How Much Does a $5,000 Surety Bond Cost?

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Can I get a $5,000 surety bond if I have bad credit?
Most Common $5,000 Surety Bonds

A $5,000 surety bond can cost as little as $100 for applicants with a good credit score, or go as high as $500 for applicants with bad credit.

For more detailed information, you can consult the table below:

As you can see, premiums for applicants with good credit are no more than 2.5%. Costs can go as high as 10% for applicants with a credit score lower than 600. Remember, however, that these are only estimates. Premiums can be changed based on each applicant’s information that’s provided to the surety underwriter.

Factors such as financial strength, years of operation and past claims can all affect your premium. You can learn all about it in our surety bond cost guide.

Can I get a $5,000 surety bond if I have bad credit?

Applicants with bad credit are usually subject to more stringent underwriting consideration. However, since $5,000 surety bonds do not pose a huge financial risk for bonding companies, the majority of applicants will be able to get bonded without any problems.

If you work to improve your credit score, and clear past due items from your credit report, you can gradually see your bonding costs go down.

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Most Common $5,000 Surety Bonds

Auto Dealer Bonds

$5,000 surety bonds are required from motor vehicle dealers in many states, although this amount more frequently applies to motorcycle or other small motorized vehicle dealers rather than automobile dealers. Some of these states are Wisconsin, Washington, Connecticut, Minnesota, South Dakota and Maine.

Tax Preparer Bonds

Tax preparers in California must post a $5,000 surety bond to get licensed. The bond acts as protection to clients of tax preparers, as the latter have access to sensitive information.

Farm Labor Contractor Bonds

Minimum required amounts for Nebraska farm labor contractors are $5,000. The same is true for Washington farm labor contractors who employ between one and 10 people.

Contractor License Bonds

Contractors in many states or municipalities may be required to post a surety bond in the amount of $5,000 before they are issued a license. Such states include Indiana, Florida, Alabama, Mississippi, South Carolina, Arizona and others.

About us:

Bryant Surety Bonds

Bryant Surety Bonds, Inc. is a surety bond agency based in Pennsylvania. Licensed in all 50 states and with access to over 20 T-listed, A-Rated bonding companies, we have the contacts, expertise, and top service to provide you with a hassle-free experience, all while offering competitive rates for your surety bond.