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Finding Out About Financing

When you start shopping for a car, you might be more concerned with additional features and specialty paint jobs than you are about the monthly bill. Unfortunately, the wrong financing can cost you dearly. Compound interest never sleeps, which means that you might be paying much more than you should if you work with the wrong lender. I want to help you to make great financial decisions, which is why I created this website. However, if you can remember a few tricks and keep those payments to a minimum, you can drive away with the car of your dreams without breaking the bank.

Finding Out About Financing

3 Bail Collateral Types

by Colleen Porter

If you find yourself in a situation where you need to post bail, it's helpful to know the different options that you have for meeting bail collateral requirements. Here are some of the common types of bail collateral and their uses. 

Property Bonds

One type of common bond collateral is the property bail bond. If you own a property, you can have a lien made and given to the court. If you break certain terms of your bail agreement, then the bail company may begin to foreclose on the property. Different bail companies have different guidelines for when they will begin a foreclosure procedure; some may begin foreclosure at the first missed interest payment, and other may give you some leeway and begin foreclosing the property if you miss a certain number of court dates. Always be sure to read the terms of property bonds to make sure that they are reasonable. 

Surety Bonds

Surety bonds are type of bail bond that requires a friend or family member to put up a percentage of the bail payment. If you take off without meeting your trial and jail requirements, then the friend or family member will have to foot the bill for your bail cost. An insurance agent may also be involved to insure the bail bonds company in case the family member is unable to pay. 

This type of bail is a good idea if you have low credit, little to no assets, and are a flight risk. In fact, many bail bondsmen would require some similar type of assurance in cases where they feel at risk of losing their money. On your end, it may give you some incentive to meet all of your trial dates and not to get in further trouble with the law. The drawback is that you have to have a friend who is willing to sign up for this agreement, which can strain relationships. 

Cash Bail

Paying your bail bond in cash is also an option. You pay the full amount of the bail upfront, and then if you meet all of the trial obligations, you will receive the money back. This can be a straightforward way to deal with bail payments if you can afford it. But one of the drawbacks is that you may take a huge hit in your liquid assets if your bail is high. This may prevent you from getting the adequate legal counsel that you need for your trial.

While each bail option has its pros and cons, it's helpful to work with a bail bonds company such as All Night & Day Bailbonds to determine the best option.