Used equipment financing
Yes, you can get financing for used equipment: the 1West equipment financing page states that used or new equipment is eligible.
Used equipment financing works like a new equipment loan, but lenders look harder at the machine's age, hours, condition and value because it secures the deal. With 1West, you apply once through ABLE and compare offers. A complete invoice with the serial number, year and hours is the single biggest thing that keeps financing used equipment moving.
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The process is the same: quote, application, offers, funding, repayment. What changes is how the lender sizes up the collateral. A newer machine with documented maintenance looks like a safer asset than an older one with unknown history, so it may earn longer terms or more of its price financed.
| Criteria | New equipment | Used equipment |
|---|---|---|
| Eligible with 1West | Yes | Yes |
| Purchase price | Higher | Usually lower |
| What lenders check | Invoice and price | Invoice, age, hours, condition, value |
| Typical term length | Can run longer | May be shorter for older units |
| Warranty | Usually included | Varies, often limited |
| Dealer promotions | More common | Less common |
Definition
Used equipment financing is a loan or lease for pre-owned business equipment, with the equipment usually serving as collateral. Through 1West, it uses the same single ABLE application as new equipment. The lender reviews the unit's details from the vendor invoice, and in most cases pays the seller directly once you accept an offer.
This guide does not publish lender-specific used equipment rates, because they depend on the lender, your business and the unit. 1West lists equipment financing rates as low as 7% overall, as of November 2026, on its equipment financing page. What tends to move a used equipment offer:
On how much of the price is covered, one equipment finance guide gives the example of a lender providing a loan for 80% of the equipment's cost, while noting some lenders offer up to 100% of value. Treat both as market examples, not 1West terms.
Used heavy equipment such as excavators, loaders, skid steers and dump trucks falls in the construction category 1West lists. Brand dealers like John Deere and CAT also run their own programs for financing used equipment. A fair way to choose is to put the dealer offer and the offers you receive through ABLE side by side on the same price, term and down payment, then compare the total of payments.
Checklist
The full list lives in our vendor invoice checklist. For lease vs buy questions on used gear, see equipment loan vs lease. 1West also publishes its own used equipment financing article on its main site.
Found the right used unit? Apply once and compare offers.
Apply through ABLEShort answers here. Every question has a fuller home in the equipment financing FAQ.
Yes. The 1West equipment financing page states that used or new equipment is eligible. Lenders look harder at used equipment's age, condition and value because it secures the loan. A clear invoice with the serial number, year, hours or mileage and seller details makes financing used equipment much smoother.
Read this answer in the FAQThey can be. Older equipment may be worth less as collateral and have a shorter useful life, so some lenders offer shorter terms or higher rates on it. This guide does not publish lender-specific used equipment rates. Compare the total cost of a used machine against new, including expected repairs, not just the sticker price.
Read this answer in the FAQChoose used when the price gap is large, the machine has documented maintenance and you need it working soon. Choose new when uptime is critical, the warranty matters or the used unit is near the end of its life. Both can be financed through 1West, so the decision can rest on value rather than financing access.
Read this answer in the FAQSome lenders allow private-party purchases, but they usually want more proof: a bill of sale, title or serial number, photos and confirmation that the seller owns the equipment free of liens. Ask your 1West advisor before agreeing on a price, since lender rules on private sales vary.
Read this answer in the FAQYes. Used heavy equipment such as excavators, loaders, skid steers and dump trucks falls within the construction category 1West lists. Brand dealers like John Deere and CAT also run their own financing programs. Compare a dealer offer against the offers you receive through ABLE using the same price, term and down payment.
Read this answer in the FAQCompare both. Dealer financing is convenient and sometimes includes promotions on new equipment, while applying through 1West lets you see offers from several lenders in one place. Put each offer side by side on the same price, term, down payment and total of payments, then choose the one that fits your cash flow.
Read this answer in the FAQBack to the full guide to equipment financing for small business
Apply once through ABLE, the 1West Automated Business Lending Engine, any time of day, and compare the offers that come back. Eligibility, rates and final terms depend on the lender.
