Driveway Paving Financing

Can you finance a driveway?

Yes, you can! Driveway paving financing is generally one of the more accessible forms of financing available, though that will depend on the length of your driveway and your choice of finish. We will guide you through all your options and all the steps you need to consider on your way to getting your new driveway.

Lenders that offer driveway paving loans

LightStream

LightStream

✔ Funding: Borrow $5,000 - $100,000
✔ Minimum Credit Score: 660
✔ APR: 2.49% - 19.99%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as same business day

LightStream offers up to $100k personal loans as soon as same business day without origination fees and easy to use mobile app.

FIND MY RATE

Upgrade

Upgrade

✔ Funding: Borrow $1,000 - $50,000
✔ Minimum Credit Score: 660
✔ APR: 5.94% to 35.97%
✔ Loan term: 2 - 7 years
✔ Funding turnaround: as soon as next business day

Upgrade offers borrowers with fair credit scores to obtain loans up to $50k. Joint applications are allowed. Origination fees may apply.

FIND MY RATE

Best Egg

Best Egg

✔ Funding: Borrow $2,000 - $50,000
✔ Minimum Credit Score: 640
✔ APR: 5.99 - 29.99%
✔ Loan term: 3 - 5 years
✔ Funding turnaround: 1 - 3 business days

With Best Egg personal loans, borrowers with fair to good credit can get funding for 3-5 years and have the option to use the loan for a variety of purposes.

FIND MY RATE

What are the different types of driveway surfaces?

• Concrete - Concrete is one of the most popular options because it’s affordable and durable. While normal concrete isn’t all that appealing, there are other options for choosing dyed concrete, textured concrete, or having it stamped so it has a pattern. Concrete driveways generally do crack over time, though it usually takes decades. If you live somewhere with extreme cold or big temperature swings, concrete may age more quickly.
• Brick - Brick is one of the most visually appealing choices, is highly customizable, and looks as expensive as it is.
• Asphalt - Easier to install than concrete, black is good in cold areas as snow melts more quickly, but will literally burn your feet in the summer if you live anywhere where it gets above about 80F regularly. It also has to be resealed every 3-5 years.
• Gravel - Visually appealing and great for security, it’s readily available and easy to install. The downside of gravel is that it travels, especially if you don’t have a curb surrounding it. It’s best not used in most very snowy regions since you can’t shovel the snow without shoveling the gravel.
• Crushed Stone - much like gravel, and has the same pros and cons. It does tend to stay put and turn into a hard surface, which is not something gravel will do.
• Paved - any type of paving will give you the most flexibility in the way it looks. You can create interesting shapes and color contrasts. This is one of the most long-lasting and visually appealing options, but it is also one of the most expensive, especially if you have a lot of driveway to cover.
• Cobblestone and basalt - has the same pros and cons as paved, but usually require a specialist company to install, so can be more expensive than simple paving designs.

How much does it cost to pave a driveway?

You can work out what your driveway will cost by square footage - most driveways cost between $3 and $15 per square foot. Since paving is generally more expensive, you should expect to pay $10 - $30 per square foot, including labor costs. That means a 450 sq. ft. paved driveway will cost $4,500 to $13,500, depending on where you are, the material of your paving, and how complicated the design or nature of your driveway is.

Is a concrete driveway a good investment?

In most cases, a concrete driveway is a good investment. If you live somewhere with extremely low temperatures or frequent earthquakes, it may not be the best choice for you, but for most people it will be a sound investment.

What is the cheapest way to pave a driveway?

Gravel is generally the cheapest material ($1 - $3 per sqft), though it will depend on what setup is needed to make gravel work for your driveway. Concrete, permeable pavers, and grass pavers are usually the next most inexpensive options.

What is the best way to finance a driveway?

How you choose to finance your driveway will depend on the type of driveway you plan to get and your creditworthiness. Here are your options:

• Savings: if your preferred driveway surface is inexpensive and you only have a short driveway, you may be able to finance its installation yourself.
• Personal Loan: this is the most versatile option as most lenders will lend anywhere from $1,000 to $50,000, depending on your income and credit score. This is a good option if you want to spread the cost over 2-5 years. Personal loans generally have relatively low interest rates, though if you have fair or bad credit, borrowing can be expensive.
• Credit Cards: If you have good or excellent credit and your driveway is going to be relatively inexpensive, consider looking for a credit card with a long 0% APR introductory rate or low interest rate to pay for your driveway. If you can achieve a long period (6-21 months) you can pay off your driveway without paying interest, or only paying a little. Just make sure you transfer any remaining balance before your APR returns to the normal rate.
• HELOC: A Home Equity Line of Credit is where you are given a maximum credit limit (like a credit card) and you can use that credit as and when you please. A HELOC is secured by your home’s equity, so while you can get higher limits and lower interest rates, but your home is at risk if you default.
• Home Equity Loan: A home equity loan is where you take out a loan that is secured by your existing equity in your home - it is essentially a second mortgage. This is a good way to release equity but will mean you own very little of your home outright and puts your home at risk if you were to default.
• Cash-Out Refinance: This is another name for “remortgaging”, so you refinance your current mortgage to have a larger mortgage. This is generally only possible if your house price has increased since you purchased it, or your home is worth significantly more than your mortgage.
• 401(k) Loan: Some 401(k) plans allow you to borrow from your future retirement savings, interest- and credit-check-free. There are limits to how much you can borrow and most do not allow you to contribute to your retirement savings until you have paid off the loan, so make sure you research the terms before using this form of financing.