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Tennessee Auto Dealer Bond

Auto Dealer Bond in Tennessee

In Tennessee, auto dealers have to have an auto dealer bond in order to conduct business. Tennessee auto dealer surety bonds protect consumers by guaranteeing that they’ll be reimbursed in the event of an issue that breaches their vehicle sale contract. License bonds such as these auto dealer bonds give confidence to the consumer that you’re conducting an honest business.

Tennessee Auto Dealer Bonds Perfected

Viking Bond Service is committed to providing a superior surety bond experience. Our application process is quick and easy, and you can get a quote without hesitation. Sometimes known as “motor vehicle dealer bonds” or “auto dealer license bonds”, auto dealer surety bonds are an important part of the trust that consumers need to have when purchasing a vehicle.

How to Get an Auto Dealer Bond in Tennessee

Before we look into how to acquire a Tennessee auto dealer bond, let’s take a look into the fundamentals of a surety bond. There are three parties involved in a Tennessee auto dealer surety bond:

  • The obligee, who is the entity, agency or individual that requires the bond (Tennessee State)
  • The surety, who is the underwriter of the bond
  • The principal, who is the individual or business who needs the bond

With these parties in mind, we can take a look at some of the main questions you may have about Tennessee auto deal bonds.

Who needs an auto dealer bond in Tennessee?

Any dealership that sells motor vehicles, RVs or mobile homes will need to have a surety bond of this kind. Acquiring an auto dealer bond is an important part of the dealership licensing process.

How are auto dealership bonds in Tennessee obtained?

To obtain a Tennessee auto dealer license bond, you’ll have to partner with a bonding company such as Viking Bond Service. The process of getting a Tennessee auto dealer surety bond is simple: fill out our online application or call Viking Bond Service at 1-888-278-7389. Your quote can be calculated in a few easy steps, involving a credit check and in some cases additional documents are required. Once your application is complete, your paperwork is signed, and your premium is paid, you’ll receive your Tennessee auto dealer bond.

How much will a Tennessee auto dealer surety bond cost?

There is no fixed amount for a Tennessee auto dealer bond, and the premium is calculated using a wide variety of factors involving the probability of a claim being made. The typicall price range for auto dealer bonds in TN is anywhere from 1% to 5% of the required surety bond amount. Quotes do come in higher and at times, slightly lower than that range depending on the individual application. Those with solid credit scores and good financial backgrounds will likely have a lower premium than those with a poor credit history. That said, Viking Bond Services gladly offers a poor credit surety bond program that can help those who have had credit setbacks still achieve their surety needs.

Viking Bond Service: Your Source for Tennessee Auto Dealer Bonds

Viking Bond Service is committed to providing auto dealers in Tennessee the surety bond they need to get licensed to participate in their automobile marketplace. Call us at 1-888-278-7389, complete an Online Application or complete the contact form on this page to have one of our agents contact you in a timely manner.

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