What is the 2% Down Bail Bonds?
The 2% down bail bonds is a type of credit that enables you to post bail with only a 2% deposit.
The deposit is usually 10% of the total bail, so this can be a significant savings if you are unable to come up with the full amount.
You or your cosigner will be responsible for repaying the balance in installments, and collateral may be required to secure the bail agent’s risk.
This can be an excellent option if you need help making bail but cannot afford the traditional 10% fee.
However, since bail bond fees are regulated by the state of Connecticut, no bail bondsman can charge more or less than what is legally allowed.
The bail bond premium is the fee you pay to the bail bondsman for their services.
In Connecticut, the minimum down payment for a bail bond is 35% of the bail bond premium.
So, if the bail bond premium is $500, the minimum down payment would be $175.
This is the only money you would have to pay upfront; you would not have to come up with the full bail amount of $5,000.
If you can’t come up with the entire down payment right away, don’t worry – we offer financing options with low monthly payments that fit into any budget.
Just give us a call and we’ll work something out.
And one more thing… we don’t charge interest on bail bond financing, so you can rest assured that you won’t be paying any extra fees.
The 3% down bail bond is only available to those who can prove they have the financial ability to pay the remaining balance.
This includes having a good credit history, steady employment, and some assets.
You must also be a legal US resident and have resided in Connecticut for a certain period of time.
If you agree to cosign for the defendant, you will be held responsible for making payments on the balance as agreed.
This is to keep your credit score clean.
The 3% down bail bonds may come with additional charges that are usually outlined in the bail agreement.
It is important that you read the bail agreement before signing it, to make sure that you understand the responsibilities involved.
You can pay for the 3% down bail bond using cash, check, or credit card.
You can also arrange for the bail through the phone or by filling out an online form.
The 3% down bail bonds offer a flexible and affordable payment plan that can help you handle the unexpected expenses that come with a bail.
This option reduces the pressure of getting into debt to pay for bail, by letting you pay an amount you can afford.
Therefore, when applying for the 3% down bail bond, you need to be honest with the bail agent about your financial position and how much you
can manage to pay in monthly payments towards the bail deposit.
If you are released on bail, you will be required to follow a number of conditions set by the court.
These may include maintaining employment, checking in with your bail agent regularly, complying with travel restrictions, not possessing or using firearms,
and abstaining from alcohol and drugs.
You may also be ordered to attend a drug abuse class and/or adhere to any restriction and no-contact orders.
If you fail to meet these requirements, your bail may be forfeited.
Collateral For Bail
At Liza Davis Bail Bonds, we offer 3% down bail bonds with collateral.
This means that you will submit a form of collateral to us in order to get the bail bond, which is equivalent to the total bail amount.
You can use your car, house, real estate, bank account, or valuables such as jewelry and vehicles as collateral.
You may still use your house or car while they are serving as collateral, and you can even collect rent from your property if you choose to use it as such.
However, it is important to note that you must show up for all court appearances punctually in order to keep your property secure.
If you are the cosigner and have placed your property up as collateral, you are responsible for making sure the defendant also shows up to all their court appearances.
In the event that they fail to appear, you will be required to help the bail agent in locating the defendant.
If the court ends up forfeiting the bail, you may be at risk of losing your property through disposal in order to recover the bail amount.
The 3% Down Bail Bonds CT program requires that the property used as collateral must not have another lien on it.
This is because if there is another lien, the bail agent would not be able to recover their money if the defendant jumps bail.
The cosigner or defendant must show proof of ownership of the property through titles or deeds of ownership.
After the case is completed, it usually takes a few weeks for all the property to be released back to you.
Responsibilities of A Cosigner
If you are a cosigner on a bail bond, you are responsible for making sure the defendant appears in court.
You may be asked to put up collateral, such as your home or car, to ensure that the defendant will show up for their court date.
If the defendant does not appear in court, you could be held responsible and may even face jail time.
As a cosigner, you also have the right to set conditions on the defendant, such as attending drug abuse counseling or getting medical treatment.
Find a 3% Down Bail Bond Agent Near Me
At Liza Davis Bail Bonds in Connecticut, we understand that an arrest can be a frustrating and stressful experience for both the arrestee and their family.
We are here to help you secure your release as soon as possible, with different bail bonds options depending on your situation.
Our 3% down bail bonds offer a flexible payment schedule to help ease the financial burden during this difficult time.
Call us today at 860.818.7078 to begin the bail processing.