Car Loan Prequalify Calculator – RBC Royal Bank

When the term pre-qualification is used, you’re typically receiving an estimated loan amount for which you may qualify, based on the information you’ve submitted. In this case, neither the amount nor the terms of the loan are guaranteed – a complete credit application is required at the dealership in order to secure loan approval, if you qualify. When the term “pre-approval” is used, this typically implies that the loan amount and/or the terms are guaranteed for a specified amount of time from the date of pre-approval. Keep in mind, a pre-approval will often have an impact to your credit score and is considered a loan application, for which your financial and other credentials need to be verified.