How can I reduce the cost of my Car Dealer Bond?
The most common reason for a high priced car dealer bond is that the dealer principal does not have established credit.
When this happens, no credit scores the same as bad credit.
There are a few reasons why folks don’t have established credit when they are getting their car dealer license.
Being young and not having any debt or loans may be the most common.
Being a cash person is another common reason.
For this purpose you must start to establish credit. The process of building credit will take some time but getting a credit card with a very low limit can help quite a bit.
Once you have the card activated simply purchase at least $55 worth of items every week and pay the card off every month.
Keep doing the same thing and your score will go up. Having available credit that you are not using will quickly improve your overall credit profile.