Your Preferred Choice for Financing

Frequently Asked Questions

Making payments

How do I make a payment?

There are many ways to make a loan payment. Some require a simple set up process. Just call us at 1-844-734-3577 and we will be happy to set up a payment method that works for you.

  • Pre-Authorized Debit (PAD) – All regular payments should be made by PAD as per the terms of your agreement with us. Payment is automatically debited from your bank account on a regular basis as per the agreed upon payment frequency.
  • Interac e-Transfer Payment is made by email from your financial institution’s website. Please send to payments@preferafinance.com and include the name as it appears on your agreement and your agreement number from the top right corner of page 1 of your agreement. Please send a separate email to the same e-mail address with the password.
  • Internet Banking – Payment is made though your financial institution’s bill payment service. The payee is PREFERA FINANCE. The payment may take up to three business day to reflect on your account.
  • Visa or Mastercard - Payment on account of arrears or outstanding fees can be made using either of Visa or Mastercard Debit or Credit (note that this service is not available for regular payments). Please login under the “Make a Payment” link above or contact us at 1-844-734-3577 to make this arrangement.
  • Directly at Bank of Montreal – Please contact us at 1-844-734-3577 for more information on this service and deposit details. Please send us the deposit slip if you use this service.
Can I change my payment date?

You can change your payment due date after your first payment has been made, as long as your account is current. We require a minimum of four business days notice prior to your original payment due date. To request a payment date change, please complete the Payment Date Change Form, or contact our Customer Service Department at 1-844-734-3577 and we will be more than happy to help you.

Can I change my payment frequency?

Yes you can change your payment frequency up to 3 times over the term of your agreement. A fee applies as outlined in your agreement with us. Please contact us about this option.

Can I make extra payments on my loan?

Absolutely! Prefera does not charge fees or penalty charges for additional payments. Any payments in addition to your regular payments will be applied to outstanding fees first and then principal. Just contact us at 1-844-734-3577 to arrange.

Can I pay out my loan before the end of the term? If so, is there a penalty?

Yes, you may pay out your loan before the end of the term, as outlined on your contract, with no penalty or fees. You can obtain your payout amount by completing the Buyout Amount Request Form or contact us at 1-844-734-3577 to arrange.

Can you provide me an amortization schedule of my loan?

Our system doesn’t generate amortization schedules of your loan. You can download the attached template here and input your loan values to see your loan amortization.

Missed or Late Payments

Is there a grace period for late payments?

Payments are required to be made by the due date in your contract. Interest charges will accrue on the past due amount and be applied to your account each day, which increases the total amount you pay.

Can I delay a payment?

Yes you can delay a payment, however the payment is still due and interest will continue to accrue until paid. A fee also applies as outlined in your agreement with us, but the fee is less than an NSF fee and will not affect the performance of your loan in the same way as a returned payment. Please contact us if you wish to delay a payment. This must be done at least 2 business days prior to your regular scheduled payment.

Updating Information

I have updated information. How do I inform you?

Please let us know if your address, phone number, email address, banking, insurance or employment details have changed so we can update your files. Either complete the appropriate online form or contact us at 1-844-734-3577 to arrange.

I’m switching bank accounts. How do I ensure my Prefera loan payments come from my new account?

To update your banking information, please send us a completed Pre-Authorized debit form (available from your financial institution) or a personalized cheque with your your new banking information. Email us at info@preferafinance.com and we will contact you within one business day to confirm the change has been made. Please note, we require at least four business days before your next payment date for processing.

I have changed my insurance, do I need to notify Prefera?

Yes, any changes made to your insurance may impact the terms and conditions of your loan. You must always maintain full comprehensive and collision insurance on your vehicle, with Prefera shown as the lien holder. Any insurance arrangement other than this could put your contract into default. To update your insurance information, please email us at info@preferafinance.com and we will contact you within one business day to confirm the change has been made.

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