Illinois Auto Dealer Bond$20000-50000 DMV Requirement

Illinois auto dealer bonds ($20,000-$50,000) cost $200-$5,000 annually depending on bond amount and credit. With excellent credit (750+), expect 1-2% of bond amount. Good credit (680-749) costs 2-4%. Fair credit (620-679) ranges 4-7%. We offer competitive rates for all credit levels with same-day approval.

Illinois bond amounts vary by dealer type. New car dealers typically need higher bond amounts ($50,000). Used car dealers generally need $20,000. Check with Illinois Secretary of State for your specific dealer category requirements.

Yes, we have specialized programs for all credit situations. We've secured Illinois dealer bonds for applicants with credit scores as low as 500. Rates vary based on credit, but approval is often possible. Our underwriters work with multiple carriers to find the best solution.

Illinois dealer licensing typically takes 4-8 weeks from application to approval. The bond can be issued within 1 business day. Other requirements like location inspection and background checks add to the timeline. Start your bond application early to avoid delays.

Yes, Illinois requires both a surety bond ($20,000-$50,000) and garage liability insurance. The bond protects consumers from licensing violations, while insurance covers property damage and liability claims. Both are mandatory for dealer licensing.

The surety company investigates claims filed by consumers or the Secretary of State. If valid, they pay up to the bond amount. You must then reimburse the surety for amounts paid plus legal costs. Maintain compliance with all regulations to avoid claims.