Understanding Loan Terms

Understanding Loan Terms

What to Use For Bail Bond Collateral

Stanley Simmons

If you are seeking out a bail bond to get somebody released from jail, one of the requirements will be to give the bondsman collateral. This is something that you provide that can be kept or used if the bail release terms are violated and the money is lost. Here are some common items that can be used as collateral.

Vehicle Title

One of the nice things about using a vehicle for collateral is that you do not need to hand over the actual vehicle to the bondsman. You can continue driving the vehicle until the bail money is eventually returned, after which you will get back the title. This can be one of the best ways to secure bail, because chances are that you have a car that can be used, and even if the car is lost, it is something that you can recover from.

Of course, the key to using a vehicle for collateral is that you must outright own the vehicle. Still paying off the vehicle through financing or having a lease is not going to count, because the bondsman wouldn't have a right to claim the car if necessary.

Jewelry

Jewelry is an expensive item that is easy to part with temporarily as collateral. Since it should be clear that you own all jewelry that you provide, there is no question over who actually owns the jewelry. Instead of using one very expensive item, you can always use several less valuable items that equal the amount necessary to cover collateral. Do not feel like you need to use an expensive wedding ring if you have several pieces that will suffice for collateral.

Credit Card

Another option is to use a credit card to secure your collateral. Be sure to check with the bondsman to make sure that they allow it, but it is possible to give them permission to charge your credit card if the bail is lost. While this would put you in a financial bind if it were to happen, no property will be lost as a result. The bondsman may request that they place a hold on the credit card for the funds to verify that they would be there if the card needs to be charged.

Have questions about what other items can be used for collateral? Be sure to inquire about your options when applying for the bail bond with the bail bonds service. You may be surprised about what can be used.


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Understanding Loan Terms

When was the last time you realized you were in the red financially? Although most people don't think about their finances on a day to day basis, it can be easy to find yourself living paycheck to paycheck if you aren't careful. I began thinking carefully about the financial implications of some life decisions I was making, and I knew I had to make a difference. I talked with a loan officer about getting things together, and he was instrumental in helping me to work things out. Read more about my financial successes and failures on this little website. You might be able to avoid some of my previous mistakes.

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