Choose a country
Canada
Choose a city
Choose a city
Choose a language
English
Select country
Choose a country
Canada
Canada
España
México
Philippines
United States
Việt nam
Казахстан
Россия
Україна
Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Prefera Finance

Finanso.Multilogin™

About lender

Prefera Finance is a Canadian-owned, national company specializing in providing finance solutions to Canadians. The company works closely with its partners and customers to understand its clients’ needs and deliver solutions that fit. These solutions include providing flexible, innovative financing programs for recreational products such as motorcycles, boats, trailers, snowmobiles, etc. Prefera Finance also provides leading-edge point of sale solutions for automotive repairs.

Prefera Finance offers various credit tiers and refers to them as “P”s of credit. So a P1 is the best tier of praise for the best customers, up to a P4 for customers with a challenged credit history. Unfortunately, not all the tiers of credit are available in all of the company’s programs.

The company is rendering two main types of financial services to its clients within the tiers mentioned above

Recreational Finance

The company thinks that its customers’ recreational time shouldn’t be wasted just because the bank does not provide the customers with financing. Prefera Finance is ready to help its clients to acquire the recreational vehicle products they want. Prefera Finance has competitive offerings to suit everyone, with a more straightforward processing and more flexible terms than its customers’ banks.

The company’s quick and easy application process, fast loan approvals, and low monthly payments are designed to help its clients to achieve their dream recreational vehicle purchases. In addition, Prefera Finance offers financing solutions that allow its clients to start doing instead of just dreaming.

Repair Financing

Prefera Finance understands that the car is crucial for everybody’s life. Traditionally, there were only two ways to pay for an auto repair - an upfront payment in full or a credit card transaction. But what if an individual does not have thousands saved up in his account for these unexpected costs? Or has he already spent his entire credit limit?

Prefera Finance offers a very qualitative alternative - and much more budget-friendly. Prefera Finance pays the repairs for the entire bill for a low monthly cost. The client gets upfront to deliver small, affordable monthly payments that fit his budget. In addition, the application process is easy and can be processed and completed within a few minutes, allowing the client to get back on track.

Privacy and security policy of the company

Protecting the privacy and confidentiality of the customers' personal information is a crucial part of the company’s business.

Prefera Finance collects personal information directly from its clients as a general rule. However, in most other cases where a third party holds the personal information that the company collects about its client, the company is always obtaining the client’s permission before it seeks out this information from such sources (such consent may be given directly by the client or implied from his actions).

Prefera Finance may utilize the services of third parties from time to time. As a result, it may also receive personal information collected by those third parties in the course of the performance of their services for the company or otherwise. Where this is the case, the company will take reasonable steps to ensure that such third parties have represented to it that they have the right to disclose this personal information to the company.

Pros and cons

Pros

  • Unlike the principal quantity of suchlike financial institutions, Prefera Finance specializes in approvals for "Good People with Blemished Credit."

  • The company operates in all 10 Canadian provinces.

  • The company can provide its customers with an amortization schedule of the loan.

  • The company lets its customers delay payments.

  • The company lets its customers pay out their loans before the end of the term with no penalty or fees.

  • There is a possibility to improve one’s credit score.

  • A variety of repayment frequencies.

Cons

  • $2,500 minimum as monthly income is required.

  • Confusing internet-site.

  • Worse credit conditions for clients with bad credit.

Loan conditions

One of the most critical conditions of Prefera Finance’s loans is that there must be a co-applicant. Another crucial point is that a $2,500 minimum monthly income is required.

The general conditions for getting a loan from a Canadian lender are Canadian citizenship, legal age, and stable income.

Interest rates are specified neither on Prefera Finance’s website nor on the alternative information platforms.

Methods of loan funding

Once the company has approved the loan and received all requested documents, it ensures that the payment is deposited into its customer’s bank account. The funds are generally deposited in the customer’s bank account within 24-48 (business) hours.

FAQ

What is Prefera Finance?

Prefera Finance is a Canadian-owned, national finance company specializing in providing unique loan solutions to Canadians. The company renders two types of financial services to its clients: recreational finance and repair financing.

Recreational finance loans go for customers who would like to purchase a recreational vehicle product they need.

Repair financing loans are aimed at supporting customers who need an auto repair.

Who owns Prefera Finance?

The company’s website states that it is Canadian-owned. According to LinkedIn, its CEO is Erik Witte. No further information on the company’s ownership could be found.

How do you qualify for Prefera Finance?

To qualify for the lender, a person should have Canadian citizenship, be of legal age, and have a stable income in an amount not less than $2.500 per month. In addition, the loan application is agile.

More specific eligibility requirements:

  • Have a reliable source of income for at least a few months

  • Have a good credit score of 660 – 900

  • Pay off any outstanding debts

  • Check your credit report for errors or signs of identity fraud

  • Save up enough money for a down payment (not always necessary)

  • If your finances or credit aren’t strong, ask someone to cosign your loan

How much can you borrow from Prefera Finance?

There is no specific information regarding this question on the website of Prefera Finance. However, an alternative source states that up to $30.000 can be borrowed from Prefera Finance. Typically, the amount of money accessible to the client depends on the financial product he is choosing and the price of a vehicle that needs to be acquired or repaired.

Is Prefera Finance a legitimate company?

The company corresponds to all the requirements for such financial institutions and is fully legitimate. It is listed on the OPENGOVCA website as Corporation# 8150087.

Company documents

Privacy Policy

Prefera Finance is a Canadian-owned, national finance company that specializes in providing unique finance solutions to Canadians. We work with our partners and customers to understand their needs and provide solutions that fit. 

© Prefera Finance

Calculate loan payments in Prefera Finance

Prefera Finance calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
i

Enter the desired loan amount

CAD
CAD
USD
2000 $
30000 $
Loan term
i

Specify the loan term for the calculation

months
days
5
36

What to pay attention to when applying for a loan from Prefera Finance

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Prefera Finance from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
Your comment has been added
Error
Your complaint has been recorded
Invalid username or password
comment.alert.error-reg
Please log in to like/dislike
Invalid SMS code has been entered
All Prefera Finance’s reviews by October 2022
Leave feedback

Similar companies

Goeasy
33 City Centre Dr #510, Mississauga, ON L5B 2N5
1 844 446 3279
Kingcash
TD Canada Trust Tower, 161 Bay St. 27th Floor, Toronto, ON M5J 2S1
1-844-895-8808
Auto Loan Solutions
3200 Bloor Street West Toronto, ON M8X 1E1
1-800-610-2391
Driven
License No. 6482091
130 Adelaide St W, Suite 3100, Toronto, Ontario, Canada, M5H 3P5.
1-866-889-9412
Symple Loans
161 Bay Street, Suite 2700 Toronto, ON, M5J 2S1
1-888-479-2292