Three Things You May Not Fully Understand About Getting A Bail Bond
Posted on: 14 March 2019
If you've been asked to help a friend or family member get released from jail on bail, you'll likely be scrambling around for cash to do it. However, some people need to use a bondsman for the bail money if they don't have enough cash on hand. If you have misconceptions about using bail bonds, here is some crucial info about aspects that you may not fully understand.
The Fees
A big aspect of bail bonds that causes confusion are the fees associated with them. Bail bonds are not free since they are essentially a loan with a big risk attached to them. People may think that they can shop around to find a better rate on a bail bond, but they come up empty. This is because your state will determine how much the fees are for using a bail bond.
It's possible that some states have a set fee for using a bail bond, so there will not be a difference in cost between different bondsmen. Other states will have maximum fees that can be charged, which causes many bondsmen to charge similar fees as a result. There are also minimum charges for a bail bond, which may make a small bond amount more expensive than you thought it would be.
The Down Payment
Know that you are not forced to get the entire bail amount from the bondsman and that the fee is only based on the amount of money that you borrow. For instance, if you are trying to pay a bail amount of $10,000 but only have $5,000 on hand, you can use that cash as a down payment and cut the bail bond fees in half. You are putting your own money on the line, but it can be worth it to avoid paying fees.
The Collateral
A bondsman will require that you use collateral to help secure the bail bond. Many people assume that they need to use a single piece of collateral, which means using a more expensive item that may exceed the value of the bail bond. Be aware that you can actually use several pieces of collateral if it is necessary. For example, instead of using your house as collateral to cover a $20,000 bail bond, which greatly exceeds the bail bonds value, you could use two vehicles that total over $20,000 in value. If for some reason you lose your collateral, it won't be nearly as damaging as losing the more valuable item.
Click here for more information on getting a bail bond.
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