Finding yourself in trouble with the law can be overwhelming. If you've been arrested, you're going to need to get bail as soon as possible. However, depending on the crime you may have committed, bail may be set higher than you can afford. In these cases, the typical response is to get friends and family to help out. You may find, however, that the best option is to call a bail bondsman to assist you. Here's a closer look at the payment process.
How You Will Repay
A bail bondsman will take care of the fees necessary to get you out of jail. After which you will be given some kind of payment plan. The most acceptable form of repayment is cash payments, but some bail bondsmen will accept other forms of payments. For example, you may pay using a vehicle, property, or jewelry. These are going to be used as collateral. Once you have paid off your debt these things will be returned to you.
Down Payment Pricing
The payment you will need to make each month can vary significantly. These are determined by several factors. The amount that the bail is quoted for is the primary factor in determining how much money you will have to pay back each month.
There is never one specific bail amount set for everyone. It all depends on the judge and the crime. When creating a payment plan for you the bail bondsman considers the bail amount, as well as personal facts about you. Your credit score, your current living situation, and your employment record all affect how much you need to pay back each month.
Cosigners Can Help
Having someone cosign the plan for you is always helpful for securing a good payment plan. For someone to cosign with you, they must have had the same job for an adequate length of time. In many cases, they should be able to prove that they have a good financial record and credit score. A cosigner will not just be collateral on your loan, they are also tasked with making sure that you show up for your trial as well as any court dates in between.
Get Out of Jail Quickly
Bail bondsmen can be very helpful in getting you out of jail quickly when you are arrested. However, there is a financial obligation that comes after that. Be sure to be as transparent as possible so you can get the best payment plan for your budget.
For more information, reach out to a local service to discuss your bail bond payment plan options.Share