I bought a car earlier this year, and I have been making payments on it regularly for about 7 months. However, I want to sell the car to a private party and buy a cheaper car paying cash in full. The car I bought is on loan and now the dealer is offering me very less compared to the blue book value. I am expecting $16k from the car and my loan outstanding on it is $13.5k. I want to pay off the $13.5k and put the $2.5k along with some money I saved up for a cheaper car, so that I have no payments. How do I go about this?
Any help would be appreciated.