Almost every house needs a driveway. A beautiful driveway adds a spectacular curb appeal to your property. However, constructing a new driveway or replacing your existing one, can be an expensive home improvement project. The smart way to go about it is by considering financing for paving and getting the work done through convenient funding programs.

The fact is, if your driveway has big cracks, potholes, or looks weathered, it can take away from your property’s value. Repaving the driveway to make it flawless is a smart decision. 

But, how do you pay for the new driveway? If you’d rather save your cash and savings for a rainy day, you could explore the various competitive driveway financing options available near you. Want to know more about financing for paving, installing a driveway, and the cost to pave a driveway? Read on.

A new driveway doesn’t just make your entryway more attractive, it also adds value to your home and makes winters much more manageable. Additionally, a good driveway can be a boon when the time comes to sell your house. Keep in mind that nothing ruins your curb appeal like a shoddy, aged driveway. 

You can choose from the various driveway materials available in the market — gravel, flagstones, asphalt, or a cement driveway. The most popular driveway materials are asphalt and cement as they’re known for their overall durability as well as easier snow removal. 

Once you zero in on the material, the next step is to determine how many square feet of driveway you’ll need to cover. This will help you evaluate your new driveway’s cost.

How much does it cost to pave a new driveway?

The average cost to construct a new driveway runs to about $4,425, with most homeowners paying between $2,380 and $6,480 for the home renovation. That is to say, you can expect to pay between $2 and $15 per square foot for the paver materials and installation. Of course, depending on the type of driveway.

Keep in mind that the main expenses of putting in a new driveway are the driveway type you choose, its installation, the cost of materials, driveway dimensions, labor costs, and maintenance. For example, a concrete driveway averages $3,000 while an asphalt driveway averages $4,600.

You will need to consider other cost factors in mind, including the condition of the land and whether you’re repaving your existing driveway or installing a brand new one.  

Repaving an existing driveway usually costs less. Repaving an asphalt driveway costs about $1 to $3 per square foot while specialty driveways such as a brick or cobble driveway can cost significantly more money. 

While you’re planning to put in a driveway, keep in mind that the best time to repave or construct a new driveway is at the end of summer when the temperatures have cooled down but are still warm enough to avoid freezing during the winters. 

How much does it cost to pave a 100-foot driveway or a 200-foot driveway?

The size of the driveway you want can impact your total renovation cost. For example, paving a 100-foot asphalt driveway costs approximately $400, a 100-foot concrete driveway costs around $600 while a 200-foot asphalt driveway is $800 and a 200-foot concrete driveway is $1,200 approximately.

Does paving a driveway improve my home value?

Paving or repaving a driveway can be a wise investment. If done correctly, it can increase or maintain your resale value. What’s more, it increases your property’s curb appeal and helps sell your home faster. 

Even an ordinary driveway can recoup 50% to 75% of its cost. More expensive paver driveways such as brick and cobblestone driveways can get you an ROI of almost 100%, sometimes even more. In addition, a well-installed asphalt driveway can last 20 to 25 years.

The best types of driveways

To help you choose the best driveway for your property, we’ve listed a few of the most popular driveways among homeowners.

  • Concrete driveway: Most common driveway, affordable, and long-lasting.
  • Brick or stone driveway: Stylish, expensive to install but comes with a variety of color options.
  • Asphalt driveway: Easy to install, affordable but requires resealing every four years or so.
  • Gravel driveway: Inexpensive, can be an easy DIY project, helpful with water runoff.

Should I pave the driveway myself?

You may be able to pave a driveway yourself, but it’s always a good idea to hire a professional paving contractor. While paving a driveway is not a really complicated project, it does require the necessary equipment and lots of labor work — usually by more than one person. Homeowners should avoid attempting a DIY paving job. The work is best left to paving experts. 

In any case, it’s a wise decision to hire an experienced, licensed driveway contractor who will make sure the building site is prepared and ready for the driveway installation.

Can you finance a new driveway?

Yes, you can. Financing for paving helps you with convenient monthly payment options to pay for your driveway over a certain loan term. A driveway paving or repair can cost you thousands of dollars. Oftentimes, homeowners can’t afford such a lump sum amount. Financing can give them access to loans easily and instantly. 

Fortunately, you can choose the best financing for driveway paving options that suit your requirements. Paving finance loans are available for all credit types — even for financing with bad credit or no credit history

Most homeowners use an unsecured personal loan to finance a new driveway or repave their old driveway. On a successful home improvement loan approval, the funds can reach you as soon as 24 hours. 

What is the best way to finance driveway paving?

There are various loan options available, the most convenient ones being a personal loan or using a credit card.

Financing for paving through an unsecured personal loan

A personal loan is perhaps one of the easiest and fastest ways to finance a driveway. Personal loans typically have no requirement for any collateral or home equity — making it a safer loan for the borrower. Having said that, you need to compare the various loan offers available and get the best deal. 

Want to apply for a loan? Kukun will make financing for driveway paving easier and manageable — regardless of whether you have good credit or bad credit. 

A personal loan allows you to get funding up to $100,000, which you have to pay back over a fixed loan term — usually 7 to 12 years. The best part about this type of loan is that you can use the funds for just about anything — including driveway financing. What’s more, if you repay the loan within the specified terms, it may increase your credit score.

Financing for paving through a credit card

Using a credit card for financing your driveway paving is a good idea only if you can be sure of repaying the loan amount quickly. There are several credit card companies that are willing to offer you reward points or cash bonuses for using their credit card. However, keep in mind that credit cards typically have high-interest rates. Moreover, if you spend an amount close to your credit card’s available limit, it may end up bringing down your credit score. 

Financing for driveway paving: How to apply

It’s important that you find the right loan option for your needs. Kukun offers financing that lets you apply for a loan easily — without letting the inquiry affect your credit score. Get a loan in one lump sum and pay for your paving without a hassle. Once paying for your paving material and labor costs are under control, you can build the kind of driveway you’ve always dreamt of! 

Financing For Driveway Paving was last modified: January 7th, 2021 by Ramona Sinha