Who needs Motor Vehicle Dealer Bonds?

This bond is required for certain motor vehicle dealer licenses. If you were told you need a dealer bond to apply for a new license or renew an existing one, this is the type of bond the licensing agency is asking for. The bond is typically a condition of licensing and is meant to provide financial protection if a dealer fails to follow the rules tied to their license or causes a covered loss to others.

How much do Motor Vehicle Dealer Bonds cost?

The price you pay is the bond premium, not the full bond amount. Premiums commonly start at a low annual cost for well-qualified applicants, and the final rate depends on the bond type, the required bond amount for your license, and your credit and business background. Some bonds may also include shipping costs and fees depending on how the bond must be delivered.

How do I get a Motor Vehicle Dealer Bond?

Start by selecting the correct state and dealer bond type you were instructed to file. Then complete the application form with your business and licensing details. Once you receive a quote, you can purchase the bond and receive the completed bond form to file with your licensing agency as part of your license application or renewal.

Can I get a Motor Vehicle Dealer Bond with bad credit?

Yes, many applicants with less-than-perfect credit can still qualify for a dealer bond, although the premium may be higher. Credit is one of the main factors used to price most license bonds, but it is not the only factor. Providing accurate business information and completing the application fully helps ensure you receive the most appropriate quote available.

How fast can I get Motor Vehicle Dealer Bonds?

Many dealer bonds can be issued quickly once the application is submitted and payment is completed. Some bonds can be purchased instantly, while others may take additional review depending on the bond type and your application details. If you have a deadline for licensing, it helps to apply as soon as possible so there’s time to issue and deliver the bond in the format your agency requires.

If you’re unsure which bond you need, BOSS Bonds can review your licensing paperwork and help identify the correct bond at no cost.