Secure Your Bond Financing Arrangement

Secure Your Bond Financing Arrangement

19 April 2023
 Categories: , Blog

Financing a bail bond may be the only viable way that your loved one will be released from jail. Before committing yourself as the signee of a financing arrangement, seek a service provider who offers comprehensive services that are affordable.

Choose A Local Service Provider

Dealing with a local bondsman will prevent you from needing to make long trips each time you would like to make a payment in person. If you are ultimately going to be forfeiting collateral while the bond is active, you will benefit from having your collateral temporarily stored in a location that is convenient to you.

To acquire a listing of local bondsmen, contact the jail where your loved one is incarcerated. Be prepared to consult with the owner of each bail entity. This process will result in you receiving conclusive details about the services that each bond company offers.

Find Out About Financing

Find out what types of payment arrangements a local bondsman offers. All bail bond companies that offer financing will accept cash payments. Most companies will also allow a client to make payments with a major credit card or debit card. The other types of payment plans that may be offered may involve using collateral as a means of securing a loan.

If a bail bond company will accept payments but requires that some form of collateral is used to secure the financing agreement, weigh the pros and cons of using each type of collateral. Stocks, bonds, the deed to a home or property, the title to a vehicle, and fine jewelry may be accepted as forms of collateral through a bail bond company.

Consult With A Bondsman

If you are uncertain about your ability to pay back a financing agreement on time, it is best to avoid designating an important investment as the collateral for the bond. Consult with a bail bondsman to find out what type of arrangement they can work out for you. A bondsman may allow you to make recurring monetary payments, as long as you pay a considerable portion of the bail amount upfront.

Learn About Your Responsibility

During your consultation, the bondsman who serves you will tell you what steps you will need to take to secure the bond. You will likely need to drop any collateral off that you have agreed upon. The collateral will remain in the custody of the bondsman while your loved one awaits trial. At the end of the bond payment term, you can pick up the item that you left in the care of the bondsman.  

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