Credit Application Process
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.
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
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
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