The Surety1 Advantage
Performance & Payment Bonds
Motor Vehicle Dealer Surety Bonds
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What is a surety bond?
Usually the first time anyone has even heard of a surety bond is when they are asked to provide one. As part of licensing a business or a construction project, a bond may be required. In its most simplistic of explanations, a surety bond is somewhat like a professional co-signer. The surety company basically promises the agency requiring the bond that you will follow the rules.
Read more about the basics of surety bonds.
How much will my bond cost?
Our goal to find you the lowest price for the type of surety bond you need and as quickly as possible. Representing over a dozen surety markets, we will shop around to find the best solution for you at the lowest possible price. There are bonds that only require a short application process and the rate is typically between one and three percent. Other bonds require a credit history check and the cost varies depending on the underwriting considerations.
How long will it take to get approved / What is the process?
Our goal is to expedite your application and get you your bond as quickly as possible. The Surety1 process is a simple one and we are available to assist you at any time:
1. First, submit an application using our easy online application system.
2. You will receive a quote and the underwriting conditions (if any) within two business days. With most bonds, you will hear from Surety1 within a few hours.
3. You provide payment for your bond. We accept all major credit cards. Depending on the bond type, there maybe some additional paperwork required as well.
4. We mail you your bond ASAP. You have a choice of regular or expedited delivery.
Depending on the type of bond you need, it can take anywhere from 10 minutes to two business days in order to obtain a firm quote, but we will do our best to provide you with the fastest service possible.
What if I have challenged credit?
Many surety bonds are “instant issue” meaning no credit report will be reviewed. Of those that do require a credit check and your credit has some challenges, we can work with you to get you the surety bond you need so you can continue to build equity in your business. Surety1 works with many secondary surety markets to get you the best possible quote.
Read more about bad credit surety bonds.
What is a performance bond?
Performance bonds are required for many construction-related projects. A performance bond is issued by a surety company and guarantees the client that if the contractor fails to complete the project in accordance with the terms of the construction agreement, the surety company will either complete the contract itself, or arrange for a contractor to complete the contract.
Learn more about performance and payment bonds.