Compare Rates Lenders Options
with the Experts
in Drilling Rig Finance
For over 20 years, our experienced consultants have provided farmers with expert Drilling Rig Finance, offering tailored advice and competitive deals to support their agricultural operations.
Our Trusted Finance Partners
Drilling Rig Finance
What to Know Before Financing a Drilling Rig
Clients across Australia come to us seeking essential Drilling Rig Finance or Boring Rig Finance for both new and used machines, covering all major makes and specialized models. Whether you are acquiring a foundational piece of equipment or upgrading your fleet, we have the expertise to structure the ideal financial solution.
As dedicated specialists in Heavy Equipment Finance, our highly skilled team of professionals is uniquely positioned to provide tailored solutions to large contractors Australia-Wide. We recognize that the acquisition of drilling and boring rigs involves significant capital outlay, which necessitates financing that goes beyond standard commercial loans. Our company is known throughout the industry as a leading provider in this specialized niche, demonstrating a proven track record of handling the complex, larger transactions typically required by the civil, geotechnical, and mining companies that utilize this type of equipment. Our focused approach ensures a finance package that supports the scale and long-term requirements of your heavy operations.
Compare Lenders Now
Apply Now for Online Pre-Approval up to $500K without affecting your credit score.
HELPFUL TIPS
Example Funding Scenario
- Civil Construction client required Drilling Rig Finance in order to upgrade to a newer Casagrande Drilling Rig
- Purchase Price –$860,000 (gst inc)
- In business for 5.5 years
- Equity in equipment – yes
- Director a home owner – yes
- Client could not seek finance elsewhere, based on the fact that the prior year’s financials were down on previous year
Outcome
- No Income Verification Required
- Client emailed us our simple application form.
- Accountant emailed us financial statements for the company.
- We provided our Credit Manager with comments within the submission indicating that ongoing maintenance on the old machine was the reason for the fall in net profit in the financials and that the new machine would mitigate any risk going forward relating to maintenance expense.
- Credit Manager was happy with this proposal and approved the deal within 48 hours for the full $1,200,000.
- With the acquisition of this new machine, client was able to save $250K in ongoing maintenance on the older Drilling Rig.
Customer Reviews
Our customers say it best. Find out what it's like dealing with the Experts in Drilling Rig Finance. You could be the next success story.
Nathan you are fantastic to deal with. Always prompt with deals never a hiccup. After 8 truck deals will never use another broker. Keep up the great work you make my life stress free.
TH
Tracey Hall
Scone Equine Transport Pty Ltd
I have been dealing Heavy Vehicle Finance since 2014 and have found them be nothing short of amazing.They have funded various trucks and trailers for me over the years and its a fantastic feeling to know that I still have the same account manager after all of these years of business.It is very good to know that a finance approval is only a phone call away.
CW
Colin Wallace
Palanquin Pty Ltd
I have used the team at Heavy Vehicle Finance twice now for our financing needs for prime movers and side tippers. A Great team to work with and very prompt and professional. We will use again in the future.
JC
James Coustley
JJC Civil
I have used Nathan and his team for multiple purchases for our earthmoving company and Nathan has gone above and beyond to help us with expanding our business. I couldn’t recommend Nathan more highly.
SW
Sam Wood
Sureflo Plumbing & Roofing Contractors Pty Ltd
We used Heavy Vehicle Finance for the purchase of our Truck. They went above and beyond for us and made sure that the process was as stress-free as possible. The entire interaction was nothing short of amazing. We will definitely be using them again in the future.
MM
Meagan McNicholl
Next Gen Transport Pty Ltd
Can’t thank Nathan enough for how fast and professional he was with organising my finance for my new truck. He was straight to the point with no stuffing around. Highly recommended
TH
Tim Hartas
Hartrax Contracting Pty Ltd
Drilling Rig Finance Calculator
Looking to buy a New or Used Drilling Rig? Try our Simple Drilling Rig Calculator to estimate your weekly payments and take the guesswork out of your next Drilling Rig purchase.
Drilling Rig Finance Questions
To help you through the process, below are answers to some of the most commonly asked questions surrounding Drilling Rig Finance. If you need more information or personalised support, feel free to reach out — we're here to help.
- We are a niche financier of Drilling Rig Finance and can source funding from both mainstream and private funders giving our customers access to capital like never before.
- We WILL NOT sell your information to other brokers or third parties.
- Our turnaround times are often quicker than the large financial institutions. Major banks often have complex staffing or departmental structures that could result in your application going through too many sets of hands before your approval is given or settlement occurs.
- Given that we only offer Truck and Heavy Equipment Finance, our team has extensive knowledge of Equipment Loans and all types of Trucks and Heavy Machinery. This means we can get our head around your proposal better than other lenders, that might only have expertise in Home Loans, Commercial Property Loans, Personal Loans or Car Loans.
- Our customers are assigned a dedicated Relationship Manager whereby they can directly talk to the person handling their application. Accessing the right person at a larger financial institution can be very difficult.
- The approval process is very streamlined, as customers can obtain Pre-Approval up to $500K within a few seconds. Unconditional approval is given within 24-48 hours and settlements can occur the day after given our simplified documentation process.
- Our policies surrounding Drilling Rig Finance are more fluid than a major bank. Banks need to meet specific regulations as governed by APRA, which means the information they need from clients may result in a declined decision. Non APRA regulation means that we can offer our clients No Doc Drilling Rig Finance up to $500K and Low Doc Drilling Rig Finance up to $1M.
- Current rates start at 6.39% but may vary depending on the age of the Drilling Rig being purchased and the credit score of the applicant.
- Customers can use the finance calculator on our web site in order to obtain an approx payment based on the purchase price and age of the Drilling Rig.
- Our business has been built on repeat customers and customer referrals over the last 20 years – so it is very important that we provide the best possible market rate whenever we issue a finance approval.
- Our client inputs their information into the easy to complete form on the QUICK ASSESSMENT section of our website. Then a quick calculation is undertaken on the submitted data, with a Pre-Approval given within a few seconds.
- No formal credit search is undertaken for Pre-Approvals up to $500K which means our applicants credit score is unaffected.
- If the applicant is successful, they will receive either an email or a phone call indicating what is required for both unconditional approval and settlement.
- Pre-Approval up to $500K is given within seconds.
- Unconditional approval takes 24 – 48 hours after we receive the required information (such as a signed privacy form and income verification if required).
- Settlement can be achieved the day after unconditional approval if the Drilling Rig is being purchased through a licenced Drilling Rig dealer. Otherwise, a private sale can take a bit longer, given the additional paperwork we need to obtain from the vendor.
- No Doc Drilling Rig Loans DO NOT require company financial statements / personal tax returns / bank statements / business activity statements.
- Low Doc Drilling Rig Loans might have a requirement for business account bank statements or business activity statements.
- Our No Doc and Low Doc Drilling Rig Loans gives our customers access to quick and easy Drilling Rig Funding without the need to provide mountains of financial documents.
- Assuming the loan amount is less than $500K, providing financials will not dramatically improve funding options compared to our Low Doc or No Doc products.
- We typically only request financials when the loan amount will exceed $500K.
- Over the years there has been a shift away from customers needing to provide financials with more focus on key indicators such as time in business / credit scores / commercial credit history.
- We finance all types of Drilling Rigs with endless configurations as long as the vehicle has a VIN number, engine number and registration number.
- Under our No Doc or Low Doc policy we primarily fund Drilling Rigs no older than 25 years old at the end of term. This means if the Drilling Rig Loan is over a 5 year term, the Drilling Rig can be no older than 20 years old at the time of purchase. If the truck is older than 20 years old at the time of purchase, we can shorten the loan term to make it fit within policy.
- If the Drilling Rig is older than 25 years at end of term, we can still assess on a case-by-case basis. We might however require bank statements on the business account or accountant prepared financials to verify income.
- Our clients can purchase a Drilling Rig from a dealer, auctioneers or private vendors.
- On most occasions, we will not require a formal valuation on the Drilling Rig if it is sold by a private vendor – thus saving our customers up to $1,000 on a professional valuers fee.
- Dealer and auction sales are the quickest way to settlement. However, private sales can take longer, given that we need to obtain additional documentation from a private vendor to confirm ownership of the Drilling Rig and to ensure the funds are being allocated to the legal owner.
- Most of our Drilling Rig Finance facilities are Chattel Mortgages. However, we can provide Finance Leases or Commercial Hire Purchases. All facilities work differently given tax treatments and varying business structures. We encourage our clients to confirm with their accountant which facility will best suit their business.
- Our policy is very flexible, which means we can write into the loan contract that a one-off payment is applied to the loan contract within 6 months of the drawdown date. This can be done via the gst received on the new Drilling Rig purchase or from the sale proceeds of a current Drilling Rig within the fleet.
- Structured payments achieve lower payments for the customer and provides them with the flexibility of selling their Drilling Rig privately without loosing too much asset value under a trade in.
- We can also be creative on the balloon payments applied to our loan contracts, depending on the Drilling Rig's age, the type of work the Drilling Rig will be doing and the projected amount of KM's it will travel. However, we can apply balloons from 10% to 40% - subject to the client's needs and whether we need to consider a higher or lower balloon payment to make the deal fit within our policy matrix.
- A balloon payment can be applied to a loan contract in order to reduce overall monthly payments and effectively maximise cash flow for a business.
- Typically a balloon payment can only be applied to a Drilling Rig that is no older than 5 years old at time of purchase - however we can consider balloon payments of assets older than 5 years on a case by case basis.
- Balloon payments can be between 10% and 40% depending on the age of the Drilling Rig or the intended usage of the Drilling Rig.
- Options for the client with contracts that have balloon payments are to either payout using own funds at the end of the term, refinance the balloon with a separate loan at the end of the term or to payout the balloon from proceeds derived when the Drilling Rig is traded at the dealership.
- Our flexible policy matrix provides our customers access to a wide range of funding options which often means we do not require financial statements.
- No Doc Drilling Rig Finance up to $500K (no bank statements and no financials).
- Low Doc Drilling Rig Finance up to $1M (BAS and tax portal).
- Full Doc Drilling Rig Finance above $1M (accountant prepared financials and personal tax returns for the directors).
- Typically, we do not require financial statements for loans up to $500K – it is only on the bigger transactions that BAS or Accountant prepared financials are required - given a higher credit risk based on the purchase price.
- We can offer Drilling Rig Finance for new start businesses—no deposit required for loan amounts up to $175K. A deposit will be required if the purchase is greater than $175K (typically 10% to 20%).
- We need to see a work source letter or work contract confirming our clients has ongoing work.
- We also require confirmation our customer has funds in the bank to cover running costs for the first 3 months (must be genuine savings).
- Heavy Vehicle Finance is located in Brisbane – however we have clients Australia Wide. Once a broader relationship has been nurtured, the relevant Relationship Manager will organise an interstate visit to further understand the client's business and ongoing funding requirements.
- We can successfully negotiate with clients Australia Wide given the fact our approval process is online and we issue documents via email or DocuSign. Customers of Heavy Vehicle Finance can also call our office number or their dedicated Relationship Manager's mobile number at any time.
- In addition to funding Drilling Rigs, we also provide Finance for all types of Heavy Equipment used in Heavy Industry. The only requirement is that the Asset we finance has identifiers and is used for business purposes.
- As we only specialise in Truck and Heavy Equipment Finance we DO NOT provide Loans such as Personal Loans, Home Loans or Recreational Vehicle Loans.
HELPFUL TIPS
What To Consider When Financing a Drilling Rig?
- New Start BusinessMost financiers require a 20% deposit, however we offer “No Deposit Drilling Rig Finance” options for both new starts and existing businesses.
- No Income Verification Required
- Applicant has had ABN for >2 years.
- When credit references are available.
- Loan amounts up to $500K.
- Replacement commitments.
- Low Doc and No Doc FinanceThese type of loans are a more progressive way of financing Drilling Rig and Heavy Equipment. Less paperwork simplifies the process at no additional cost to customers.
- The Best Finance RatesFor Drilling Rigs that are no older than 5 years old at time of purchase. Older Equipment will incur a rate uplift given the increased risk of an older asset.
- Better Finance OptionsTo applicants who have been long term trading in the same industry and have above average credit scores.
- Dealer TransactionsInvolve less paperwork and settle quicker than if the Drilling Rig is purchased from a private vendor. A greater level of due diligence is required when assets are sold by private vendors.
- Big Bank AlterrnativesOf recent times, various companies have emerged that specialise in Heavy Equipment Finance that offer really strong competition to traditional mainstream funders.
- Risk Profile FundingTruck and Heavy Equipment Finance involves more risk compared to other forms of finance. A number of different risk factors need to be considered for a customised finance package. Therefore, finance quotations are estimates only until the risk profile of the application and the asset has been assessed in full.
Our Process
How Does the Process Work When Financing A Drilling Rig?
- Step 1Client inputs details into our online quick assessment form to receive an answer for Pre-Approval within a few seconds.
- Step 2Client is assigned a dedicated Relationship Manager who previews the information submitted online in order to ascertain what information is required for formal approval.
- Step 3One of expert Finance Consultants will request identification documents from the customer and income verification if required.
- Step 4Application is loaded into our system for unconditional approval - formal approval typically takes 24 to 48 hours.
- Step 5All approval conditions and funding options are presented to client for consideration / acceptance.
- Step 6Application is then referred to the settlements department who will request an invoice from the supplier and undertake a full due diligence process on the vendor and the asset being purchased. This is completed prior to documentation ensuring our customer is protected at all times.
- Step 7Documents sent to client for signing via DocuSign and payment made to the vendor. This simple process facilitates quick settlements, allowing our customers to take ownership of their Truck or Equipment when time is critical.
We Make Drilling Rig Finance Quick and Easy for Miners – Australia Wide.
Start Now and complete our Quick Assessment Form to obtain a Pre-Approval up to $500K – decision within a few seconds.
Alternatively, you can call one of our Finance Consultants to discuss your funding scenario.
Drilling Rig Specialists
We Finance All Types Of Drilling Rigs
Our office has Financed the following types of Drilling and Boring Rigs:
Why Us?
Unlock the Benefits of Heavy Vehicle Finance for Your Drilling Rig Loan
- Drilling Rig Finance backed by 20 Years Industry Experience. Drilling Rig Finance that will work for you.
- Quick, Easy and Obligation Free. Drilling Rig Finance Pre-Approvals up $500K.
- We deal with Owner Drivers and Fleet Operators Australia Wide. We will help you save thousands on your next Drilling Rig Loan.
- We're trusted across the Transport Industry as a leading provider of Drilling Rig Finance. Our applicants receive funding options tailored to their business needs, delivered efficiently by experts who understand Drilling Rigs and the Mining Industry.
- Typically No Financials are required for loans up to $500K and our unconditional approvals take only 24 hours.
- Our flexible policy matrix will give you greater access to capital—so you can secure the Truck and Heavy Equipment you need to grow your business faster and with more confidence.
- Our customers are assigned a dedicated Relationship Manager to help guide them through the process from start to finish.
Let us Finance
the Road to Your
Future
Complete our Simple Quick Assessment Form and let us go to work on finding the best Finance Deal on your New or Used Drilling Rig.
With over 20 years experience and thousands of deals done, we are on your side to get the best possible rate.
Drilling Rig Finance News
Explore the latest trends, tips, and insights in the Drilling Rig and Heavy Machinery Industries. Get the inside knowledge.
Why Your Credit Score Matters for Truck Finance in Australia
Introduction: Truck Finance and Your Credit Score If you’re planning to finance a truck in Australia – whether you’re an owner-driver, small fleet operator, or logistics business – your credit score is one of the most important factors lenders consider. A good credit score opens doors to better truck finance options, lower interest rates, and […]
Beyond the Rate: Why Truck Loan Payments Matter More Than Interest
Introduction The dream of owning and operating a successful trucking business often begins with a critical decision: securing the right financing. When a new owner-operator or fleet manager begins the search for a truck loan, the first number they typically focus on is the interest rate. It’s a natural inclination; we’re conditioned to seek the […]
Why It’s So Important to Use a Finance Broker for Truck Finance in Australia
Introduction When it comes to purchasing trucks for your business in Australia, choosing the right truck finance solution is just as important as selecting the right vehicle. Whether you’re an owner-operator, a growing logistics company, or starting out with an ABN, the process of securing truck loans can be complex, time-consuming, and expensive if you […]