Alternative Financing Program

Oklahoma ABLE Tech in partnership with BancFirst and the Oklahoma Assistive Technology Foundation (OkAT) offers an Alternative Financing Program (AFP) to Oklahomans with disabilities. The AFP is a low interest and/or guaranty bank loan that provides individuals with disabilities or those that have a dependent with a disability the opportunity to borrow money for the purchase of needed assistive technology.

The AFP terms for unsecured loans, which could include items such as hearing aids, wheelchairs, adapted computers, hospital beds, lift equipment, etc.

Fixed interest rate of 6%
Maximum term of the loan is 3 years

The AFP terms for secured loans for items such as modified vehicles, home modifications or guaranteed loans.

Fixed interest rate of 5%
Maximum term of the loan is 5 years

For all AFP loans:

Borrowed funds are paid directly to the vendor
Each closed loan has a documentation fee

AFP applicants that are denied the low interest BancFirst of Stillwater loan can seek a guaranty of the loan through the Oklahoma Assistive Technology Foundation (OkAT). Under established policies and procedures, OkAT a non-profit organization, can guaranty the loan of qualified applicants. In addition, OkAT requires applicants, requesting a guaranty loan for hearing aids, to have an evaluation by a licensed audiologist. OkAT determines a qualified applicant must have the financial means to make the monthly payment of the loan by producing evidence of:

No more than a 50% debt service to income ratio (including the monthly payment of the AFP loan)
The person is working toward correcting any adverse credit

To apply or for more information on the Alternative Financing Program, call: Oklahoma ABLE Tech 1-888-885-5588