Why Refinance Your Auto Loan?

Refinancing an auto loan means replacing your existing car loan with a new one that ideally offers better terms. At First Horizon National Corporation, refinancing can lead to lower monthly payments, reduced interest costs, shorter loan terms, or the flexibility to tap into equity when appropriate. Whether you're seeking immediate savings, better predictability through a fixed rate, or a way to free up cash for other priorities, refinancing is a powerful financial tool.

Key Benefits

• Lower monthly payments: By securing a lower interest rate or extending the loan term, you can reduce your monthly outlay and improve monthly cash flow.
• Reduced interest costs: A lower APR can significantly decrease the total interest paid over the life of the loan.
• Shorter loan terms: If your budget allows, refinancing to a shorter term can help you pay off the vehicle sooner and save on interest.
• Rate stability: Move from a variable-rate loan to a fixed-rate product to lock in predictable payments for the remainder of the loan term.
• Consolidate payments: Combine multiple auto loans or related obligations into a single, easier-to-manage monthly payment when appropriate.
• Flexible payment options: Choose a payment schedule or features like autopay to simplify loan management.

Who Can Benefit?

Refinancing is a smart move for many borrowers, including those who:

• Have improved their credit score since taking the original loan.
• Are currently paying a high interest rate on their existing auto loan.
• Need to lower monthly payments due to a change in income or expenses.
• Want to pay off the vehicle faster or reduce total interest expense.
• Leased vehicles that now meet eligibility requirements for buyouts and refinancing.

Features of a Refinance Loan with First Horizon National Corporation

First Horizon National Corporation offers a range of features designed to make refinancing straightforward and beneficial:

• Competitive rates: Access tailored pricing based on creditworthiness and loan characteristics.
• Flexible terms: Choose from multiple repayment term lengths to balance monthly payment and total interest.
• Quick decision process: Efficient application review to get you an answer fast.
• Online account management: Manage payments, view statements, and track loan details through a secure digital platform.
• Payment convenience: Options for autopay enrollment, recurring payments, and multiple payment methods for ease of use.
• Transparent fees: Clear disclosure of any applicable fees so there are no surprises.

Eligibility and Documentation

To evaluate qualification and customize an offer, First Horizon National Corporation typically requires:

• Proof of identity.
• Recent proof of income or employment verification.
• Current vehicle registration and title information.
• Existing loan payoff information from your current lender.
• Proof of insurance meeting lender requirements.

Eligibility depends on factors such as credit profile, vehicle age and condition, remaining loan balance, and other underwriting considerations.

The Refinance Process

1. Check your options: Compare potential savings and term choices to determine the ideal refinance target.
2. Apply: Complete the refinance application with accurate loan and vehicle information.
3. Submit documentation: Provide required documents to verify identity, income, vehicle details, and insurance.
4. Loan review: Underwriting evaluates the application and determines available rates and terms.
5. Approval and payoff: Upon approval, First Horizon National Corporation issues a payoff to your existing lender and establishes the new loan.
6. Begin payments: Start repaying your new loan under the selected payment schedule and terms.

Common Considerations

Before refinancing, consider these points to make an informed decision:

• Total cost: Evaluate whether lowering monthly payments by extending the term could increase total interest paid.
• Prepayment penalties: Confirm if your current loan carries any prepayment penalty that could offset refinance savings.
• Vehicle eligibility: Some older vehicles or those with high mileage may have limited refinance options.
• Credit impact: Applying for a refinance may result in a credit inquiry; however, a successful refinance can help improve credit utilization over time.

Helpful Tips

• Review your current loan payoff and compare it to potential refinance offers to calculate real savings.
• Gather documentation in advance to speed up the application process.
• Consider short-term rate locks if you anticipate rate changes during processing.
• Enroll in autopay to avoid late payments and potentially qualify for rate discounts where available.