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auto loans - getting your questions answered

Very few people have the financial means to go out and buy a car with cash in hand. In most cases, an auto loan is required to purchase a vehicle. Are you considering purchasing a car with an auto loan but are unsure how the loan process works? On my site, you will find the answers to the many questions you likely have. You will learn about interest rates, the application process, how a lien works, and the insurance requirements that most lenders require you to maintain. Take your time and learn everything about auto loans to be sure you fully understand how the process works before falling in love with a car.

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Frequently Asked Questions About Surety Bonds

If you or a loved one find themselves behind bars, a bail amount may be set to help get you out of jail. When it comes to paying the bail, there are two different types of bonds that may be posted; a cash bond and a surety bond. If you have never heard of a surety bond, you may have many questions. Here are a few of the most frequently asked questions about surety bonds. 

What is a Cash Bond and What is a Surety Bond?

With a cash bond, the full bond amount is posted with the jail or courthouse to secure your release. If your bail amount is $5,000, you put up $5,000 to get your loved one out. When the case is over, regardless of the outcome, the money is returned to you. The other type of bail is a surety bond. You pay a bail bond agent a certain percentage, typically 10 percent, of the bond amount and they post bond on behalf of your loved one. For example, if the bail amount is $5,000, you pay them $500 to get your loved one out. You do not recover any of this money, regardless of the outcome, when the case is over or charges are dropped. 

What Are the Benefits of a Surety Bond? 

The biggest benefit associated with a surety bond is the fact that you don't have to post the full bail amount yourself. While bail may be low in some cases, in other cases, it can reach thousands of dollars. Most people do not have thousands of dollars just lying around that they can use to post for bail. As such, being able to only pay a small percentage of the bail amount to get yourself or your loved one out of jail is a huge benefit and may be what allows you to get out of jail. 

Can You Post Collateral to Obtain a Surety Bond? 

If you or your loved one's bail is a large amount, such as $100,000, you may wonder if you can post collateral, such as your property, in order for a bail bond agent to post a surety bond. The laws regarding collateral and surety bonds vary from state to state. Some states allow you to use collateral in lieu of cash to secure your release through the courts in the same process as a cash bail. Other states allow you to use collateral to obtain a surety bond. A bail bond agent can let you know how it works in your state. 

If you or a loved one find themselves behind bars and you are granted bail, reach out to a bail bonds service. They can help guide you through the process of either getting yourself out of jail or getting a loved one out of jail. This allows you to work, continue to pay your bills and work on your defense until you have your day in court.