When you get a bail bond, you usually put up a percentage of the bail. For instance, a $10,000 bail might require a $1,000 bonding fee. But you’re still liable for the full amount of bail in the event that the person doesn’t show up to court. With higher amounts of bail, it may be necessary to provide collateral to prove that you’ll be able to pay the bail. What can you use for collateral?
Cars and Other Property
Cars, boats, and other types of property can be used as collateral, but keep in mind that you need to own it. If a car has a loan on it, it’s really the bank’s car for the most part, not yours. If you have a lot of equity in your loan (if you’ve almost fully paid it down), there may be an exception, however. In this case, you aren’t going to turn in your car or boat to the shop. Rather, they’ll put a lien on it so you can’t sell it without their notice.
Jewelry, Antiques, and Other Valuables
If you have jewelry or antiques that have been appraised, you may be able to use them too. The process for using jewelry as collateral is a lot like visiting a pawn shop — you put your item in and you get a ticket for its return once you’re assured to have met the requirements of the bail. Jewelry, antiques, and other valuables should all be assessed for value first.
Real Estate Property
Houses can definitely be used as bail bond collateral. You don’t have to sell your home, and you can keep living in it. Like a car, a lien will be put against the property. This is commonly done when the bail amounts are very high, but it can be an easy way to get collateral if you need it. Like cars, though, you’ll need equity in your home. If you owe almost the entire amount of its value, you won’t have anything to really provide for collateral (because the bank will own it).
Equipment and Tools
Equipment and tools are often very expensive, and they can definitely be used as collateral. Many pieces of equipment are easy to sell, which makes them even better for the purposes of collateral. Again, this often operates somewhat like a pawn shop, and you may need to turn your items in.
Firearms are very popular forms of collateral because they always maintain a certain level of resale value. If you have collectible firearms or firearms that are in good condition, you may be able to put them up as collateral. But do make sure that the bond company accepts firearms, as there are some bond companies (and even pawn shops) that don’t want to deal directly with firearms themselves.
Broken jewelry, gold coins, silver bars, and other inherently precious items can also be used as collateral. Many people in cash businesses keep around collectibles like this, or may have things like broken gold chains that can’t be sold otherwise. These can still be used as collateral for a bond.
There are many types of collateral you can use. Contact the experts at A Right Choice Bail Bonds. We will work with you to get the bail bond you need. Contact us online, or call us at (337) 706-9495 today.