South Carolina Motor Vehicle Dealer And Other Bonds

South Carolina auto dealer bonds are required to obtain a license to sell motor vehicles in the state. Learn more about these bonds and find the best rates online.
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South Carolina Motor Vehicle Dealer And Other Bonds

South Carolina Department of Consumer Affairs Motor Club Special Deposit Bond

South Carolina Department of Consumer Affairs Motor Club Special Deposit Bond

The South Carolina Motor Club Special Deposit Bond starts at $500 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
SC
Bond Terms
South Carolina Department of Consumer Affairs
Bond Premium
Bond Amount:
$50,000
Bond Duration
Bond Term:
12 months
Months
South Carolina Department of Health and Environmental Control Waste Tire Haulers Financial Assurance Bond

South Carolina Department of Health and Environmental Control Waste Tire Haulers Financial Assurance Bond

The South Carolina Waste Tire Haulers Financial Assurance Bond starts at $100 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
SC
Bond Terms
South Carolina Department of Health and Environmental Control
Bond Premium
Bond Amount:
$10,000
Bond Duration
Bond Term:
12 months
Months
State of South Carolina Motor Vehicle Dealer and Wholesaler Bond

State of South Carolina Motor Vehicle Dealer and Wholesaler Bond

The South Carolina Motor Vehicle Dealer and Wholesaler Bond starts at $150 plus shipping costs and fees. Fill out the form to buy your bond instantly!

Bond State
SC
Bond Terms
State of South Carolina
Bond Premium
Bond Amount:
$15,000-$50,000
Bond Duration
Bond Term:
12 months
Months

How much does an auto dealer bond cost in South Carolina?

Auto dealer surety bonds (also called motor vehicle dealer bonds) are mandated by the South Carolina Department of Motor Vehicles (DMV) as part of the licensing requirements for dealerships to conduct business in the state. The DMV sets the total bond amount based on the type of dealership:

  • $30,000 bonds for motor vehicle dealers
  • $15,000 bonds for wholesale auto auction, travel trailer, and motorcycle dealers or wholesalers

The surety company determines your premium rate, which is the percentage of the total bond amount you pay as the premium. Premium rates for South Carolina auto dealer bonds typically cost between 1% and 3% of the total bond amount.

During the application process, the surety company evaluates your personal credit, financial statements, industry experience, and licensing history. Applicants with good credit generally receive the lowest rates, however, bad credit will not prevent you from securing a South Carolina auto dealer bond. EZSurety still offers competitive rates to individuals with low credit scores or other financial issues.

Below are the lowest premiums EZ Surety has issued for auto dealer surety bonds in the State of South Carolina.

  • EZ Surety has issued used car dealer bonds for premiums as low as $300.
  • EZ Surety has issued motor vehicle wholesaler surety bonds for premiums as low as $150.

Why are auto dealer bonds important in South Carolina?

South Carolina auto dealer bonds provide protection for customers, creditors, and the state government. When a South Carolina motor vehicle dealer posts a surety bond, they provide a guarantee to the South Carolina DMV that they will conduct business in compliance with the conditions listed in Title 56 of the South Carolina Code of Laws.

If the auto dealer fails to comply with the statutes, the surety company will pay out financial losses to damaged parties up to the full bond amount. The auto dealer is liable to reimburse the surety for any damages paid under the bond.

How to get your auto dealer license in South Carolina

To obtain your auto dealer license in South Carolina, you must meet the South Carolina DMV licensing requirements by completing the following steps:

  • Complete the application for a dealer or wholesaler license (form DLA-1)
  • Pay the $50 first-time application license fee
  • Provide a diagram of your business location including the building and display area
  • Provide proof of garage liability insurance
  • Post the appropriate surety bond
  • Provide criminal history report for each owner

How to Know if You Need a Surety Bond

You’ll know if you need a surety bond because some entity will have required you to obtain one. They must also inform you of which specific bond type you’ll need. There are thousands of bonds across the country, all of which vary by state and industry.

Visit EZSuretyBonds.com to browse hundreds of bonds by state, type, or industry.

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