Driveway Financing

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Driveway Paving Financing

Loans for Driveway Paving

Your driveway isn’t just practical hardstanding to park your vehicle - it can also make or break your home’s curb appeal. Take a drive around your neighborhood and those with homes worth less than yours and more than yours, and you’ll quickly see a difference in driveways. There’s no denying that having a beautiful driveway increases the value of your home for you and others.

A new driveway is a great investment, but you may need to rely on driveway paving financing to fund your project.

Applying for a driveway paving loan is fast and easy:

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Can you finance a new driveway?

Yes, it is possible to finance a new driveway. Many lenders and financing institutions offer home improvement loans or personal loans specifically for projects like driveway installation or renovation. By opting for financing, you can spread out the cost of the new driveway over time, making it more affordable and manageable within your budget. It's recommended to research different lenders, compare loan options, and choose a financing solution that best suits your needs and financial situation. Be sure to consider factors such as interest rates, repayment terms, and any associated fees before making a decision.

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?

A concrete driveway can be a good investment for several reasons:

  1. Durability: Concrete is known for its strength and durability, making it a long-lasting option for driveways. Properly installed and maintained, a concrete driveway can withstand heavy vehicles and various weather conditions, minimizing the need for frequent repairs or replacements.
  2. Low Maintenance: Concrete driveways require minimal maintenance compared to other materials. They are resistant to stains, oil spills, and other common driveway contaminants. Regular cleaning and occasional sealing can help maintain its appearance and extend its lifespan.
  3. Curb Appeal: A well-designed and properly installed concrete driveway can significantly enhance the curb appeal of your home. It adds a clean and polished look to your property, increasing its aesthetic value and potentially attracting potential buyers if you decide to sell in the future.
  4. Property Value: An attractive and functional concrete driveway can positively impact the overall value of your property. It is considered a desirable feature for many homebuyers, as it provides convenience, durability, and an appealing first impression.
  5. Cost-Effective: While the initial cost of installing a concrete driveway may be higher compared to some other materials, its long-term durability and low maintenance requirements can make it a cost-effective choice. Avoiding frequent repairs and replacements can save you money in the long run.

What is the cheapest way to pave a driveway?

When it comes to paving a driveway, the cheapest option is typically gravel. Gravel driveways are relatively inexpensive to install and require minimal upfront costs. Here are some reasons why gravel is considered a cost-effective driveway paving option:

  1. Affordable Materials: Gravel is widely available and relatively inexpensive compared to other paving materials such as concrete or asphalt.
  2. Minimal Installation Costs: The installation process for a gravel driveway is relatively simple and requires less labor compared to more complex paving methods. This can help keep the overall installation costs lower.
  3. Lower Maintenance Costs: Gravel driveways typically require less maintenance and fewer repairs compared to paved surfaces. Basic maintenance tasks, such as occasional regrading and adding additional gravel, can be done at a lower cost.

Best driveway paving financing options

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.

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Do contractors offer financing for driveways?

Some large contractors will offer financing through a partner lender. If you consider this option, keep in mind that it is still a personal loan and so you should compare what you’re offered to what you could get with an external lender to ensure you don’t overpay for what you borrow.

What are the pros and cons of driveway paving loans?


  • Affordability: Financing allows you to spread the cost of driveway installation or renovation over a period of time, making it more affordable and manageable within your budget.
  • Immediate Access: By opting for financing, you can gain immediate access to the funds needed to complete your driveway project. This means you can enhance the functionality and appearance of your driveway without having to wait until you have saved enough money.
  • Flexible Payment Options: Driveway financing offers flexible payment options, allowing you to choose a repayment plan that suits your financial situation. This can help you comfortably manage your monthly payments and avoid financial strain.
  • Increased Property Value: A well-paved driveway adds value to your property, enhancing its curb appeal and making it more attractive to potential buyers. By financing the project, you can potentially enjoy a higher return on investment when selling your home.


  • Interest Charges: Financing a driveway involves borrowing money, which means you'll be responsible for repaying the borrowed amount along with interest charges. It's important to consider the total cost of the loan, including interest, when evaluating the affordability of driveway financing.
  • Debt Obligation: Taking on a loan for driveway financing means adding to your overall debt obligations. It's crucial to carefully assess your financial situation and ensure that you can comfortably meet the loan payments without jeopardizing your financial stability.
  • Eligibility Requirements: Lenders typically have specific eligibility requirements for driveway financing, including credit score, income, and debt-to-income ratio. If you have a low credit score or do not meet the lender's criteria, it may be challenging to qualify for favorable financing terms.
  • Potential Fees: Some lenders may charge origination fees, application fees, or other related costs associated with driveway financing. It's important to review and understand the fees and any additional charges before committing to a loan.

What credit score do you need for driveway paving financing?

The specific credit score required for driveway paving financing can vary depending on the lender and the loan product. In general, lenders may prefer borrowers with good to excellent credit scores for more favorable loan terms. A credit score of 670 or higher is often considered a good starting point for qualifying for competitive rates and terms.

However, it's important to note that credit score alone is not the sole determining factor for loan approval. Lenders also consider other factors such as income, employment history, debt-to-income ratio, and overall creditworthiness. Even if you have a lower credit score, some lenders may still offer financing options, albeit potentially with higher interest rates or stricter terms.

To improve your chances of qualifying for driveway paving financing and securing favorable terms, it's advisable to work on improving your credit score, managing your debts responsibly, and demonstrating a stable financial situation. Additionally, researching and comparing multiple lenders can help you find those that are more flexible and accommodating to borrowers with varying credit profiles.

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Can you get a driveway loan with bad credit?

While it may be more challenging to secure a driveway loan with bad credit, it is still possible to find lenders who offer financing options for individuals with lower credit scores. However, it's important to note that the terms and conditions of such loans may be less favorable compared to those available to borrowers with good or excellent credit.

When applying for a driveway loan with bad credit, consider the following:

  1. Explore Alternative Lenders: Traditional banks and credit unions may have stricter lending criteria. Look for alternative lenders such as online lenders, specialized home improvement loan providers, or lenders who specifically cater to borrowers with lower credit scores.
  2. Provide Collateral or a Co-Signer: Offering collateral, such as equity in your home or other valuable assets, may increase your chances of loan approval. Alternatively, having a co-signer with a better credit history can also improve your eligibility and potentially lead to more favorable loan terms.
  3. Improve Your Credit Profile: Take steps to improve your creditworthiness. Pay your bills on time, reduce your debt, and address any errors on your credit report. Over time, these efforts can raise your credit score and make you a more attractive borrower.
  4. Consider Secured Loans: If available, consider secured loans where you offer an asset, such as your home, as collateral. Secured loans may be more accessible to borrowers with bad credit since the collateral reduces the lender's risk.

How to apply for driveway financing

Ready to turn your driveway dreams into a reality? Take the first step by applying for our hassle-free driveway financing. Our experienced team is here to guide you through the process and help you secure the funds you need. Say goodbye to outdated or damaged driveways and hello to a stunning, functional, and value-enhancing addition to your home.

Don't let budget constraints stand in the way of your driveway improvement project. Apply for driveway financing now and take the first step towards achieving the stunning driveway you deserve.

Summary of driveway paving financing options

Lender Loan Type Best for Driveway Paving Rates (APR)
Upstart Personal Loan Potential option for borrowers with less-than-perfect credit 5.99% - 35.99%
Lightstream Personal Loan Competitive rates for borrowers with excellent credit, good for larger projects 3.74% - 19.49%
Zable Personal Loan Faster funding option, but potentially higher interest rates 8.99% - 35.99%
Upgrade Personal Loan Flexible loan terms and potential pre-approval with no credit score impact 5.99% - 35.99%
SoFi Personal Loan No origination fees and unemployment protection, good for mid-range loan amounts 5.69% - 17.35%
Best Egg Personal Loan Wide range of loan amounts and potential for same-day funding 7.99% - 35.99%

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.