If you’re interested in getting your dealer’s license, you may have to purchase a car dealer bond. These types of bonds are a requirement in most states. The bonds are designed to protect consumers from unethical dealers. If something is wrong with a vehicle sold by a dealer, the consumer will be able to get your money back.
Purchasing these bonds can be a great idea, even if they aren’t a requirement in your state. They can show consumers that they can put their trust in you.
If you’re interested in obtaining a bond, but don’t know where you should get started, keep these things in mind.
Figure Out What Type Of Bond You Want
There are many different types of bonds aimed at automotive dealers. For example, a dealer that specializes in selling used vehicles will want to get a used cars bond. Dealers that sell cars wholesale will need wholesale bonds.
Do a little bit of research about the different types of bonds in your state. Figure out what kind of bond you are going to want to apply for.
Figure Out How Much Coverage You Need
If your state requires bonds, it is likely that there is a minimum amount of coverage that you need to have. You can meet that minimum, or you can choose to go beyond that. The choice is ultimately up to you.
The amount of coverage you need is largely dependent on the cost of the cars you will be selling. If you’re selling luxury cars, you may need quite a bit of coverage. If you’re selling used mid-range cars, you won’t need nearly as much coverage.
It’s important to remember that the cost of bonds usually isn’t that high. You only need to pay a small fee to get coverage. If you find an excellent bonds dealer, you will be able to get away with paying very little.
Decide Who You Want To Get Your Bond Through
Before you can apply for a bond, you will have to decide who you would most like to get your bond through. While you have a lot of options, you should look at Bonds Express before anyone else. They offer excellent coverage, have a stellar reputation, and their bonds are very easy to apply for. In fact, you can do everything online.
If you want to get a bond through Bonds Express, all you have to do is fill out their online application. From there, you may be able to get your approval a very short amount of time. Some people get an answer in minutes. The majority of the applications that they receive are approved.
Now that you know how to get a car dealer bond, you can take a closer look at your options. You can figure out what kind of coverage you need, and how much coverage you want. Getting a dealer bond benefits both you and the consumer. It’s always nice to have a little extra protection.