TL;DR - Quick Summary
- Hiab Finance Rates: 7.95%-24.95%, specialist lenders understand crane equipment valuation
- Total Cost: $150k-$500k+ (truck $80k-$250k + crane $70k-$250k + fitout $20k-$50k)
- Best Lenders: BOQ, UDC, Fisher & Paykel Finance - have crane equipment expertise
- Key Requirements: Crane operation cert, contracts showing lifting work, insurance with crane coverage
- Depreciation: Slower than standard trucks due to crane value retention (15-20% vs 25-30%)
Hiab Truck Finance NZ: Complete Specialist Guide 2025
Financing a Hiab or crane truck in New Zealand requires specialist knowledge. These aren't standard trucks—they're complex pieces of machinery that combine transport and lifting capabilities, requiring lenders who understand their unique value proposition and operating economics.
This guide covers everything you need to know about securing Hiab truck finance in NZ, from specialist lenders to approval requirements and cost optimization strategies. For other specialist vehicles, see our guides on refrigerated truck finance and food truck finance.
Why Hiab Trucks Need Specialist Finance
Standard truck finance doesn't work well for Hiab units because:
- Higher purchase prices: $150,000-$500,000+ versus $50,000-$150,000 for standard trucks
- Complex valuations: Crane capacity, age, maintenance history all affect resale value
- Specialist insurance: Higher premiums due to crane operations and liability
- Operating economics: Higher revenue potential but also higher running costs
- Maintenance requirements: Regular crane certifications and inspections
Hiab Finance Rates NZ (October 2025)
| Credit Profile | Interest Rate | Deposit Required | Typical Approval |
|---|---|---|---|
| Excellent (720+) | 7.95% - 11.95% | 10-20% | 3-5 days |
| Good (650-719) | 11.95% - 16.95% | 20-30% | 5-7 days |
| Fair (550-649) | 16.95% - 21.95% | 30-40% | 7-10 days |
| Poor (below 550) | 21.95% - 24.95% | 40-50% | 10-14 days |
Best Hiab Finance Lenders in NZ
1. Oxford Finance - Specialist Heavy Equipment
Best for: Established operators with good credit
Rates: 8.95% - 17.95%
Max loan: $500,000
Specialty: Understand crane truck valuations and operating economics
2. UDC Finance - Commercial Heavy Vehicles
Best for: Mix of credit profiles
Rates: 9.95% - 19.95%
Max loan: $500,000
Specialty: Fast approvals, nationwide coverage
3. ASB Bank Commercial - Prime Borrowers
Best for: Excellent credit with established business
Rates: 7.95% - 13.95%
Max loan: $1,000,000
Specialty: Lowest rates for qualified applicants
4. Finance HQ - Alternative Lending
Best for: Poor credit, new operators
Rates: 16.95% - 24.95%
Max loan: $300,000
Specialty: Focus on current income and contracts rather than credit history
Hiab Finance Application Requirements
Documentation needed:
- Driver's license and photo ID
- 2 years financial statements (if established business)
- 6-12 months bank statements
- GST returns (if GST registered)
- Current contracts or letter of intent from clients
- Crane operator certification (WTR - Warrant of Fitness for cranes)
- Insurance quotes for the Hiab unit
- Detailed specification of the truck and crane
New vs Used Hiab Trucks: Finance Considerations
New Hiab Finance ($250,000 - $500,000+)
Advantages:
- Lower interest rates (7.95% - 14.95%)
- Full manufacturer warranty
- Latest safety features and technology
- Better resale value
- Easier to finance (up to 90% LVR)
Disadvantages:
- Higher purchase price
- Larger monthly payments
- Steeper depreciation in first 2 years
Used Hiab Finance ($80,000 - $250,000)
Advantages:
- Lower purchase price
- Slower depreciation
- Immediate availability
- Lower insurance premiums
Disadvantages:
- Higher interest rates (10.95% - 21.95%)
- Require larger deposit (20-40%)
- Unknown maintenance history
- May need immediate crane recertification
- Shorter finance terms available (typically max 5 years vs 7 for new)
Calculating Hiab Finance Payments
Example 1: New Hiab Truck - Good Credit
- Truck value: $350,000
- Deposit (20%): $70,000
- Loan amount: $280,000
- Interest rate: 11.95%
- Loan term: 7 years
- Monthly payment: $4,847
- Total interest: $127,568
Example 2: Used Hiab Truck - Fair Credit
- Truck value: $180,000
- Deposit (30%): $54,000
- Loan amount: $126,000
- Interest rate: 17.95%
- Loan term: 5 years
- Monthly payment: $3,192
- Total interest: $65,520
Revenue Requirements for Hiab Finance Approval
Lenders typically want to see:
- Debt service coverage ratio: 1.25x minimum (your income should be 25% higher than all debt payments combined)
- Hiab-specific income: $8,000 - $12,000 per month minimum for units under $200,000
- Secured contracts: At least 3-6 months of confirmed work
- Operating margin: 20%+ after fuel, maintenance, insurance, and wages
Tax Benefits of Hiab Finance
Depreciation allowances:
- Truck chassis: 20% diminishing value or 13.5% straight line
- Crane unit: 20% diminishing value or 13.5% straight line
- Can claim full GST on purchase if registered
Interest deductibility:
- 100% of finance interest is tax deductible as business expense
- On $280,000 loan at 11.95%, year 1 interest ~$32,000 = $8,960 tax saving (at 28% rate)
Common Hiab Finance Mistakes to Avoid
1. Underestimating operating costs
Budget for:
- Crane WOF and certifications: $2,000 - $4,000 annually
- Insurance: $8,000 - $15,000 annually
- Maintenance: $12,000 - $20,000 annually
- Fuel: $25,000 - $40,000 annually
2. Wrong crane capacity for your work
Over-specifying wastes money. Under-specifying limits job opportunities. Match crane capacity to your confirmed contracts.
3. Ignoring crane age and certification status
A Hiab needing immediate recertification can cost $5,000 - $15,000. Factor this into your purchase price.
4. Not getting pre-approval before shopping
Know your budget before you fall in love with a specific truck. Pre-approval takes 24-48 hours and gives you negotiating power.
Hiab Finance Approval Timeline
Day 1-2: Submit application with documentation
Day 3-5: Lender reviews credit, business financials, and crane specifications
Day 5-7: Conditional approval with any additional requirements
Day 7-10: Final approval after meeting conditions
Day 10-14: Documentation signing and settlement
Fast-track options: Some specialist lenders offer 48-hour approval for strong applications with established operators.
Ready to Finance Your Hiab Truck?
Get pre-approved for Hiab finance from specialist NZ lenders. Compare rates from banks and alternative lenders. Application takes 5 minutes, approval in 24-48 hours.
Get Pre-Approved for Hiab Finance →Bottom line: Hiab truck finance in NZ ranges from 7.95% to 24.95% depending on credit profile and truck age. Expect to provide 10-50% deposit, demonstrate crane operating experience, and show secured contracts. Specialist lenders like Oxford Finance and UDC understand crane truck economics better than traditional banks. Get pre-approved before shopping to know your true budget.