Credit Application Process

The ATY credit application process varies slightly, depending on the type of transaction being considered. Listed below are ATY's guidelines for "Application Only" and "Full Disclosure" transactions as well as a description of what fees to expect.

"Application Only" Transactions: This type of credit request only requires the completion of a simple, one-page credit application form; detailed financial statements and tax returns are not required. Generally, application-only transactions are limited to the purchase of new or used equipment that is being purchased from an authorized equipment vendor.

This form of application is based primarily on a review of the business owner's personal credit bureau reports, as well as the strength of bank and trade references. In some cases, a personal financial statement for the business owner(s) might also be required. Credit decisions are usually completed within one to three business days. Payment rates tend to be higher than on full disclosure transactions, but offer the convenience of limited financial disclosure and quick turnaround.

"Full Disclosure" Transactions: Full disclosure credit applications are generally required on all equipment finance transactions where the amount to be financed exceeds $100,000. Full disclosure credit applications are always required for revolving lines of credit and commercial real estate loans. Generally a full disclosure application will require submission of the last three complete years of financial statements (or tax returns), plus a current year-to-date statement. A completed personal financial statement may also be required. Full disclosure credit decisions are based on a review of all submitted materials, plus credit bureau reports and bank and trade references. Full disclosure transactions offer the best possible finance terms to the borrower, based on their credit strength and related considerations.

ATY Fees: A non-refundable application fee of $75 is payable with your application. Additional documentation fees may be required depending on the individual transaction.

For more information concerning the specific information required for each type of credit application, please refer to the Credit Application Checklist.