute used for both work and personal driving, a logbook substantiates the split. Your accountant confirms the claim.
Does the car limit apply to a ute?
Not to a ute built to carry a load of one tonne or more. The car limit ($69,883 for 2026-27) caps the cost that can be depreciated on a passenger car, but it does not apply to a ute, van or truck designed to carry one tonne or more, one reason tradespeople buy work vehicles rather than cars through the business. Check the ute’s payload rating before you buy.
Do I need a deposit for ute finance?
Often not. NAB publishes $0 deposit for most purchases on its business vehicle and equipment loan, and ANZ, CommBank and Great Southern Bank publish no-deposit business vehicle loans; for personal use, Pepper Money publishes finance of the full price with a $0 deposit, subject to eligibility. A deposit lowers the interest and helps with an older ute or a credit-impaired file, and a trade-in can serve as one.
What is the best ute finance for tradies?
For a tradie operating under an ABN, usually a chattel mortgage: you own the ute from day one, claim the GST upfront if registered, deduct the interest and depreciate the vehicle. A PAYG employee whose employer offers salary packaging can look at a novated lease; for personal use, a standard secured car loan usually has the lowest rate.
How much are repayments on a $60,000 ute?
About $1,217 a month at 8% over five years, with no balloon and before fees; $1,160 at 6% and $1,275 at 10%. NAB publishes a $600 set-up fee and no monthly fees on its business vehicle loan. A balloon lowers the repayment but leaves a lump sum at the end.
Can I finance ute accessories and fitout?
Often yes: canopies, toolboxes, bull bars, tray bodies, roof racks and tow bars fitted before delivery can usually be included in the amount financed, and for business use the total is depreciable. Ask the lender before you sign, because some cap what can be added on top of the vehicle’s value.
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