When you stretch out the Term (number of months) of your loan, it can lower the amount of your monthly payments. You can still pay extra to pay your loan off faster and earlier, but the option is yours.
You’ll have the flexibility to know the minimum monthly payment you must make. Your loan won’t have any prepayment penalty in case you decide to pay it off before the end of the term. Note: Extending the term of the financing may result in additional interest over the life of the loan.