Asset finance in NZ: business vehicles, trucks and equipment

How does asset finance work for a business?

With asset finance, the lender pays for your vehicle, machine or equipment, and you pay the loan back over a set term, usually one to five years. The lender uses the asset as security and can take it back if you stop making payments. Since the asset backs the loan, asset finance usually costs less than an unsecured loan, and many lenders can fund up to 100% of the price.

Asset finance lenders compared

This information comes from each lender's website and was checked on 6 November 2026.

• UDC

  What it finances

  Vehicles, fleets, trucks, plant, civil, forestry, farm and aviation equipment

  Minimum

  $5,000 for vehicles

  Term

  Up to 5 years for vehicles, with seasonal or balloon payments

  Up to 100%

  Yes

• Heartland

  What it finances

  Trucks, trailers, civil, manufacturing, materials handling and farm equipment, helicopters

  Minimum

  $10,000

  Term

  12 to 60 months

  Up to 100%

  Not published

• Finance Now

  What it finances

  Office, technology, point of sale and light industrial equipment, fit-outs

  Minimum

  Not published

  Term

  Up to 60 months

  Up to 100%

  No deposit needed

• BNZ

  What it finances

  New or used equipment and vehicles

  Minimum

  $5,000

  Term

  1 to 5 years

  Up to 100%

  Yes

• ASB

  What it finances

  Equipment, machinery and vehicles

  Minimum

  $15,000

  Term

  Matched to the asset's life

  Up to 100%

  Yes, depending on your situation

• Westpac

  What it finances

  Company vehicles and machinery

  Minimum

  $15,000

  Term

  Not published

  Up to 100%

  Yes, with no deposit

• Kiwibank

  What it finances

  New assets, fleets and plant

  Minimum

  $20,000

  Term

  12 months to 5 years

  Up to 100%

  Yes, depending on your circumstances

Business vehicle finance

UDC offers finance for utes, vans and cars with terms of up to 5 years, 100% finance and options for seasonal or balloon payments. BNZ, ASB, Westpac and Kiwibank also finance work vehicles. If your vehicle is older, the loan term might be shorter. For example, Pioneer Finance lends for up to 4 years on vehicles under 10 years old, 3 years on older vehicles and 2 years on vehicles over 18 years old.

Fundme is a business finance broker that arranges vehicle and equipment finance from its panel of lenders. Fundme says zero deposit and balloon payments are available for eligible businesses, and it can work with private sellers as well as dealers.

Truck and heavy equipment finance

UDC and Heartland both focus on financing trucks, trailers and heavy machinery. UDC has teams for transport, civil construction, forestry and farming, and offers pre-approved facilities like Creditline, Easylink and Assetlink. These let you finance several assets without applying each time. Heartland finances new and used trucks, trailers, excavators and earthmoving equipment, and can set repayments to match a seasonal business.

If you're starting as an owner-driver for a major freight carrier, Heartland will ask for a letter of intent or contract from the carrier, plus a cash flow forecast from your accountant.

Office, technology and smaller equipment

Finance Now covers smaller business equipment such as computers, point of sale and EFTPOS systems, light industrial equipment and shop or office fit-outs. Terms can be up to 60 months with no deposit, and you can include software and servicing in the amount you finance.

GST and Investment Boost

Most asset finance lets you include GST in the amount you borrow. BNZ asks you to repay the GST part within the first three months, and UDC finances the GST and has you repay it in month 3. Kiwibank says GST can be funded too.

From 22 May 2025, Inland Revenue's Investment Boost lets businesses claim 20% of the cost of new assets as an expense, then depreciate the remaining 80% as usual. Check with your accountant to see if your asset qualifies.

What asset finance costs

Heartland's rates start at 8.70% a year. UDC sets your rate based on the strength of your application, while other lenders look at the term, the asset, your security and your business. Besides the interest rate, you'll usually pay an establishment fee and a PPSR registration fee. Kiwibank charges $500 to set up an asset finance loan, and ASB and Westpac say establishment fees may apply.

Paying off your loan early usually costs extra. UDC charges a fixed settlement fee plus a fee for breaking its funding, and Kiwibank's early repayment fee can be up to six months' interest on the amount you repay. Use the business loan calculator to see your repayments and total interest, and see business loan interest rates to compare lenders.

Asset finance or a business loan?

If you're buying something with resale value, asset finance is usually cheaper because the asset secures the loan. If you need money for wages, stock or a tax bill, there's no asset to secure, so a business loan is a better fit. The eligibility checker shows how many lenders could consider your business.

Common questions