Yes. Used equipment is financed every day and it is often the more sensible purchase — a well-maintained second-hand machine can do the same work for considerably less capital. Most lenders on our panel will fund used assets from dealers, and many will consider private sales and auction purchases with the right checks in place.
What lenders look at is the remaining useful life and the resale market. A fifteen-year-old tractor from a mainstream manufacturer may be easier to fund than a five-year-old piece of niche specialist kit, simply because more buyers exist for it. Service history, hours or mileage, and a clear provenance all help.
Expect the available term to be shorter than on a new equivalent, because the lender will not usually finance a machine beyond the point where it holds value. That means higher monthly payments for the same amount borrowed. There may also be additional checks on the seller, an inspection or a valuation, and outstanding finance searches before funds are released.
The main risk with used equipment is that you carry more of the maintenance and breakdown cost while still owing payments. Budget for repairs alongside the finance. Terms depend on the lender’s assessment of the asset and your circumstances.