Drill Rig Lease
Drill rig finance at cheap rates and flexible terms tailored to your business. Whether you're buying new or used from a dealer, private seller or auction, we structure your finance properly and negotiate a deal that's hard to beat anywhere else.
Drill rig Finance Deals: Low Rates, Fast Approvals
As a trusted drill rig finance broker with a strong industry reputation, we help ABN holders secure finance for new and used drill rigs with competitive rates, fast approvals and flexible loan structures. We help businesses, sole traders, trusts, companies, owner operators, owner drivers and self employed applicants find drill rig finance tailored to the way they operate.
We arrange finance for new and used drill rigs purchased from dealerships, private sellers and auctions, with no deposit options, flexible terms up to 7 years and balloon payments available to eligible applicants. In many cases, the drill rig itself can provide the security for the loan, with no additional property or asset security required, subject to lender criteria.
For businesses wanting less paperwork, we offer no doc, low doc and lite doc drill rig finance up to $500,000 for eligible applicants. Depending on your circumstances, this can reduce the need for full financial statements and tax returns and help make the application process faster and simpler.
Speed matters when you’ve found the right drill rig. Same day pre approvals and approvals within 24 to 48 hours may be available on eligible applications, helping you move quickly when buying from a dealer, private seller or auction.
We’re known for delivering some of the lowest drill rig finance rates and repayments in Australia and regularly compete with and beat bank, dealership and broker quotes. Our reputation for being transparent and straightforward with lenders, combined with long standing lender relationships, gives us the ability to negotiate discounted rates, push for sharper pricing and secure faster approvals.
Our drill rig finance rate comparison service is free. We compare your options to find the best deal available for your circumstances, and if you decide not to proceed, there’s no cost to you. Where available, we can compare or assess your options without a formal credit application, meaning there may be no impact on your credit profile until you’re ready to proceed.
Whether you need a chattel mortgage, commercial hire purchase, finance lease or rent to own, we structure the finance around your business, cash flow and the drill rig you’re purchasing.
One application. Most competitive lender pricing across Australia. Fast approvals. One dedicated broker for this drill rig and every drill rig after that. No handovers or call centres.
Why finance with Overdrive Machinery Finance
Low Doc, Light Doc & Full Doc Machinery Finance
When applying for machinery finance, lenders will generally offer Low Doc, Light Doc or Full Doc options. The right choice depends on your business structure, trading history, and the type of machine you're purchasing.
| Feature | Low Doc Machinery Finance | Light Doc Machinery Finance | Full Doc Machinery Finance |
|---|---|---|---|
| Financial Statements Required | No | No | Yes |
| BAS Statements Required | No | Usually | Sometimes |
| Business Bank Statements | No | Yes | Sometimes |
| Approval Speed | Fastest | Fast | Standard |
| Interest Rates | Higher | Competitive | Most Competitive |
| Borrowing Capacity | Up to $500k | Up to $500k | Up to $10m+ |
| Ideal Outcome | Quick approval with minimal paperwork | Balance of flexibility and pricing | Best pricing and maximum borrowing power |
Which Option Is Right For You?
Need help deciding? Our finance specialists will assess your circumstances and recommend the most suitable asset finance solution for your business.
| If You Are… | Recommended Option |
|---|---|
| Self-employed or businesses with limited financial records | Low Doc |
| Businesses with bank statements and BAS available | Light Doc |
| Businesses with full financials | Full Doc |
Low Doc Machinery Finance
Low Doc finance is designed for borrowers who want a simple, streamlined approval process. In most cases, no financial statements or BAS statements are required. Approval is generally based on your ABN history, credit profile, and the asset being financed.
Light Doc Machinery Finance
Light Doc finance provides a middle ground between Low Doc and Full Doc lending. Borrowers can often qualify using recent business bank statements and limited supporting documentation, without the need for full financial accounts.
Full Doc Machinery Finance
Full Doc finance is suitable for borrowers who can provide complete financial records and supporting documentation. This option typically offers the most competitive rates and highest borrowing capacity.
Drill Rig Lease — frequently asked questions
What is a finance lease for a drill rig?
A machinery finance lease allows your business to use a new or used drill rig while the lender retains ownership during the lease term. Your business makes regular lease payments over an agreed period, with a residual value remaining at the end.
How does a machinery finance lease work?
With a machinery finance lease, the lender purchases the drill rig and leases it to your business. You make regular payments over the agreed term while using the drill rig for your business. A residual value is set at the beginning of the lease and remains at the end of the term.
Who owns the drill rig under a finance lease?
The lender owns the drill rig during the finance lease. Your business has use of the drill rig and makes the agreed lease payments. What happens to the drill rig at the end of the lease depends on the agreement and lender requirements.
What happens at the end of a machinery finance lease?
At the end of a machinery finance lease, there is generally a residual value remaining. Depending on the lender and lease agreement, options may include purchasing the drill rig, refinancing or re leasing the residual, upgrading the drill rig or returning it in accordance with the lease terms.
What is the residual value on a machinery finance lease?
The residual value is the amount remaining at the end of the drill rig lease. It is established when the finance lease is structured and affects your regular lease payments. Generally, a higher residual can reduce regular payments but leaves a larger amount at the end of the lease.
Is GST charged on machinery finance lease payments?
GST is generally included in finance lease payments. If your business is registered for GST and the drill rig is being used for business purposes, you may be eligible to claim GST credits on the lease payments. Your accountant or tax adviser can confirm how this applies to your business.
Are machinery finance lease payments tax deductible?
Lease payments may be deductible where the drill rig is leased and used for business purposes, subject to Australian tax rules and your circumstances. The tax treatment of a finance lease can differ from other machinery finance options, so you should confirm the appropriate treatment with your accountant or tax adviser.
Can I finance lease a new or used drill rig?
Yes. Machinery finance leases may be available for both new and used drill rigs, subject to lender criteria. The drill rig’s age, value and condition can influence which lenders are available, the finance term and the residual value.
Do I need a deposit for a machinery finance lease?
Not necessarily. Some machinery finance leases can be structured without a deposit, while other transactions may require an upfront contribution depending on the lender, drill rig and strength of the application.
What is the difference between a machinery finance lease and a chattel mortgage?
The main difference is ownership. With a machinery finance lease, the lender owns the drill rig during the lease term and your business makes lease payments. With a chattel mortgage, your business generally owns the drill rig from the start while the lender takes security over it. GST, tax treatment, repayments and end of term arrangements can also differ.
More Drill Rig finance options
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