Whether you have a lot or not, getting a surety bond is essential for becoming a licensed dealer. If you’re not sure exactly what a surety bond is, don’t worry—many people aren’t quite sure at first. Check out our page on What Is a Surety Bond? to find out the basics.
Basically, a surety bond serves as a guarantee that your business won’t engage in unethical conduct. That can include everything from misrepresenting a vehicle’s condition to not paying sales taxes. State law will determine how much your bond needs to cover, but amounts can range anywhere from $10,000 to $100,000. You’ll pay a percentage of this upfront to the surety and then file your certification with your dealer application.
Although dealer surety bonds usually require credit checks, keep in mind that Surety Bonds Direct can help you even if your credit isn’t perfect. Plus, we offer flexible payment plans to make bonds more affordable for our customers. We work directly with leading national surety bond companies to give our customers the most competitive rates and the best customer service so that your business can grow, flourish and expand.