What is a Washington Motor Vehicle Bond?
Understand the different types of Motor Vehicle Bonds in Washington and how to quickly obtain one!
As a licensure requirement, the Washington State Department of Licensing requires persons or business entities that are engaged in the motor vehicle industry to acquire a surety bond.
There are various types of motor vehicle bonds, each one serving a particular purpose. Determine which one you need before you submit a bond application!
What are the various types of Motor Vehicle Bonds in Washington?
Vehicle Manufacturers Bond – a requirement for vehicle factory branch, distributor, or representative; businesses that manufacture new vehicles; and companies that remanufacture used vehicles for resale by dealerships.
Motor Vehicle Dealer Bond – this bond is a requirement for auctioneers or any business entity that is a wholesaler or retailer of new or used cars, new or used trucks, and new or used motorhomes.
Motor Vehicle Wholesaler Bond – a requirement for wholesalers of used cars, trucks, and motorhomes that sell to motor vehicle dealers.
Manufactured Home and Travel Trailer Dealer Bond – a requirement for retailers or wholesalers of new or used non-motorized mobile or manufactured homes, travel trailers, park trailers, and tent trailers.
Miscellaneous Vehicle Dealer Bond – a requirement for retailers or wholesalers of motorcycles, mobile homes, tent trailers, fifth-wheel trailers, travel trailers, utility boats, horse trailers, and off-road vehicles.
Vessel Dealer Bond – a requirement for those that sell watercraft or human-powered watercraft that is less than 16 feet in length, cannot be powered by wind or motor, and not designed for use on commonly–used navigable waters.
Registered Tow Truck Operator (RTTO) Bond – a requirement for businesses that store, impounds, or transports unauthorized vehicles, and those that dispose of abandoned vehicles.
Motor Vehicle Wrecker Bond – a requirement for companies that wrecks registered or titled vehicles or buys and sells second-hand motor vehicle parts.
What are the bond amounts?
Those who have excellent credit scores may qualify for a very low bond premium or just 1% of the bond amount!
Find out what you need to pay by getting your FREE quote here!
How can I acquire a Washington Motor Vehicle Bond?
To secure this type of bond, you must seek the assistance of a surety bond company such as Surety Bond Authority.
First, you need to submit a bond application.
Once the application is received, one of our expert surety bond agents will guide you through the whole process - from application until submission. We will make sure that you understand all the conditions before the bond is issued.
An underwriter will then evaluate the following:
- Your financial strength
- Your business performance history
- Your credit score
Once the prequalification process is fulfilled, we will execute the bond and send it to you!
Are you ready to start on your bond? Call us today!