What do I need to get a dealers license in NC?
- Attend a Pre-Licensing Course (Used Motor Vehicle Dealers Only)
- Obtain a Permanent Business Location.
- Obtain Proof of Liability Insurance.
- Obtain Your Auto Dealer Surety Bond & POA.
- Compliance with County Register of Deeds for Assumed Names & Traders License.
- Arrange & Obtain Inspection of Business Location.
How much does it cost to get a dealer’s license in North Carolina?
The NC Motor Vehicle Dealer Bond amount is set at $50,000. You do not need to pay the full bond amount. You only need to pay a small, one-time payment (not monthly). The payment will be anywhere from 1-15% ($500 – $7,500) based on your personal credit.
How many cars can you sell without a dealers license in NC?
To recap, you can only sell a maximum of five vehicles registered in your name within the state of North Carolina without a license. If you intend to sell more than five vehicles, you are required by law to register for a North Carolina vehicle dealer’s license.
How do I get my auction license in NC?
To be eligible to sit for an examination, an individual must either have held a North Carolina apprentice auctioneer license for the preceding two years and accumulated sufficient knowledge and experience in the auctioneer profession or have successfully completed at least 80 hours of classroom instruction at a Board …
How many cars can I have in my name in NC?
Fortunately, there is no limit on how many cars you can own, but you may need to apply for a dealer’s license if you intend to sell the cars that you buy.
How many car loans can you have in your name?
You can have two car loans at one time, but you must be mindful that it may be more difficult to qualify for a second loan. Lenders will only approve you if your income and debt can handle the added monthly expense. In addition, you will need good to excellent credit to receive a low APR.
How many cars can you have in your name NC?
There is no limit to how many cars you can put in your name at one time, but there are a few things that can prevent you from having as many as you want, like insurance costs, space, and local laws.