Most people are so worried about getting a bail bond either for themselves or a loved one that they don’t stop to think about whether their credit will complicate the process. The truth is that while your credit score isn’t as important to a bail bond agent as it is to your banker, it can make a difference.
There are a few specific times when your credit score will play an important role in your ability to secure a bail bond.
One of the great things about Contra Costa Bail Bonds is that we do provide flexible payment plans for clients who are unable to swing the full fee upfront. The great thing about the payment program is not only are the payments designed to accommodate the client’s financial needs but they are also zero down and zero interest.
If you’re signing up for a payment plan, we will run a credit check and use your score to determine if a payment plan is a good idea.
Don’t assume that simply because you don’t have a perfect credit rating that you won’t be able to qualify for payments. It’s highly likely that we will be able to work with you and come up with a solution that works for everybody.
It’s not unheard of, especially when dealing with a really high bail, for a person to apply for a personal loan in an effort to secure a bail bond. In this instance, the bank will definitely be considering your credit rating and will likely attach a relatively high-interest rate to the loan as well. Keep in mind that simply applying for the loan could impact your credit rating.
The truth of the matter is that before you speak to the bank about taking out a personal loan to help with bail, you should talk to us. There’s always a chance that we can come up with a plan that will work. If we can’t, then you can approach the bank.
If you’re co-signing to help cover a loved one’s bail bond, your credit could be a factor. We want to make sure that you have the assets needed to secure the bail bond and that your credit rating indicates that if you’re loved one fails to make their payments, you’ll be able to cover the missed payments.
If you’re anything like most people, now that you’ve been arrested and spent a little time in a cell, you’re ready to go home. The sooner you get out of jail, the better. The idea of waiting for a bail bond to post seems like it’s just too much to bear.
While there is little you can do to speed up the amount of time it takes the jail to process the bail bond, there are some things you can do to help speed up the overall process.
Even if you’re still waiting to be arraigned and learn how large a bail you require, it’s a good idea to start communicating with the bail bonds agency. We can look at similar cases to get a ballpark idea of how high the judge will set bail and can use that to discuss things like collateral, co-signers, and zero-interest payment options. Going over this before your arraignment means we’ll have the bail bond ready to go almost as soon as your arraignment ends.
While we don’t require a co-signer all the time, the reality is that they are fairly common requirements. Start talking to your friends and family and find out who is both willing and in a financial situation to co-sign the bail bond agreement. Make sure that they know that they’re able to consult with the bail bonds agency. Before any paperwork is signed, you and your co-signer will want to discuss the terms of the bail bond and make sure you’re both very aware of and comfortable with each other’s expectations.
The issue of collateral is something that slows the bail bond process for many people. The problem is that you can’t use just anything for collateral. We’ll discuss the types of items we’re willing to accept as collateral. In addition to something we’ll accept, such as a piece of property or a car, the collateral must be owned free and clear; a bank can’t have an interest in it.