There are some things which should last forever, like love, or a diamond ring, but a car payment is not one of them. Yet forever is how long it might feel if you take out an extended-term loan (e.g. 96 months), without educating yourself on the perils of negative equity—owing more for a car than it is worth.To avoid the pitfalls of an extended-term loan, consumers need to educate themselves and be honest about their needs and car-buying habits.