1300 547 226
1300 547 226

Drilling and Boring Finance

Purchase your next equipment with our expert equipment finance services

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Drilling and boring finance with Auto Car Finance

Purchasing a drilling or boring rig is a major capital investment that requires planning. The type of rig you need depends on whether you are drilling or boring water wells, oil wells, gas wells, or geothermal wells, among other things. Getting it right is critical to the success of your operations.

Equally, the future prospects of your business depend on selecting the right loan to finance the purchase.

At Auto Car Finance, our equipment finance specialists combine in-depth industry knowledge with a detailed understanding of the different lending models available for financing heavy equipment purchases. If you are in the market for a drilling or boring rig, we can help you find a loan that is perfectly tailored to the needs of your business.

01

Low-Interest Financing

You’ll enjoy flexible, tailored financial solutions to help grow your business.

02

The Right Fit

Our team of equipment specialists can help you choose the right lending model for your business.

03

Obligation Free Consultation

We offer easy-to-follow advice outlining exactly what you’ll need to do to have your loan approved.

01

Your repayments will be made using a combination of your pre and post-tax salary, reducig your taxable income and saving you a thousands at tax time.

02

A novated lease includes your vehicle’s running costs such as fuel, servicing and tyres. You’ll have to pay for these expenses regardless – so it make sense to use your free tax salary to pay for them, further reducing your taxable income.

03

You’ll enjoy GST excluded from both the purchase price and running costs of your car.

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Why finance the purchase of
a drilling or boring rig?

Financing a major capital investment that will offer a good return, such as a drilling or boring rig, is one of the most effective ways to grow your business. As long as you can put up a good business case – something we can help you with – lenders are generally willing to back you.

What types of drilling and boring rig purchases are lenders willing to finance?

Our team of equipment finance specialists have industry contacts that are willing to finance the purchase of most drilling and boring rig models, whether new or second hand. Whatever type of drilling or boring rig your future plans require, we can help you find the right lender.

What are the different lending models available for financing drilling or boring rig purchases?

There are a range of lending models available for financing drilling and boring rig purchases. Which one is right for you depends on the type of rig you are looking for and the individual needs of your business. 

Some of the more common lending models include:

Finance Lease

Under this model, the lender owns the drilling or boring rig for the life of the loan, leasing it to the borrower. At the end of the lease period, ownership does not automatically transfer, but the borrower can generally elect to purchase the equipment. Alternatively, a borrower can elect to re-finance and upgrade to a newer model. This works well for businesses with long-term requirements. 

Chattel Mortgage

In this instance, the borrower owns the equipment from the start, putting it up as primary security for the loan, much like a real estate mortgage. Payment terms can be flexible. For example, if a borrower wants to reduce the amount of the monthly repayments, this can be done by allocating a larger residual sum to be paid at the end of the loan period (sometimes called a balloon payment). Once the full amount of the loan has been repaid, the security over the rig is discharged.

Each of these lending options allocates risks differently and has various costs and benefits associated with it. A further consideration is the often complex corporate structure employed by businesses operating in the mining and construction industries. Our team of experts can help you navigate these issues and find the perfect lending model for your business. 

How do I get started?

If you are looking to grow your business by financing the purchase of a drilling or boring rig start by calling Auto Car Finance on 1300 547 226. After an initial obligation-free consultation, we will advise you on the appropriate loan for your purchase and provide a detailed quotation outlining all associated costs. We will also provide easy-to-follow advice detailing exactly what you will need to have your loan approved.

If you proceed with an application, we’ll be here to help you every step of the way. 

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    Please contact us on 1300 547 226 for a No Obligation, FREE Quote, and Approval! Or, simply contact us today for a 5-minute callback.