Interested in drill rig financing? You’ve come to the right place. First Capital Business Finance is proud to offer drill rig financing that fits your needs. Read on to learn how to get drill rig financing through First Capital Business Finance.
The Steps to Getting Drill Rig Financing
A drill rig, or a truck-mounted drill rig, can be very costly and it can be a huge capital expense. Why exhaust your savings when you have the ability to finance? These rigs can range in size and cost! The used rigs can start out around $20,000 for older models, with more hours and miles which can ultimately end up costing more while trying to keep up with repairs and maintenance. Newer models can be as high as $200,000 or even more. Depending on the cost and your cash flow situation, financing a drill rig would be a great solution that can increase your company revenue, while also preserving your cash. If you’re not a reader, you are more than welcome to give us a call and one of our advisors will be happy to answer any questions. Feel free to call 888-565-6692.
How to Qualify for Drill Rig Financing
Here are some of the most common questions our advisors receive when speaking with clients:
- Would I even qualify for financing?
- What if I have bad credit?
- What if I’m just starting out?
- What if my business hasn’t filed tax returns?
Answers to those most common questions:
- You never know till you ask, we have a wide range of programs, and as mentioned earlier there are some nuances to all programs that might actually help you get qualified.
- We have programs for both good, average and bad credit. For strong credit, there are plenty of programs to pick from. But even with bad credit, business owners can still possibly get approved for financing with several options.
- We have programs for existing and established companies, along with those who are just starting out.
- Most of our programs do not require tax returns, some of our programs might require bank statements to show cash flow of the existing business.
Yes, those are all valid questions and things you should be concerned about. However, you must keep in mind that most business owners are not familiar with the wide variety of options available within commercial financing. This might be a good time to go over this side note. Even if you have challenging credit, we have programs that will look at the stability of your business. We understand that owning a business has some downfalls and that can lead to missed payments. But with strong cash flow, or with a down payment, there might be a way to get you the financing to help expand and grow your business.
It’s very important you understand that we can’t list every possible financing scenario on our website. This means, you might have other circumstances that would possibly qualify you for financing, even if that means it’s a different program that is not mentioned in this article. So, if you read something that might seem it disqualifies you for financing, it might be best to call our office or even chat with our help desk and work with one of our advisors. Our advisors are very good at what they do, and by asking a few questions they might be able to find a way to get you qualified.
Did you know? We also offer accounts receivable factoring!
Click Here to Learn More about AR Factoring
Now let’s go over the steps to qualify for a drill rig
Step 1: Do Your Research
When looking for equipment financing, it’s best to start out knowing exactly what you’re looking for. Do your research. Write down what your exact needs are and learn what equipment is out there that might meet those needs. For example, if you’re drilling for water wells, do some research on the different types of downhole drill rigs that are available. Not only are you wanting to know the type of rig, but it’s also wise to make sure replacement parts are readily available if you need to repair or buy parts or attachments. Once you have an idea on the type of rig, start saving the web pages for a few. You don’t have to narrow it down to just one piece of equipment; you could have a few options to choose from. Just get a general idea of what you would want before trying to secure financing.
Get a general idea of what equipment brand or model you want to be financed.
Another note: some companies only finance certain brands, age or models of equipment. Make sure when you’re speaking with a finance company, understand what they will actually finance for you before jumping in with both feet. The best way to find out what we will finance is to contact us! Plus, we can even help you choose a brand or model that will fit your needs and your budget.
Step 2: Contact First Capital Business Finance
As we mentioned before, the best way to find out what we finance is to call our office or chat with our live help desk. One of our knowledgeable experts can walk you through the financing process, help you choose the best equipment for your needs, and get you the financing that fits your budget.
We can even get you prequalified for a business loan over the phone.
Once you talk to First Capital, you should have a better idea of what to expect regarding your specific situation. Then you can get started on your application!
Step 3: Apply for Financing
At other companies, it can take weeks to apply and hear back on your financing approval. At First Capital, we don’t make you wait. In fact, you can get approval in as little as 24 hours. There are 3 ways to get your application for financing started:
Option A: Apply Over the Phone, Call 888-565-6692
Option B: Download and Send in Credit Application
Option C: Submit Contact Information Through the Online Form
We finance both new and used equipment.
You can download our Credit Applications by clicking the button below
If you need help or have any questions during your application, please call us immediately at 888-565-6692. We are happy to help you with any part of the application. Click on one of those links to download the application. Once completed, fax it to phone number 888-762-0002 or email it to your adviser.
Types of Drill Rigs We Finance
- Rotary Drilling Rigs
○ Used for creating large-diameter holes, such as those needed for deep water wells or open-pit mining.
○ These rigs excel in quarrying operations and can penetrate tough geological formations.
○ Capable of drilling deeper and faster than most other drilling methods.
2. Autonomous Crawlers
○ These rigs move slowly and steadily over uneven, soft, or loose ground without needing external assistance.
○ Ideal for tough terrains where other rigs might struggle due to instability.
○ Their autonomy allows them to handle remote and challenging drilling sites efficiently.
3. Blast Hole Drilling Rigs
○ Designed for use in quarries and mining operations to create holes for explosive charges.
○ These holes are used for controlled blasting to break rock into smaller, manageable pieces.
○ Essential for quarrying operations and open-pit mining.
4. Geotechnical Drilling Rigs
○ Designed for geotechnical investigations, including soil testing and subsurface exploration.
○ Capable of mud rotary drilling, coring (collecting cylindrical soil or rock samples), and Cone Penetration Testing (CPT).
○ Used for construction planning, environmental studies, and foundation assessments.
5. Auger Drilling Rigs
○ A simple, low-cost drilling method using a rotating helical screw to dig into the ground.
○ Often used for shallow drilling applications, such as soil sampling or environmental assessments.
○ Typically operated manually or with basic machinery, making it effective for small-scale projects.
6. Micropile Drilling Rigs
○ Specializes in reinforcing existing structures with slender, load-bearing columns called micropiles.
○ These micropiles have a diameter of 150-200 mm and can extend up to 30 meters deep.
○ Commonly used for retrofitting foundations in urban environments or stabilizing slopes.
7. Drillships
○ Specialized ships equipped with a drilling rig, allowing offshore drilling in deep waters.
○ Features a moonpool (an opening through the hull) to stabilize the drill string.
○ Highly mobile with large onboard storage, making them efficient for oil exploration and production at sea.
8. Semi-Submersible Platforms 
○ Commonly used in offshore drilling for both exploration and production.
○ Combines the stability of submersible rigs with the ability to operate in deep waters, even in rough seas.
○ Partially floats on the water, anchored by pontoons and mooring lines.
9. Truck or Trailer-Mounted Rigs
○ More budget-friendly than crawler rigs but with limited mobility due to reliance on roads or flat surfaces.
○ Requires a separate power source, such as a generator or the truck’s engine, to operate.
○ Best for projects close to access roads or urban areas where travel between sites is frequent.
