Prefera Finance provides several financing options for purchasing automobiles and recreational vehicles. The company has a reputation for providing loans to people who have been rejected by other financial institutions. Prefera is certified by the Canadian Lenders Association. This ensures that the company abides by the best practices in lending. However, does this mean that you should choose this company for your next auto-loan? In this article, we will discuss the company’s key features, the loan application process and customer feedback to provide a better view of the company for you.
Brief Overview
Prefera Finance is headquartered in Etobicoke, Ontario. The company specializes in car finance and offers loans on cars, motorcycles, boats, trailers and other vehicles. The company intends to the various loan products in a flexible and customizable way to suit each client’s needs.
- Official Name: Prefera Finance Ltd.
- Website: preferafinance.com
- Headquarters: Etobicoke, Ontario, Canada
- Phone Number: 1-844-734-3577
- Google Reviews: 3.7/5 stars (100+ reviews)
Services Provided by Prefera Finance
Prefera Finance offers a range of financial services that primarily focus on vehicle financing. Whether you are looking to purchase a car, motorcycle, boat, trailer, or snowmobile, Prefera Finance provides tailored loan options to help you finance your next big purchase.
Auto Loans
Prefera Finance offers auto loans for both new and used cars especially for individuals that may be having lower credit scores. The company provides flexible loan terms and competitive rates regardless of whether the car is being purchased from a dealership or a private seller.
Recreational Vehicle Loans
Prefera Finance also specializes in financing for the purchase of recreational vehicles. This includes motorcycles, boats, trailers, and snow mobiles.
Vehicle Repair Financing
Car breakdowns are usually unplanned, and Prefera Finance provides car repair loans to enable clients to meet expenses. This service is most useful for people who rely on their vehicle for daily commuting and cannot afford to pay hundreds or even thousands of dollars in repair costs.
Flexible Payment Plans
Prefera Finance offers flexible payment options for its customers: weekly, biweekly and monthly installments. Furthermore, customers can negotiate their payment dates. The terms of the loan can vary from 12 months to 84 months, giving borrowers ample time to repay their loans based on their financial situation.
Loan Application Process
The loan application process is easy and can be done entirely online. Here’s how it works:
Online Application: The application is done online and the data collected by the company includes identity data of the customer and other financial data.
Pre-Approval: In order to decide whether an applicant is capable of paying installments, Prefera Finance considers the information filled in the form. The approved clients will be given approval of a certain amount so that the customer can start searching for a vehicle.
Loan Offer: After the credit check, customers receive a loan offer detailing the interest rate, payment schedule and other terms..
Vehicle Purchase: Customers can thereafter go ahead and purchase the needed car with the amount borrowed.
Customer Feedback and Reviews
To get a better sense of the customer experience, we looked at reviews from clients who have used Prefera Finance’s services.
Google Reviews: 3.7/5 Stars
Prefera Finance Ltd. Has a 3.7 rating on Google based on over 100 reviews by customers. The company’s clients tend to appreciate the ease of application and Prefera’s openness to working with people regardless of their credit history. On the flip side, some clients have had some concerns relating to late responses from the customer services team and high-interest charges.
Advantages of Choosing Prefera Finance
Flexible Loan Options: Unlike its competitors, Prefera Finance offers different types of loan options for both auto and recreational vehicle purchases. This gives customers the flexibility to choose an option that best suits their needs.
Accessible for Poor Credit Borrowers: Prefera Finance can be favorable for those who face problems with getting a loan from conventional financial institutions because of their bad credit score.
Customizable Payment Plans: The company allows customers to choose from weekly, bi-weekly, or monthly payment schedules.
Online Application Process: The loan application process is very easy, and it can be done from the comfort of your home.
Disadvantages of Choosing Prefera Finance
Higher Interest Rates: The interest rates on the loans are often much higher than what can be found with other banks or credit unions.
Limited Online Account Access: Some customers have reported difficulties accessing their account information online, which can make it harder to track loan payments and statements.
Customer Service Issues: Customers have complained about the slow response to their queries and complaints online, which can be a deal-breaker for many potential customers.
Final Thoughts: Is Prefera Finance Ltd. Right for You?
For people having trouble getting access to auto-loan due to their bad credit situation, Prefera Finance provides a good viable solution. The company provides loans through an easy application process for a variety of vehicles, including recreational vehicles. The company is willing to provide support to customers throughout the whole vehicle purchase process, providing satisfaction to customers.
Saqib has a Masters Degree from Wilfrid Laurier University in Ottawa. He has a robust background in accounting and finance. Mohammed started his career three years ago working as an investment analyst at a sell-side firm. He has extensively covered publicly-listed companies using fundamental analysis as the cornerstone of his approach. Mohammed has been published on SeekingAlpha, InvesorPlace, Yahoo! Finance and others.
