Often yes, but be prepared for a narrower choice of lenders. IT is a classic soft asset: laptops, servers, workstations, networking kit and audio-visual equipment depreciate quickly, are easy to move and are worth little second-hand. That weak security means some funders have limited appetite for IT on its own.
Where IT is funded, the decision rests mainly on your business rather than the hardware. Established, profitable companies with clean payment records get much further than young businesses. Terms are typically shorter than for machinery, reflecting how fast the equipment loses value, and a personal guarantee is more commonly requested.
Software licences, cloud subscriptions, support contracts and installation labour are harder still, because there is nothing to recover if things go wrong. Some lenders will include a proportion of these costs alongside a hardware order; others will not fund them at all.
Matching the term to the useful life is the sensible discipline here. Being three years into payments on kit you have already replaced is a poor position to be in. If the numbers only work over a long term, that is usually a signal to reconsider the purchase rather than to stretch the agreement. Approval is never guaranteed.