In most New Zealand trades and service businesses, the vehicle is the business. The ute carries the gear, the van is the mobile workshop, the truck is how the product gets from Hamilton to Tauranga. When one dies or the business outgrows it, replacing it quickly matters.
What we can help fund
- Utes — single and double cab, tray-backs, canopies and fit-outs.
- Vans — tradie vans with racking, refrigerated vans, courier vans.
- Trucks — light trucks, tippers, curtain-siders, and heavy vehicles for transport operators.
- Trailers — plant trailers, car transporters, horse floats for equine businesses.
- Specialist vehicles — food trucks, tow trucks, mobile workshops.
Why use a business loan instead of dealer finance?
Dealer-arranged finance is convenient, but it ties you to that dealer and that vehicle. A business loan arranged first gives you:
- Freedom to buy anywhere — dealer, private sale or an auction house.
- New or used — including older, well-maintained vehicles that a finance company might not lend against.
- Negotiating power — you’re effectively a cash buyer.
- Fit-outs included — racking, canopy, signage and towbar can sit in the same loan.
Two funding routes
Property-secured. Borrow from $20,000 up to $1m against NZ property you or a supporting party already own, as a first or second mortgage. No financials or tax returns for the initial assessment; bad credit, defaults and arrears considered case by case; funding possible within 24 hours of approval in some cases. Good for fleet purchases or when you need a bigger budget.
Unsecured. For businesses usually trading six months or more, assessed on turnover and bank statements. Weaker credit is considered and decisions are sometimes same day. Good for a single replacement ute or van.
Tax points for work vehicles
A few New Zealand-specific things to raise with your accountant before you buy:
- GST. If you’re GST-registered and buy from a GST-registered seller, you can usually claim back the GST portion (3/23 of the GST-inclusive price) in proportion to business use.
- Depreciation. Vehicles are depreciated at IRD’s rates for the vehicle type.
- Investment Boost. Qualifying new assets — including vehicles that are new, or new to New Zealand such as used imports — first available for use on or after 22 May 2025 can attract a 20% up-front deduction. Second-hand vehicles already used in New Zealand don’t qualify.
- FBT. If staff take vehicles home, fringe benefit tax may apply unless the vehicle meets the work-related vehicle rules.
- Road user charges. Diesel vehicles, and since April 2024 electric vehicles, pay RUC by distance — factor it into running costs.
See depreciation and buying before 31 March for timing ideas.
Buying used? Check the PPSR first
A used vehicle can have money owing on it. If the seller’s lender has registered a security interest on the Personal Property Securities Register and isn’t paid out, the vehicle could be repossessed even after you’ve bought it. A PPSR search costs little and takes minutes — our PPSR guide shows you how.
Working out what you can afford
Before settling on a vehicle, work backwards from the job:
- What extra revenue will it generate, or what cost will it remove (hire, sub-contracting, breakdowns)?
- What will it cost to run each month — fuel or charging, RUC, insurance, servicing, tyres?
- What repayment is comfortable in your quietest month, not your best?
If the vehicle pays for itself in the quiet month, it’s usually a sound purchase.
Get moving
Send a 60-second enquiry with the vehicle type, rough price and whether there’s property involved. It won’t affect your credit score. A lending specialist calls back to talk through the best route for your situation.