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Drilling Equipment Finance
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Written by James Dutton
James is Head of Asset Finance in our funding division. He specialises in arranging finance for assets across a range of sectors, as well as experience in completing finance agreements for assets coming from abroad. James has more than 30 years of experience in the finance sector, providing him with the necessary expertise to arrange finance for businesses requiring finance facilities across the UK.
Finance your drilling equipment
Drilling rigs, piling equipment, horizontal directional drills, and associated ground investigation machinery represent a large cost for civil engineering businesses.
UK Business Finance works with groundworks, civil engineering, and specialist drilling businesses to arrange funding for a wide range of new or used drilling and piling equipment. Whether you're purchasing a new rig to take on a specific contract, replacing ageing machinery, or expanding your fleet to increase capacity, we'll help you find terms that work for your business.
Our team understands how businesses who require this type of asset, and we work with lenders experienced in construction and civils asset finance. Options include hire purchase, finance lease, and refinancing against existing machinery.
We can also arrange finance for other new or used construction assets, including dump trucks, cranes, and crushers.
What is drilling equipment finance?
Drilling equipment is central to a broad range of operations. The machinery involved, whether surface drill rigs, down-the-hole hammers, rotary drilling units, or directional boring equipment, tends to carry a high purchase price and requires careful capital planning.
UK Business Finance can arrange finance solutions for the purchase of new or used drilling equipment, with a refinance agreement also able to be put together. We draw on a wide network of lenders to identify the most appropriate funding solution for the type of work you do and the financial position your business is in.
Each finance product differs, so being clear on those from the outset helps businesses commit to an arrangement that genuinely serves their long-term interests.
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With full market access and absolutely no ties to any lender, we can objectively match you with the most effective and cost-efficient source of business finance. Contact our team today!
Benefits of drilling equipment finance
Acquiring equipment without straining cash flow: Drilling equipment can represent a large investment, and purchasing a rig or boring unit outright can place considerable pressure on a business's finances. Finance provides a structured route to owning the asset your operations depend on, spreading the cost across a series of fixed monthly repayments rather than taking it on in a single outlay.
Free up capital held in existing machinery: Asset refinance converts the value held assets into accessible funds, with the equipment sold to a funder and leased back. The business carries on using the machinery without interruption, receives a lump sum it can direct towards new equipment, outstanding invoices, or growth plans, and regains full ownership at the end of the agreement.
Consistent repayments: A finance agreement has set monthly repayment amount from the start, ensuring business can understand what they owe and when. Businesses can model their costs with confidence and ensure that their finance commitment is accounted for at every stage of their planning.
Upgrading equipment: Older machinery may make it harder for business to take on more complex or technical projects, whether that is drilling depth, rotation speed, or the ability to operate in a confined space. Finance opens the door to acquiring higher-specification new or used equipment that widens the range of projects a business can complete.
Repayment terms shaped around your financial position: Finance terms can be structured to reflect the individual requirements of each business, ensuring they can set a monthly commitment that aligns with their income, their existing financial obligations, and the way revenue flows through their operation.
How we helped a groundworks business finance a new drilling rig and ancillary equipment
A groundworks contractor based in the North West contacted UK Business Finance to arrange finance for a new horizontal directional drill along with a mud recycling system and ancillary tooling. The business had recently won a utilities contract requiring specialist equipment it didn't currently hold.
We arranged £320,000 in hire purchase finance across the full package of assets, structured over a 60-month term. By treating the drill and associated equipment as a single package deal, we were able to simplify the application and secure competitive terms across all assets.
The business took delivery ahead of the contract start date and was able to mobilise the new rig on its first project within weeks of completing the finance. Fixed monthly payments gave the business clear visibility of its cost throughout the agreement.
Apply for drilling equipment finance
UK Business Finance is a commercial finance broker, with a large panel of to track down a funding arrangement that is aligned with what your business requires.
Here is how we can help:
- Get a free quote in 60 seconds
- A panel of lenders working to present you with the strongest available option
- We deliver the full application to the funder
- A specialist team carrying extensive knowledge of the construction sector
For more information on drilling equipment finance, please contact our construction team.
Secure your free quote today!
Our team of finance experts can provide industry-leading advice on finance options to suit a range of different scenarios. Call the team on 0808 301 0624 or Contact Us
What finance can be used for drilling equipment finance?
Finance for drilling equipment is available through a number of different arrangements, each suited to different business situations. Asset finance and finance leases spread the purchase cost across a structured repayment schedule, making it possible to secure specialist machinery without a significant capital outlay upfront. Where a business already holds equipment on its books, asset refinance can free up funds for reinvestment. Unsecured loans provide an option for businesses that need flexible funding outside of a standard asset purchase.
UK Business Finance can help businesses in the construction and groundworks sectors find a drilling equipment finance solution that fits their position. Whether you need to bring new machinery into service or unlock value from existing assets, our team will manage the process from start to finish.
| Asset Finance | Asset Refinance | Finance Lease | Unsecured Loans | |
|---|---|---|---|---|
Typical term length | Medium Term | Medium Term | Medium Term | Short Term |
Flexibility | Medium | Medium | Medium | High |
Deposit required? | Yes | Yes | Yes | No |
Purpose | Purchase assets | Raise capital for multiple ventures | Lease assets | Multiple business needs |
How do we work?
1. Get a Customised Quote
When you reach out to us, we will likely request that you provide the following information. Your latest set of accounts, previous 6 months’ banks statements and director’s personal details.
2. Compare Options
Once the information from step 1 has been confirmed, we will reach out to our extensive panel of funders, who under normal circumstances, respond with an answer in 48 hours. After this, Know Your Customer (KYC) and identification checks will take place for the business and its directors.
3. Finalise the agreement
As soon as you agree to move forward with the terms and conditions, you will receive the relevant documents for you to sign and then return. After the final checks have been completed, the funds will be released. The time taken to release the funding varies depending on the funder, ranging from 24 to 72 hours.
Why does your business need drilling equipment finance?
The cost of this machinery can be substantial, and financing it means your business can take on new projects with confidence while not putting the business under unnecessary financial pressure.
- Secure specialist machinery without large outlay
- Raise capital from owned assets
- Structure repayments around your cash flow cycle
- Add capacity to take on more projects
- Take on opportunities that require specific equipment
- Replace ageing or unreliable equipment
- Improve efficiency
- Tailor terms to your business
Why Choose UK Business Finance
100% Independent Broker
We're not tied to any lender. With access to 90+ finance providers, we match you with the most suitable funding solution, not the one that pays us the best commission.
Callback Within 30 Minutes
From the moment you contact us, we commit to responding within 30 minutes. When your business needs funding fast, every hour counts.
Nationwide Coverage, Local Expertise
With 8 regional offices and 100+ supporting locations across the UK, you'll work with a finance specialist who understands your local market.
Drilling Equipment Finance FAQs
Can I finance drilling equipment alongside other plant and machinery?
Yes. Where you're purchasing a drill alongside other equipment, it is often possible to structure the finance as a single package deal. This can simplify administration and, in some cases, improve the overall terms available. Let us know the full scope of what you're looking to fund.
Can I finance used drilling equipment?
Yes, finance is available for used drilling rigs and ground engineering plant, and a number of lenders on our panel are experienced in assessing older or specialist assets. The age, condition, and current market value of the equipment will all be taken into account, so having a clear service history and a recent valuation to hand will help support your application. We'll identify lenders whose criteria are well suited to the specific asset you're looking to fund.
Can I refinance drilling equipment I already own to release capital?
Yes, refinancing against existing plant is a recognised option for releasing working capital. If you own drilling equipment outright or with a low outstanding balance, a refinance or sale-and-leaseback arrangement may allow you to unlock equity tied up in those assets.
How long does it take to secure drilling equipment finance?
Timescales will vary depending on the complexity of the deal and the lender's requirements, but many straightforward applications can be turned around quickly. More complex cases, for example, where the equipment is high value, the business is at an earlier stage, or a package of assets is being financed together, may take a little longer.
What finance structures are typically used for drilling equipment?
Hire purchase is commonly used for high-value plant where the contractor wants to own the equipment outright at the end of the term. Finance lease can be a useful alternative where flexibility at the end of the agreement is important, or where the business prefers to preserve working capital. We'll help you assess which structure best fits your operational and financial requirements.
What types of drilling equipment can I finance?
We can arrange finance for a wide range of drilling and ground engineering equipment, including rotary drilling rigs, piling rigs, horizontal directional drills, mini rigs, geotechnical investigation equipment, and ancillary assets such as mud systems, compressors, and tooling.
