Do you need to get a bail bond for someone and are being told that you need to provide collateral? If so, you are likely wondering what you could potentially use that would appease the bail bond agent. Here are four things that would work well as collateral.
One of the most valuable assets that you likely own is a home, and it is something that can be used for collateral. However, do not worry about needing to have the home paid off. What a bail bond agent is going to look for is if you have enough equity in the home to use it as collateral. If you recently bought the home and have mainly been paying interest, chances are that the home may not work as collateral. However, a home that is several years into a mortgage would have considerable equity built up to make using a home worth it.
Using your car as collateral doesn't mean that you will be physically giving your car to the bail bond agent. A car can be used by simply giving the title and a set of keys to the bondman. If something were to happen where they need to collect the car from you, they have the legal means to do so and can repossess the car. This is very similar to if you were to use an auto title loan.
Have jewelry that is worth a lot of money? You will likely be able to use this as collateral for the bail bond. Expect the item to be appraised before you use it since the bail bond agent will want to verify that the item is real and that it has value. Unlike your car and home, jewelry would need to be left with the bond agent until the bail bond is returned
Do you have any sort of investments, such as stocks? This can be a great item to use as collateral for several reasons. Stock is something that can be temporarily given as collateral and is also something that you don't need to use so there is no concern about giving it up. While you never want to lose stock since they are part of your retirement planning, losing stocks won't be as devastating as losing a home, car, or jewelry that means something to you due to its sentimental value.
Reach out to a bail bond agent for more information on what you can use as collateral.Share