Used Car Dealer Bond

Surety Bonds for Used Car Dealers

We, the experts at GotSuretyBonds, make it our goal to make the bonding process simple, easy, and affordable for our clients.  We have been in the business for over 25 years and have relationships with over 20 carriers, offering you the most flexibility on bond price and terms.  You can reach us at 781-559-0568 for quick, professional service and a quote within minutes!

Get Your FREE Surety Bond Quote Today!

Bond Type

What is an Used Car Dealer Bond?

Most states require individuals looking to get their used car dealer’s license to file a surety bond with the state’s Department of Motor Vehicles (DMV).

A used car dealer bond is a type of License & Permit Bonds bond that dealers must acquire before opening their business. The used car dealer bond protects the consumer from fraudulent, misrepresentation or unethical actions by a car dealer. The used car dealer surety bond also guarantees the dealer is financially secure. In situations where a customer is cheated by a dealer, the surety bond will repay that customer.

FAQs

What is the cost of an used car dealer bond?
Bond costs are a percentage of the total bond amount. They vary between 1-3% for most applicants but may go as high as 5-8% for higher risk applicants. The biggest factors of bond cost include the bond amount, duration, and your financial credentials. Costs may also vary by state. However, pricing for most used car dealer bonds is fairly standard based on the above criteria.

What if I have bad credit?
You can still qualify for an used car dealer bond. Keep in mind that personal credit is one of the main factors considered when writing these bonds as your financial credentials are seen as an indicator on the likelihood that a claim will be made against a bond. Therefore, higher risk applicants may still be accepted, however, may be assessed a premium amount.

Get a Used Car Dealer Bond today!
1) Fill out the form on our website – this takes 30 seconds of your time and we will get back to you with a quote in less than 24 hours (often times within the hour).
2) Call us directly at 781-559-0568 – we are here to help!

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Mark Leskanic