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How much does an auto dealer bond cost in Illinois?
A $50,000 auto dealer bond in Illinois costs as little as $410 for highly qualified applicants. However, the exact cost of an Illinois dealer bond is subject to underwriting, meaning an underwriter must review the applicant’s credit prior to providing a quote.
Find out how much your bond will cost when you submit a request for your free, no-obligation quote online.
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 an Illinois auto dealer bond?
The Illinois Secretary of State mandates that all vehicle dealers post surety bonds in the amount of $50,000 per location to protect consumers. Any person who sells or deals at least five vehicles during a calendar year is considered to be a vehicle dealer. 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 professionals works hard to get all of our customers bonded for the best rates possible. Apply now!
Looking for information on getting a bonded title for a vehicle in Illinois? Visit our vehicle ownership title bond page to find out why these bonds are required, how much they cost, and how to get yours today.
How long is an auto dealer bond in Illinois valid?
Auto dealer bonds in Illinois run concurrently with the term of the license and expire no sooner than December 31 of the year for which the license was issued or renewed.
How to become a motor vehicle dealer in Illinois
All motor vehicle dealers in Illinois must be licensed to lawfully operate. Applicants must meet the following requirements and submit the following documentation, along with a completed application, prior to becoming a vehicle dealer:
- Possess a permanent business location and provide a copy of the lease with the application
- Obtain a $50,000 surety bond
- Submit a list of the corporation’s officers, directors, and shareholders with ownership of 10% or greater
- Attend an eight-hour training course covering taxes, consumer protection laws, and licensing requirements
- Statement of approval for registration from the Illinois Department of Revenue
The application must also include the make of all new vehicles for sale and the name of each manufacturer or distributor.
Have questions? Give us a call at 1 (800) 308-4358 or fill out our online form! Our surety specialists are here to answer any questions you might have and to walk you through our clear-cut bonding process.