Yes, but expect it to be assessed differently and by fewer lenders. When you buy an asset to rent to third parties rather than to use yourself, the funder is no longer lending against your own operational need — it is lending against a rental business model, and it will underwrite the business, not just the machine.
Lenders will typically want to understand your utilisation assumptions, your hire rates, how long you expect assets to stay on hire, your customer base and how you handle damage, loss and non-payment by hirers. Established hire companies with a trading record and a fleet find this far easier than someone buying their first unit to rent out. Some funders exclude hire-fleet business entirely as a matter of policy.
Practical conditions are common: the lender may require its interest to be noted, may restrict where the asset can go, and will almost certainly require specific insurance covering third-party use and off-site risk. Your standard business policy may not be enough — check before you deploy.
Be candid about the risk profile. Hire income is not guaranteed: assets sit idle, customers pay late, and equipment comes back damaged, while the finance payments stay the same every month. Build your figures on conservative utilisation rather than a full order book. And declare the hire-out intention on the application — using an asset for a purpose the lender was not told about can breach the agreement.