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Dealership Bond Information
Auto Dealer Bonds are sometimes also called Used Car Dealer Bonds, DMV Bonds, Motor Vehicle Dealer Bonds, Dealer Surety Bonds and MVD bonds. All these terms refer to the same thing. They are mostly required by your state department of motor vehicles, in other to issue you a dealer license. Depending on the state where your business is located and what kind of dealership or business you plan to operate. You will need to apply for one of these bonds. Most dealers will only need one of the following:
- Used Car Dealer Bond
- Wholesale Dealer Bond
- Motorcycle Dealer Bond
- RV Dealer Bond
Both new and used car dealers in most states are required to file a surety bond before they can get their license and open their business. They must also maintain this bond on file as long as they are in business, which means they must renew this bond yearly or according to the renewal terms of the bond. Most surety companies will only provide a one year bond term. Some companies will give you a multi-year term, this is rare since your credit can change from year to year. If the multi-year option is available for you, it is good to take advantage of it. Another great advantage is to call a Surety Bond Broker, because most Surety Bond Brokers work with many surety companies that give them the opportunity of shopping for a bond on your behalf. Here at Surety EZ we make the bond process very easy, we can take your application over the phone, or you can fill out our application below without your social security number, and we will contact you to guarantee your utmost privacy.
This bond, protects consumers against fraud or other wrongful actions by the dealer or its employees. The surety company guarantees that the bond will pay if the dealership is found to be misrepresenting its merchandise, not forwarding sales tax payments to the state or using unethical business practices to sell vehicles, among a list of other offenses.
Unlike insurance, the bond is in place to protect the public from the dealer. If there is a claim placed on your bond, and your are found at fault, the surety company will pay out the claim, however, you will have to pay the surety company back.
We can issue this bond fast an easy all we need is a filled out application and we can get you a free quote right away. How much the bond premium will be depends on the Bond amount, your state required Bond limit. A bond limit of this type could be anywhere from $5,000 – $100,000 depending on your state and your business requirements. The premium rate can be anywhere from 1% – 5% of the bond amount depending on your credit. Payment plans are available to some if approved. At Surety EZ we can accommodate any type of credit because we have access to many companies and we make the process easy good or bad credit.
Surety EZ has access to the best surety markets available so we can get you bonded quickly, and at the best possible price! Give us a call today!