Dealer bonds w/ bad credit

[Surety Guy]

As a whole, auto dealers have lower credit then other classes of business written by our agency. I am sure this is due to the fact that they must use their personal credit to get vehicles on their lot. In any case, dealers are feeling the pinch of the conservative surety bond market.

Sureties now pull the personal credit of the dealership owners. This was not the case a couple years back when anyone could easily obtain a bond and many dealers are now finding out they have drastically higher premium rates.

So what can you do if you are an auto dealer and have bad credit?
I recommend to all of my clients with bad credit to go to a credit repair service for help. If it can be repaired drastically enough in time for your renewal, the money spent doing so will easily be recovered on next years lowered premium. You will have to bite the bullet and go into a high risk market for atleast 1 year to obtain bonding while your credit is being repaired.

Apply: Bad Credit Surety Bond Program

Feel free to post any additional comments or questions you may have.