Bonding yourself or someone you love out of jail is rarely a planned experience. It is an emotional process, typically one pursued in a hurry. But buying a bail bond is one of the best ways to gain freedom enough to return home and work on your case. Even if you cannot afford the bail bond premium, your down payment, you have other options based upon your financial capabilities. One such option is no-interest bail bond financing.
Your Down Payment for a Bail Bond
Most bail bonds companies require a down payment equal to 10 percent of the bail bond amount established by the court. If you cannot come up with the 10 percent to buy your bail bond, you are not completely out of luck.
Options for financing your bail bond down payment include:
- Your own savings
- Credit cards or debit cards
- Personal loans
- Borrowing from family or friends
- No-interest bail bond financing
All of the above methods for paying your 10 percent down payment can help you bond out of jail. But only one comes from the bail bonds company, itself. Sometimes they allow individuals to negotiate payment for the premium. In these cases, you can pay less than the required 10 percent immediately and finance the rest to pay later.
If the court sets a $10,000 bail for you, you must pay the bail bonds company $1,000 to get out of jail on bond. But if you do not have that $1,000, you can possibly negotiate to pay some of it immediately and the rest as part of a no-interest financing program. This program works much like a personal loan with installment payments, but does not accrue interest.
Installment Payments for Your No-Interest Bail Bond Financing
Your no-interest bail bond financing enables you to pay off your bail bond premium in installments. For a $1,000 bond like in the above scenario, your bondsman may grant you the ability to pay $500 immediately. Then, you must pay the rest of the $500 in scheduled payments.
Of course, the more money you can put down on your bail bond, the better. You have to qualify for no-interest bail bond financing and it is not available for everyone. Typically, you have to show you are able to make the payments. Factors your bail bonds company considers for the decision include:
- Ability to pay the installments
- Credit score
- Length of residency
- Arrest history
Interest Rates on Bail Bond Premium Financing
If you receive a bail bond with no-interest bail bond financing, you do not have to pay back interest on the bail bond premium loan. But interest-free financing is not available to everyone. Some people are subject to paying interest, particularly if the bail agent is taking a substantial financial risk in financing your down payment.
Whether you receive no-interest bail bond financing or financing with interest, your payment plan works just like a personal loan. Sometimes the bail bond company requires collateral to qualify you for financing. Examples of collateral include jewelry, a car, or real estate.
It is important to ensure you can easily pay every month. You must avoid missing payments. Missing a payment can result in interest or fees, in addition to the loss of your collateral. Make sure you are clear on the terms of your no-interest bail bond financing, including the time for repayment and any associated interest rates or fees.
Using a Co-Signer for Your Bail Bond Premium
Sometimes having a co-signer can help you qualify for a no-interest bail bond financing program. This works much like you add a co-signer to your application for auto credit or a bank loan. The bail bonds company evaluates the co-signer’s credit to determine whether you are eligible for a payment plan as part of no-interest financing. Of course, your co-signer must also show they are able to pay back the loan and regularly maintain responsibility in their financial affairs.
Ask About NC No-Interest Bail Bond Financing Today
Having access to a no-interest financing program in North Carolina can mean the difference between staying behind bars or being able to get out on bond. A quick-release can be important in helping you keep your job, take care of your family and prepare for your case. Not having to pay the full bail bond premium certainly makes bailing out of jail easier. But you must take your financing program seriously and repay the amounts on time, every time.