When your company chooses to finance hardware, you get access to brand new products that you can use as if they were your own during the financing period. It’s worth adding that the products must be insured in order for it to be possible to finance them.
Financing for hardware
Financed products such as computers, tablets, mobile phones and some other equipment that are classified as "productivity equipment" have a residual value at the end of the financing period. These products must be returned after the financing period and will then either be used by a new user or in production. Another possibility is that your company chooses to pay the balance to keep the product at the end of the financing period instead.
Your company will be contacted by the financing partner at the end of the financing period so that you can decide on how you want to proceed with the financed products.
Financing for other products
Other products, such as headphones, smartwatches and more, on the other hand, have no residual value at the end of the financing period. These products are instead paid for in full during the financing period and should therefore not be returned when the financing period ends. They belong to the beneficiary – that is, the employer – afterwards if there is no other agreement between the employer and the employee.
More about financing
Financing hardware is a good way to keep costs down and at the same time get hold of the latest models of, for example, computers, mobile phones and tablets. When you return the units that the company has financed, your company receives an offer for new units.
To be able to finance hardware, a credit check is required, this is performed when your company makes your first purchase in Velory.
When you finance hardware through Velory, you have the option of choosing different contract lengths. In normal cases, 24 months or 36 months are offered as a financing period.
The cost of financing can vary in relation to how long the financing period is. 36 months is traditionally more affordable while 24 months makes replacements and upgrades more flexible.
Upon termination of contract
When the contract expires, it is time to send the unit back to your financing partner.
Early termination of contract
It is largely up to your company to decide on the premise for early termination. We have posted a couple of examples of how to proceed in our guide on terminating financing agreements.