is it hard to qualify for a car dealer license bond ???

 


In order for a bond company to approve a vehicle dealer bond  of $10,000 or $50,000,

they will run your credit report.

If there are no negative items showing on your credit report and have a decent credit risk score,

you should not have any problems obtaining the bond.

You do not have to own real estate in order to obtain a vehicle dealer bond.

You will have problems obtaining the bond if you have any negative items showing on your credit report,

such as, bankruptcy, collect accounts, short sales, foreclosures, current past dues, etc.

It is possible to obtain the bond with other than perfect credit,

although the bond company may require financial statements (both personal & business statements),

copies of bank statements for the last 3 months, sometimes a co-signer is required.

Some bond companies will approve the bond with negative items showing,

but will charge a larger premium for the bond.

Mike at 714-797-5780 can help you with your bond needs, good, or bad credit.

You do have the option to post a cash deposit with DMV in lieu of the vehicle dealer surety bond.

You need to be aware that the law states that DMV may keep the deposit up to 3 years

after you are no longer licensed as a dealer or a superior court judge orders release of the deposit.