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Prequalification leaves verification still to happen
A preliminary estimate can use supplied information and defined conditions.
Its purpose and inquiry process differ from a completed agreement after assessment.
The distinction should stay visible when planning a purchase. An estimate is not evidence that funds are committed or that no condition can change before the final documents.
Work through the repayment planning guide
Definitions
- Credit inquiry
- Request to access credit information; its visibility and consequences depend on the inquiry and local system.
- Prequalification
- Preliminary indication based on stated conditions, distinct from verified approval and a final agreement.