What Types of Collateral Can I Pledge?
When it comes to getting a bail bond, there are a few key things you’ll need: a premium payment, a cosigner, and collateral. Many people have questions about collateral—specifically, what can be used to secure a bail bond? Common options include real estate, vehicles, electronics, and other valuable items. Free U Bail Bonds LaFayette is here to help you understand what types of collateral you can pledge and how they can help you get a bail bond for your loved one. Let’s break it down simply!
Getting a bail bond requires a few items:
- Premium – 3.5% of the bail amount
- A cosigner
- Collateral
- The defendant’s loyalty to show up for court
Perhaps the one with the most questions for would be collateral. What can be used as collateral? The most common collateral will fall into the following categories:
Real Estate
Property can be pledged as collateral as long as you still do not have to make payments on it.
Other Options
Additionally, vehicles, electronics, and valuables can often be pawned elsewhere as collateral, providing more flexibility in securing your bail bond.
Vehicles
Likewise, with real estate, any vehicles for which you are still paying off will not be accepted as collateral. You must own it, completely.
Electronics
Big-screen televisions, camera equipment, video game systems, and DJ-ing equipment are just a few electronics that can be worth a lot of money.
Valuables
Jewelry, expensive art, coin collections, and firearms are often used as collateral.
Whatever collateral is pledged will have to equate to a certain cost, which the bail bondsman will help determine. It’s 100% acceptable if there is more than one item up for collateral. We can help you determine how much collateral would be needed, if any, in order to get the bail bond for your loved one.
For any additional questions you may have regarding collateral and bail bonds, get in touch with a Free U Bail Bonds LaFayette representative online or on the phone at (334)719-2266.