Easier to renegotiate loans
Credit unions typically offer lower loan rates.
But what about renegotiating loans if you fall behind? At credit unions, the process is usually simple. "You can do it in one phone call," Legg says. "We look at each independent loan to see opportunities."
Still, there may be restrictions, such as paying down part of your loan. And one downside is that renegotiating a loan can tarnish your credit score.