How to Get Drill Rig Financing

Finance drill rig

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.

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The Steps to Getting Drill Rig Financing

A drill rig, or drilling rig, is a machine that makes holes in the earth’s subsurface. They range in size from small enough to be moved by one person (called augers) to massive structures that house equipment used for drilling water wells, oil wells, or natural gas extraction wells. No matter why you need your drilling rig, First Capital Business Finance is here to help you get drill rig financing.

  • Oil drilling rigs
  • Natural gas drilling rigs
  • Mining drilling rigs
  • Mobile drilling rigs

drill rig financing, drilling rig financing

Types of Drilling Rigs

Drilling rigs are classified in many different ways, often by the power used, pipe used, height, rotation or drilling method, and position of derrick.

Power Type

  • Mechanical drill rigs – Uses torque converters, clutches, and transmission powered by engines (often diesel)
  • Electric drill rigs – Driven by electric motors
  • Hydraulic drill rigs – Uses hydraulic power
  • Pneumatic drill rigs – Powered by pressurized air
  • Steam drill rigs – Pretty much obsolete today, used steam-powered engines and pumps

Height

  • Single – Can only pull single drill pipes
  • Double – Can hold a stand of pipe in derrick consisting of two connected drill pipes (double stand)
  • Triple – Can hold a stand of pipe in derrick consisting of 3 connected drill pipes (triple stand)
  • Quadri – Can store a stand of pipe in derrick consisting of 4 connected drill pipes (quadri stand)

drill rig financing, drilling rig financing

Pipe Used

  • Cable – Cable raises and drops drill bit
  • Conventional – Metal or plastic drill pipe
  • Coil Tubing – Giant coil of tube and downhole drilling motor

Rotation or Drilling Method

  • Rotary Table – Turning a square/hexagonal pipe at drill floor level (aka The Kelly)
  • Sonic – Advances drill string with vibration energy
  • Top Drive – Rotation and circulation done at top of drill string, on a motor moving in a track along the derrick
  • Hammer – Uses rotation and percussive force
  • No Rotation – Includes direct push rigs and most service rigs

Derrick Position

  • Conventional – Vertical derrick
  • Slant – Derrick slanted at a 45-degree angle to facilitate horizontal drilling

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Step 1: Do Your Research

drill rig financing, drilling rig financing

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 do some research on what equipment is out there that might meet those needs.

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 financed.


Another note: some companies only finance certain brands or models of equipment. Make sure to talk to your financier about 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.

Find Out What We Can Finance

Step 2: Contact First Capital Business Finance

As we mentioned before, the best way to find out what we finance is to call us. One of our knowledgeable experts can walk you through the financing process, help you choose the best equipment for your needs, and get you 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!

drill rig financing, drilling rig financingStep 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 apply for financing:

  1. Option A: Apply Over the Phone
  2. Option B: Download and Send in Credit Application
  3. 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. It will bring you to our Contact page. Once there, you’ll see three options:

  1. Truck/Trailer/Equipment Application
  2. Title/Collateral Loan Application
  3. Working Capital Business Loan Application

If you need help or have any questions during your application, please call us immediately. 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 888-762-0002 or email it to your First Capital adviser.

Download Application

Get Drilling Rig Financing from First Capital Business Finance today!

Ready to get drilling rig financing? Call First Capital Business Finance and we can get you funded in as fast as 24 hours. Simply call us at 888-565-6692 or click the button below to contact us online.

Get Financing Now!

How to Get Drill Rig Financing | First Capital Business Finance



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