What is Interest-free financing and Who Can Get it?

Posted by Cameroon Robert on November 25th, 2022

When the police take you or some loved one under custody, the priority is to get out of jail as soon as possible. But getting the bond is not something that you plan for years. And it will be an emotional process too.

Buying the bail bond is one of the easiest solutions to gain freedom for the time being and start working on the case. But you need to pay a price for the bond.

Financing options for a bail bond

Many of you cannot afford the premium bail bond or even the down payment. In that case, you have to opt for other options depending on your financial stability. One of these options is Interest-free financing.

Managing the down payment

Professional bail bond companies usually ask for a down payment that amounts to 10% of the total bail bond amount that the court decides. But if you are unable to pay the 10% for buying the bail bond, you still have other options left. 

The popular options include

* Debit or credit cards

* Your personal savings

* Borrowing money from friends and family

* Personal loans

* No-interest bail bond financing

All the above procedures will help you to get the bond for freedom from jail with the payment pf 10%amount. 

But only one option will involve payment of the money from the bail bond company. If you are lucky enough, you can even negotiate the payment for the premium. Under such circumstances, you can pay less than the 10% amount right now, and get the financing for the rest of the amount. 

For example, if the court orders a bail amount of ,000 for you, then you need to pay ,000 to the bail bonds company now, to get out of jail. And if you don’t have the 00, it's possible to negotiate and pay only a part f the amount now. 

The rest will be a part of the Interest-free financing program. The program is very similar to personal loans where you have to pay back in installments. The only difference is that you don’t have to pay any interest.

Installment payments possible

The no- interest financing for the bail bonds will aid in paying off the premium for the bail bond in installments. If you consider the same example as above, you can find the bondsman who will grant you the payment of 0 immediately. And you can pay the rest of the 0 also in scheduled payments. 

But it is better to put down the maximum amount that you can afford as a down payment. As the no-interest financing plan is not available for everyone, you need to qualify for the program. 

The bail bonds company will consider a few factors before granting interest-free finance, which includes

* Credit score

* Financial potential to pay the interest

* Employment

* History of arrests

* Length of residency.

After considering the above points, the company will decide whether you will get the loan without interest. 

Some people may have to pay interest, especially when the bail agent will have to take a substantial financial risk to pay for the down payment. 

Read more: https://www.goodfellasbailbonds.com/

Resource: https://www.apsense.com/article/what-is-interestfree-financing-and-who-can-get-it.html