Here’s a good article by Nazarene Theology professor Al Truesdale that helps to explain the difference between Wesleyans and Fundamentalists, and why Wesleyans aren’t concerned about “inerrancy”. Why Wesleyans Aren’t Fundamentalists.
From the article:
For fundamentalists, revelation is thought of primarily as divine information or truth about God, humans, and the creation. For example, when Exodus 12:37 states the number of Hebrew slaves who left Egypt, that information is part of divine revelation. The Bible is the inspired and inerrant deposit of divine revelation. For that reason it is the Word of God. God unerringly communicated his revelation in various ways—through patriarchs, prophets and apostles, oracles, signs and wonders, and ultimately through Jesus Christ. Regardless of the topic the Bible addresses, it is part of God’s infallible revelation. It stands to reason that an inerrant God would communicate through an inerrant vehicle.
Therefore, in the Bible God has given us an inerrant source of truth. Either the entire Bible is without error, or the Scriptures as a whole must be false. Either Isaiah of Jerusalem wrote all of Isaiah, or the Bible is deceptive. Equally essential for fundamentalism is belief that the body of revelation the Bible contains is accessible to all who will rightly use their reason, and who will submit to what the Bible teaches.
We can see that for fundamentalists, “truth” is principally “divine truths” God has communicated to humans and recorded in the Bible. This makes the Bible “the Word of God.” Faith, then, is principally a matter of understanding and assenting to truth, to revelation, without reservation. This doesn’t minimize the importance of personal trust in Jesus Christ.
Wesleyans hold to a different understanding of revelation. The difference directly affects our doctrine of the Scriptures. God himself, not information about him, is the primary content of revelation. God manifests himself, his person, his “Name,” and his will in all the earth. he reveals his “glory” as Creator and Savior, the proper end of which is our worship of and obedience to him. God declares his Name particularly by creating a people who, in covenant with him, will bear redeemed witness to his holiness, his love, his Kingship, and his faithfulness. The Bible uniquely and definitively tells the story of God’s self-disclosure and of humankind’s response. But not everything in the Bible is essential to God’s self-disclosure.
For Wesleyans, knowing the truth is primarily a matter of knowing God, of being transformed and gifted by him, and of being placed in his kingdom service. Thinking of knowing the truth as principally a matter of assent to a body of divine knowledge or propositions strikes Wesleyans as once-removed from knowing him who is the “Way, the Truth, and the Life.”