A vehicle is essential for many businesses, but financing one can be tough before you’re fully established – especially if you’re a sole trader or small business with limited trading history.
Rent-to-own truck agreements provide an alternative to traditional commercial car finance, giving you quicker access to a truck, ute or other work vehicle without the usual hurdles.
At Savvy, we work with rent-to-own providers with flexible eligibility requirements, helping you find options that fit your needs and support your business as it grows.
How do rent-to-own trucks work?
Rent-to-own agreements give you access to a work vehicle through a rental arrangement, with ownership transferring to you at the end of the term.
Unlike a business car loan, where you receive funds to buy a vehicle of your choice, with rent-to-own you choose from the provider’s available stock, usually paying a small deposit or setup fee to secure it.
The agreement runs for a fixed period, usually between one and five years, giving you exclusive use of the vehicle while making regular rental payments.
These payments may also include some running costs such as registration, insurance and maintenance, depending on the provider’s terms.
At the end of the agreed period, you become the owner of the truck, though some providers may allow you to simply return the vehicle.
This structure can make rent-to-own a straightforward, easy-to-manage solution for businesses that need quick access to a vehicle.
What can I buy with rent-to-own truck finance?
With rent-to-own, you can access a wide range of vehicles for your business, including:
- Cars
- Trucks
- Utes
- Vans
- Tipper trucks
- Refrigerated trucks
- Prime movers
- Trailers
- Equipment
However, your choice is limited to the provider’s current stock. This means that while you can often find the type of vehicle you need, you might not get the exact make or model you want – especially if you need it immediately. In some cases, if you’re willing to wait, the provider may be able to source a specific vehicle for you.
It’s also important to be aware that you will not be buying a new vehicle. Instead, most rent-to-buy vehicles are older, used models with higher kilometres.
Rent-to-own trucks eligibility requirements
Requirements vary between providers, but rent-to-own agreements typically have simpler and less stringent eligibility criteria compared to traditional business vehicle finance.
You’ll generally need to:
- Prove your income to show you can afford the payments
- Provide an Australian Business Number (ABN)
Because it’s a rental arrangement rather than a loan, credit checks aren’t always required for rent-to-own. Even if a credit check is done, your credit score usually matters less than with standard finance.
What are the benefits of rent-to-own truck finance?
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Quick access to a vehicle
Rent-to-own can get you on the road fast, with fewer approval steps and less waiting time.
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Accessible
Rent-to-own is available to people that may struggle to secure other forms of finance, such as sole traders, new businesses and operators with low or imperfect credit.
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No traditional credit checks
Because rent-to-own isn’t a loan, most providers don’t rely on standard credit checks, instead focusing on your ability to make regular payments.
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Fixed, predictable payments
Your payments are set for the agreed term, making it easier to budget and manage cash flow.
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Tax deductible
If the vehicle is used for business purposes, your rental payments may be tax deductible.
Is rent-to-own the same as a truck lease?
No. While rent-to-own and commercial vehicle leasing look similar at first glance, they’re two different ways to access a vehicle for business use.
In both arrangements, you make regular payments over a fixed term while the provider owns the vehicle during that time. However, how the agreements work – and who they suit – is quite different.
With a commercial vehicle lease, whether that’s a finance lease or an operating lease, you’re paying to use the vehicle and its depreciation. Depending on the type of lease, you may have options during or at the end of the term, such as upgrading to a newer vehicle, extending the lease, returning the vehicle or buying it by paying a residual value. This type of finance is usually designed for established businesses and almost always involves a credit check.
Rent-to-own, on the other hand, is structured with ownership as the end goal. Your rental payments go toward paying off the vehicle, and once the term is complete, ownership transfers to you. They’re also more accessible to businesses and individuals who don’t meet standard finance criteria.
Here's how they compare:
| Feature | Rent-to-own | Commercial vehicle lease |
|---|---|---|
| Credit check | Usually no | Yes |
| Deposit or upfront fee | Yes | No |
| Documentation requirements | ABN, proof of income, valid driver’s licence | Personal, business and financial documents |
| Vehicle ownership during term | Provider | Provider |
| Ownership at end of term | Yes | Finance lease: optional Operating lease: no |
| Suited to | Sole traders, new businesses and businesses with limited finance options | Established businesses |