How much does an auto dealer bond cost in Illinois?
The state of Illinois mandates that all vehicle dealers post surety bonds in the amount of $50,000 per location to protect their clients. The amount that you will pay for this bond is based on a review of your credit report. With excellent credit, this bond can be purchased for as little as 1% of the total bond amount.
Don’t worry if you have less-than-stellar credit! SuretyBonds.com has a history of helping 99% of all applicants get bonded quickly, easily and accurately.
Since the price of this bond varies so much, we suggest contacting one of our surety specialists for a free personalized bond quote.
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Designated Agent Bond for Vehicle Dealers||$50,000||Starts at 1%||2-6%||6%+||Apply Now|
If you’re ready to get bonded, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form.
Why do I need this bond?
This bond applies to any person who sells or deals at least 5 vehicles during a calendar year. The bond is in place to make sure that the principal (auto dealer) abides by all the rules and regulations outlined in the Illinois Vehicle Code. These rules are in place to protect consumers from all instances of fraud, misinformation and any other practices that might result in financial loss.
Our team of bond experts works hard to get all of our customers bonded for the best rates possible. Apply now!
What’s the fine print?
This bond runs concurrently with the term of the license and expires no sooner than December 31st of the year for which the license was issued or renewed. Your bond premium could be prorated depending on when you buy your Illinois car dealer bond. Our team of surety experts works hard to get you bonded according to your specific needs.
How to become a motor vehicle dealer in Illinois
All motor vehicle dealers in Illinois must be licensed to lawfully operate. The following are some of the licensing requirements that must be included on the application:
- a list of the corporation’s officers, directors and shareholders with a 10% or greater ownership
- the make of all new vehicles offered to be sold
- the name of each manufacturer or distributor
- a statement of approval for registration from the Illinois Department of Revenue
Have questions? Give us a call at 1 (800) 308-4358 or fill out our online form! Our surety experts are here to answer any questions you might have and to walk you through our clear-cut bonding process.
Ready to get started?