2023 Update & Disclaimer: This article previously discussed using car and vehicle titles as collateral for bail bonds. However, the landscape has shifted. Since the emergence of the COVID-19 pandemic, many bail bond agencies, Balboa Bail Bonds included, have adapted to phone and online interactions, leading to a decline in this collateral method. Notably, in regions like California, there’s been a surge in car title frauds where individuals seek duplicate titles and circulate outdated ones for vehicles they neither own currently nor ever did. At Balboa Bail Bonds, we typically refrain from accepting car or vehicle titles as collateral, especially since most California bail bonds don’t necessitate it. We evaluate every bail bond request uniquely. Contact us for a free quote and further information on no collateral bail bonds options.
The cost of a bail bond is more than what many people can afford. When bail is set at fees like $10,000 and higher, this is a lot of money for anybody to gather all at once. Therefore, a practical option to secure a bail bond would be to use your car or vehicle title. This can be very useful when there are no other options available or the process will take longer than anticipated. There are a number of things to consider before you use your car title as collateral.
Car titles are usually temporary collateral, so they will need to be replaced with another source. Car titles are often used during times when the banks are not open, for example, on weekends or holidays. Let’s show you everything you need to know if you want to learn how to pay for bail with a car title.
Does the Vehicle Qualify As Collateral?
If you have significant equity in your vehicle, for example, you are the owner of a classic car, this is a preferred option for collateral for bail bonds, however, there are a number of criteria you must meet to obtain a bail bond, and include the following:
- You are the owner of the car.
- The car is registered and insured.
- You have a physical copy of the title (also known as a pink slip).
- The car’s mechanics and body need to be in good working order and condition.
- The car needs to be owned outright by you, i.e. paid off.
- The car must have a book value similar to the bail bond loan amount requested.
What Else Can Be Used As Collateral?
Bail bonds can be obtained with a number of other forms of collateral, including antiques, arts, musical instruments, guns, jewelry, as well as other types of vehicles. Trucks, vans, boats, and motorcycles with an established value similar to the bond can mean it qualifies as collateral, as long as it meets the above criteria.
What Is the Process of Using a Car Title for Bail Bonds?
If you have a vehicle that qualifies, you can obtain a bail bond quickly, however, bail bond agencies don’t use a car title as a permanent source of collateral. Car titles are classed as collateral when banks are not open because bail bond agencies prefer to avoid taking ownership of the collateral and having to arrange the selling of this collateral, but if you are looking for ongoing process and support, Balboa Bail Bonds can help with the following:
- 24/7 support by email, phone, or in-person.
- Five offices across southern California.
- Tailored payment plans designed around your needs.
- Quick and effective bail is posted online or via phone, usually within 7 to 10 hours.
- Free consultations, quotes, and information.
It is so important to establish and follow a plan to replace the vehicle collateral as soon as possible. When you or your loved one is in jail and requires bail, you need to establish another type of collateral to replace it after a specific period of time.
Collateral has real-world implications. For example, if the person bailed out does not show up to court proceedings and their car is used as collateral, it will be taken. The best approach is to replace the collateral with a line of credit, cash, or substantial collateral.
How To Replace the Car As Collateral
One of the most important reasons to be bailed out is to maintain earning potential. Anybody that finds themselves arrested may lose their earnings from their full-time job. Therefore, it is vital to keep the financial situation stable, which is why a car title is an effective short-term method. However, in order to establish a more effective approach, we can help with payment plans for the right person.
As long as you have a solid background with stable employment and credit history, we can work towards replacing the vehicle as collateral. You have the power to negotiate how long the car can be used, as long as there is a payment plan to back it up. There are a number of approaches you can use, for example, crowdfunding or asking for financial support from friends or loved ones. Additionally, you can make payment through some of the following:
- Credit or debit cards.
- Online payment systems like PayPal, Venmo or Zelle.
- Cryptocurrency options such as Bitcoin and Ethereum.
If you are looking for a diverse range of payment options, we can give you the support you need.
The Best Bail Bonds for Your Needs
There are a number of ways to qualify for a bail bond. If you do not have the finances, you can use your car title as collateral in the short term, however, we appreciate that the entire process can be overwhelming. If you or a loved one needs to apply for bail, you can complete the application remotely with a variety of different options to pay your bail bond.
The bail amount required is 10% of the entire sum, meaning that if you were given a $10,000 bail, you would need to pay $1,000 upfront. We can offer flexible and tailored support to meet your unique financial circumstances, including 8% bonds,7%, 6%, 1%, and a 0% option, with the ability to pay upon release or a week after, depending on your financial circumstances.
To be eligible you would need the following:
- Proof of employment.
- California ID.
- A co-signer.
You can also benefit from discounted rates if you are any of the following:
- Union members.
- AARP members.
- Military or government members.
- Law enforcement.
Let’s Help You Out
You are looking for the right bail bond for your needs and need to understand the lengthy legal processes, at Balboa Bail Bonds, we can make the whole process transparent so you can get the service you need. With the lowest prices on the market, free consultations, and 24/7 support, we can give you the help you need to ensure that you or your loved one gets out of jail quickly and effectively. Contact us today for more information on how we can support you in your hour of need.