Auto loan Prequalification vs. Preapproval This resource is a component associated with Innovative Funding Services (IFS) car finance Library. What’s the distinction between car finance preapproval and prequalification? Prequalification isn’t the identical to preapproval. Both relate to an assessment that may come before that loan application; nonetheless, they vary within their purposes and intended definitions for applicants. Prequalification Loan providers and banking institutions provide prequalification in an effort to suggest to…