What’s the Cost of a $25,000 Indiana Auto Dealer Bond?
Getting bonded doesn’t mean paying the whole bond amount. Instead, you have to cover only a small percentage of it, called the bond premium.
Your bond cost depends on the strength of your finances, with your credit score having the biggest importance. The higher it is, the lower your premium would get.
|Indiana Auto Dealer Bond Costs|
|License type||Bond Amount||Starting Price|
|Indiana auto dealers, wholesale dealers, distributors, auctioneers, and manufacturers||$25,000||$250|
When you apply with your surety, it will take a close look at your finances. It may consider your company finances, fixed and liquid assets, and professional experience. You can consult our detailed surety bond cost guide for a complete breakdown of how your premium is determined.
Looking for a quick estimate of your auto dealer bond cost? Check out our surety bond calculator.
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Can I Get Bonded If I Have Bad Credit?
Getting bonded if you have bad credit or other financial issues is a bit more complicated due to the higher risk involved for sureties.
Our Bad Credit Program is here to help you. With Bryant Surety Bonds, you can get your Indiana motor vehicle dealer bond from the best surety companies and at the best rates.
How to Get an Indiana Dealer License?
Obtaining a surety bond is one of the many Indiana dealer license requirements that you have to meet to start your operations. You’ll have to get licensed if you want to sell more than 12 vehicles in a year.
Here are the rest of the documents you’ll need to provide:
- Business entity registration in the state
- Retail Merchant Certificate from the state Department of Revenue
- Employer Identification Number (EIN) from the IRS
- Zoning affidavit for your business location
- Proof that you meet all business location requirements and photos the place
- Criminal background check (not more than 60 days old)
- Certificate of insurance ($100,000 bodily injury per one person, $300,000 bodily injury per accident, and $50,000 property damage)
- Copy of franchise agreement (for selling new vehicles)
- Pay a $30 application fee
You can apply online through the website of the Secretary of State.