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Washington Auto Dealer Bond

Washington Auto Dealer Bond

If you're looking to be an auto dealer in the state of Washington, it's critical that you familiarize yourself with the auto dealer bond process. Let's look at the inner workings of a Washington auto dealer bond as well as some of aspects that make them important. If you have any questions, the auto dealer bond experts at Viking Bond Service are happy to help!

Washington Auto Dealer Bonds

The Washington Motor Vehicle Dealer bond is a License Surety Bond that serves to protect Washington's citizens by providing a path for recourse in situations where an Auto Dealer does not adhere to the laws, rules, and regulations as set in Washington state legal statutes. A Washington Motor Vehicle Dealer bond may be required as part of the Motor Vehicle Dealer licensing process.

In Washington, the required Motor Vehicle Dealer bond amount is as follows:

Washington, Motor Vehicle Dealer bond requirement – $30,000 Surety Bond

You should always check with the Washington State Department of Licensing, or requesting agency, for the most current required Washington Motor Vehicle Dealer bond amount as well as the required bond forms.

writes Washington Motor Vehicle Dealer bonds. We can assist both clients with good credit, and clients with bad credit. Typically, the worse the credit, the higher the surety bond premium will be. In either case, we always work to get the best quote for you. Viking has partnered with markets that welcome Washington Motor Vehicle Dealer bond applications and provide competitive quotes for them.

How to Get an Auto Dealer Bond in Washington

To understand how auto dealer bonds work in Washington, it's best to first familiarize yourself with the parties involved in the surety bond process. First off, the obligee is the entity that requires the bond. In this case, it would be the state of Washington. Next, the principal is the individual or business that needs to be bonded. The surety is the underwriter of the surety bond. Viking Bond Service not only can serve as a surety partner, but can also assist you with the surety process, every step of the way.

How Much Do Washington Auto Dealer Bonds Cost?

Auto dealer bond premiums in Washington are calculated using a variety of factors that involve the likelihood of a claim. Credit score, business history, and past bonding efforts are all taken into consideration when it comes to determining your rate. Those with solid financial backgrounds may have access to better rates, however Viking Bond Service also offers a poor credit surety bond program that provides expanded access to those looking to recover from a financial setback. Quotes for auto dealer bonds in Washington usually come to 1% to 4% of the requested bond amount. Quotes can come in both lower and higher than that range depending on the individual application.

When you're ready to work with a surety partner that understands the local Washington auto dealer bond regulations that apply to your business, give Viking Bond Service a call at 1-888-278-7389 or complete an online application today!

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