Surety Bond Cost

Surety Bond Cost
12/07/2017

Surety Bond Cost

Surety bonds are not something people wake up and say, “Oh, I think I’d like to get myself a surety bond today.” The fact is, you’re reading this because someone is requiring you to obtain a surety bond in order to conduct some type of business or service. As soon as you discovered that you needed a surety bond, you might have asked yourself, “what does a surety bond cost?” We’ll try to help you come to grips with your surety bond requirement.

When trying to determine your surety bond cost, it helps to first understand all the parameters that go into creating a surety bond quote. The reason one needs a surety bond to begin with is because they are involved in something with risk. There’s risk involved in the activity around which the surety bond is required for. One of the primary elements of that risk is the surety bond applicant’s credit rating. For someone with good credit, for example, the surety bond costs will likely be 1-3% of the bond amount.

LOW COST SURETY BOND WITH GOOD CREDIT

For example, the Florida MVD bond requirement is $25,000. So an applicant with good credit could pay as low as $250 for this surety bond or lower in some cases.Credit Score Matters and is the primary determining factor in the cost of the bond.Compare that with someone with a poor credit rating. It’s very hard to give rough estimates for bad credit surety bonds. Fortunately, AllCommercialSurety.com specializes in credit based surety bonds, and we are confident that we can provide the lowest cost.

BAD CREDIT

Bad credit surety bonds can cost up to 20% of the bond face value. In the example of the Florida MVD, that means that the cost of the surety bond could be as much as $5000 for someone with poor credit. For this reason, it is imperative that individuals with poor credit engage an expert at AllCommercialSurety.com to make sure they get the best possible surety bond quote. How do I apply?  Throughout our website you will find blue action bars that will take you to our simple online application when pressed.