California requires auto dealers to purchase an auto dealer bond. These bonds are a type of license surety bond that help protect consumers by providing a guarantee that the consumer will be able to get financial reimbursement if there is a problem that breaches the vehicle sale contract.
The team at Viking Bond Service has many years of experience helping auto dealers secure motor vehicle dealer bonds in California. We work hard to make the application process quick and simple, which is why we've outlined some of the basic information about auto dealer bonds below.
A motor vehicle dealer bond California involves three parties:
California has regulations that require all car dealers to purchase a car dealer bond.
To obtain a California motor vehicle dealer surety bond you'll need to use the services of a bonding company and submit an application for the auto dealer bond. The process requires that you submit an application and supporting documentation. The list of required documents will generally be supplied by the bonding company and may include financial records and credit score information.
The premium cost of an auto dealer surety bond in California will be calculated based on the information you submit with your application. There are many factors that can affect the cost of the bond. These factors are used to establish the probability that a claim will be made against the bond. People with solid financial backgrounds and a good credit score will be deemed a lower risk than someone with a poor credit history and will therefore pay a lower premium. But that does not mean that you can't be bonded if you have bad credit. Viking Bond Service is happy to offer their poor credit surety bond program for those with less than stellar credit history. Bond premiums generally range from 1 to 4 percent of the bond amount.
Whether your credit score is good or bad, Viking Bond Service is dedicated to helping your auto dealership find the California motor vehicle surety bond it needs. We provide most bond quotes within 24 hours of receiving a quote request. Call, email, or use our online application form to request your personalized quote. Our team is here to help!
If you need an Auto Dealer Bond, we can guide you every step of the process. Get all the information you need to move forward.
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