Oklahoma Wholesale Dealer Bond

In order to start a wholesale dealership in Oklahoma, you need to get licensed with the state Used Motor Vehicle and Parts Commission. This requires posting a $25,000 surety bond. Its purpose is to ensure you will follow applicable state statutes and the Oklahoma Motor Vehicle Commission Laws.

Obtaining an Oklahoma wholesale dealer license entails posting a $25,000 surety bond. This is the required bond amount. You have to cover a fraction of it, called the bond premium, in order to get bonded.

The formulation of your surety bond cost is based on a detailed examination of your personal credit score and other financial factors. The surety needs to take a close look at your company finances, and assets and cash on hand you may be able to demonstrate. This is how the level of bonding risk is determined. The lower it is, the smaller your bond premium is likely to get. You can expect rates between 1% and 5% if your overall profile is stable.

Yes, you can obtain an Oklahoma wholesale dealer bond even if you have problematic finances. We have designed our Bad Credit Surety Bonds program for applicants with issues such as a low credit score.

The typical bad credit rates range between 5% to 10%, as a way to mitigate the increased bonding risk. Still, as we cooperate with numerous A-rated, T-listed surety companies, we are able to find a top matching bonding option for your particular case.

If you need more information about the way surety bonds work, you can find extensive details on our How to Get Bonded page.

You can call us at (877) 514-5146 if you have further questions or would like to get assistance with your bond application.

Just like the rest of surety bonds, your wholesale dealer bond is not insurance for your company. Instead, it is a safety mechanism designed to safeguard the interests of the state and of your customers. The bond amount of up to $25,000 can be used to reimburse parties which you have harmed with potentially unlawful activities.

When a bond claim is filed against you, your surety needs to examine the details. If the case is proven, you are liable to cover the damages. While your bond provider may pay them at first, according to the bond indemnity agreement you need to repay it in full. As claims can be costly and damaging to your business, the wisest idea is to stay away from situations that can give rise to them.