Got questions? We've got answers to the most frequently asked questions below. If you can't find the answer here, just contact us by phone at 1-844-734-3577 or drop us an email and we'll be in touch.
Prefera is a Canadian-owned, national finance company that specializes in providing unique finance solutions. We work with you, our partners, to understand your needs and provide solutions that fit for you, us and your customer.
We operate in all provinces.
Our call centre hours are from Monday to Friday, 9 am to 8 pm EST and Saturday from 9 am to 5 pm EST.
To become a Prefera Merchant Partner, please complete the profile sheet and our standard form merchant agreement. We will also need a void cheque in which to deposit your invoice proceeds.
For repair services operations, click here.
For recreation finance and other partners, click here.
For other types of opportunities, please contact us and we would be happy to discuss with you.
We look for partners that are well established and reputable.
Credit applications are submitted through an online credit application process. This "portal" allows submission of credit applications, two way communications and contract generation. You know the status of your customer applications at all times.
Applications for repair services can take just a few seconds to a few minutes during our regular credit center hours of operation. Applications for recreation finance typically take a few minutes longer as they require a deeper evaluation of credit and deal structure.
Once we have received all documentation in connection with an agreement, we will make payment to be deposited to your account. You should see that deposit to your account within 24-48 hours after receipt of our notification to you depending on your financial institution.
Prefera offers various tiers of credit and we refer to them as our “P”s of credit. So a P1 is our best tier of credit for your best customers, up to a P4 for customers with a challenged credit history. Not all our tiers of credit are available in all of our programs.
Our rates start as low as just above 10% for our best customers, and go as high as just above 30% for those customers with more challenging credit situations.
While credit scores can be a good indication of credit, we spend the time to get a better understanding of your customer's credit story. We look beyond credit scores to the customer's history, their challenges as well as the deal structure.
In our repair finance category, we finance all makes and models of vehicles, motorcycles, boats, etc., up to a certain percentage of the item's value over terms of up to 36 months. The repairs must be done at a registered facility by a licensed mechanic and the minimum amount is $500. We do not finance uninstalled parts.
In our recreation finance category, we will finance all makes and models of new and used motorcycles, ATV's, side-by-sides, mopeds, e-bikes, PWC, boats, towable trailers, snowmobiles, well...you get the idea! We will finance newer larger value amounts for terms up to 10 years, but typically we like to see most loans at 5 years. The minimum finance amount is $2,000 and we will finance parts and accessories with the purchase, but not independently of a purchase.
Have a different program or asset category in mind? Get in touch with us and we can help!
We have a range of promotional offers that can be structured on some of our tiers of credit and products, that include no payment periods, no interest periods or some combination of both. Please contact us to discuss a program that you have in mind and how we can make it work for you and your customer.