How to Get the Lowest Rate on Your License Bond
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Fix Personal Credit Issues
Your personal credit is the first thing that is looked at to determine your surety bond rate. You’ll want to make sure to pay off items such as judgments, liens, collections or past due child support to help ensure you get the lowest possible rate.
Surety companies will see negative items on your credit report as an increased possibility that you will cause bond claims, and result in higher rates. Learn more about how surety bond rates are determined.
Work with a Surety Bond Expert
Not all surety bond providers are created equal. Make sure you choose the right surety bond expert, as larger companies can usually negotiate flexible underwriting criteria, which results in lower bond rates and a higher likelihood of getting approved. Learn about how our company can get you the lowest rates, cut out unnecessary middle-men and save you money on claims if they occur.
Provide Strong Financials and Experience
If you provide strong business financials and industry experience during the bond application process it will help you get the lowest rate on your surety bond. Strong financials and experience help demonstrate that you know how to operate professionally and lowers your likelihood of unethical business practices and causing bond claims.
Get Your Citizenship
If you’re not a U.S. citizen, becoming one can also help lower your rate. If you don't have citizenship, you will be automatically viewed as a high risk because you have no physical ties to the U.S. that would keep you here to pay bond claims if they arise, resulting in higher rates.