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) ā€“ please call us to set up this service. We will require a void cheque and a completed preauthorized payment form to be sent to us by email. Payment is automatically debited from your account on a monthly basis on an agreed upon day.
  • Internet banking with your financial institution. Payee is PREFERA FINANCE. Payment will take up to three business day to reflect on your account.
  • Interac e-Transfer ā€“ payment is made by email from your financial institutions website. Please call us to arrange for this service.
  • At your financial institution - depending on your loan you may be able to make a payment at your financial institution. Please contact us for more information on 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?

No. Unfortunately payment frequency changes are not available at this time.

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.

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.

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.

Iā€™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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