Yes, there are generally additional penalties on top of interest. There is a failure to pay penalty that will be .5% but not to exceed 25% of your balance. So on $20,000, that is around $100 per month to start and then as your balance drops, the amount will obviously drop.
Interest compounded daily means every day the interest is added to your balance. So on day one your balance will increase by about $4.38 and then the interest would be calculated on $20,004.38 instead of $20,000. Then the next day the interest would be $4.40. The daily compounding will make a difference of about $90 per year without payments. But your interest in the first year, would be around $1,600 give or take so over 6 years you would be paying several thousand more by making payments versus making a flat out payment.
You can also put a lump sum down and then make payments over time for the remaining balance which would save you on interest in penalties. You can google a interest calculator and play with the numbers to get a good idea on what it will cost you in the long run to do a payment plan.
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