New Driveway Paving Financing

What is driveway paving financing?

Driveway paving or repairs can cost thousands of dollars. If you don’t have the cash on hand you should use driveway paving financing. Driveway paving financing can provide homeowners with a lump sum of cash that can be used for a variety of home repairs. Most driveway financing options offer a fixed interest rate and flexible terms. Homeowners can repay the loan with a fixed and affordable monthly payment. PrimeRates provides a quick and easy driveway financing process for homeowners with good and bad credit. In addition, PrimeRates partners with contractors and driveway companies to offer financing for customers. PrimeRates does not charge any dealer fees to the contractor or the customer. 

How does driveway paving financing work?

In most cases, homeowners used a personal loan or home repair loan to finance driveway paving or repair. Most personal loans are unsecured and fixed. This means that they do not require any collateral and down payment and the interest rate will not change during the loan term. While personal loans may have slightly higher interest rates than other home repair loan options, they are one of the safest and easiest options. Personal loans are issued as a lump sum that is repaid with a monthly payment plus interest. Good and bad credit borrowers can qualify for personal loans. In addition, the funds can be used for just about anything. This means if you want to pave your driveway and replace your garage door, you can. Before applying for a personal loan you should gather some estimates so you have an accurate idea of how much money you need to borrow. PrimeRates partners with top-rated lenders that offer driveway financing loans up to $100,000 with interest rates starting at just 4.99%.

What are the reasons to apply for driveway paving financing?

If you need to pave your driveway or make repairs but do not have the cash on hand you should use driveway paving financing. This is one of the main reasons homeowners apply for driveway paving financing. However, there are many other reasons you may want to consider driveway paving financing. Even if you have the cash in a savings account, you may not want to spend all your cash on driveway repairs. If you can qualify for a low interest rate and pay the loan off quickly, it may make more sense to use driveway paving financing versus using all the cash in your savings. In addition, investing in your home is important. It’s equally important to make sure repairs and renovations are done the right way. Using driveway paving financing can expand your budget and increase your home value.

What types of driveways are available for financing?

There are a variety of materials that can be used to pave your driveway. When choosing a driveway material you should consider cost, lifespan, durability, maintenance, and more. Each material has its pros and cons. While gathering driveway paving estimates you should compare the cost of using different materials. Let’s take a look at different types of driveways available for financing. 

Concrete

Surprisingly, concrete is one of the more expensive driveway options. However, concrete is a top choice for homeowners looking for a durable and versatile driveway. Concrete is fairly easy to maintain and suitable for just about any climate. On the eco friendly scale, concrete does not score very high. The primary ingredient in concrete driveways is cement. Cement is one the largest contributors to carbon dioxide emissions. Some companies may offer low carbon concrete mixes. Concrete costs an average of $5 to $6 per square foot and typically lasts an average of 25 to 50 years.

Stone

Paving stone driveways can be very expensive but they are long-lasting and provide character and curb-appeal. In addition, stone driveways require little maintenance and can be worth the investment if you live in a cold climate. Heaters can be installed beneath the pavers which can prevent snow from accumulating. However, the materials and installation can require a hefty investment. To afford stone driveways many homeowners use driveway paving financing. Stone driveways can add a unique touch to your home and increase its value. Stone driveways are one of the more eco friendly options. We recommend using local stones if possible. If you can use sand or small rocks around stones during installation this can be more eco friendly. On average, stone typically costs between $15 to $30 per square foot and can last up to 100 years.

Gravel

If you are on a tight budget and need to pave your driveway you should consider using gravel. Gravel can also be a top choice for homeowners with long driveways. Gravel is inexpensive and provides a fairly stable foundation that sheds water easily. However, if you live in an area with a cold climate gravel may not be the best choice. Gravel can be difficult to plow or clear and at the end of a harsh winter you may need to replace a fair amount of gravel. Compared to asphalt, gravel is more eco friendly. You may even be able to find recycled gravel which is old concrete crushed into sizes suitable for driveway base materials. On average, gravel costs between $1 to $3 per square foot and can last up to 100 years depending on weather conditions.

Asphalt

Asphalt falls on the more expensive side and may not last as long as other options but it’s still a top choice for many homeowners. Compared to concrete, asphalt may be cheaper and less likely to crack. Asphalt and concrete may look similar but they are not the same material. Asphalt is a petroleum product that is much more flexible than concrete. However, asphalt driveways should be sealed every few years which can be costly. In addition, if you live in a very hot climate you should consider that asphalt can get very hot. Asphalt scores poorly on the eco friendly scale. Asphalt contains oil and other petroleum byproducts which can be harmful to our environment. If you want to reduce the environmental impact of an asphalt driveway you should consider recycled asphalt or asphalt that does not require excessive heat to install. On average asphalt costs about $2 to $5 per square foot and lasts about 12 to 20 years.

Can you finance a paved driveway?

Yes, you can finance a paved driveway. Whether you are laying a new driveway or repairing an existing one, you can use financing. Due to weather elements at some point most driveways will fail and need to be repaved. Patching old driveways is usually a waste of time. If your paved driveway is approaching the age of 25, it may be time to consider repaving. Alternatively, you may be building a new home or office building and need to create a completely new paved driveway. Personal loans can be used for residential or commercial driveway paving. If you want or need to complete other projects in conjunction with the driveway paving, you can use a personal loan as well. You can find lenders that offer personal loans up to $100,000 with no spending restrictions. PrimeRates can connect you to some of the top lenders in the industry that offer home improvement financing. While there are other financing options available for driveway paving, personal loans are one of the simplest and do not require collateral. In addition, all credit types can qualify for a personal loan.

What is the average cost for paving a driveway?

According to Home Advisor, the average cost to pave an asphalt driveway is about $4,726 with a typical range of $2,931 to $6,562. Homeowners can expect to pay somewhere between $8 to $15 per square foot including materials and labor for an asphalt driveway. While these estimates use national averages, there are many factors that can impact the cost of driveway paving. For example, your location and size of driveway may impact the actual cost. In addition, if you have design challenges you may have to pay more. We recommend gathering estimates from a few driveway paving professionals to compare pricing. This can help you find the best best and know how much money you will need to come up with or borrow. We will use the national average for monthly payment estimation purposes. If you borrow $4,726 at 4.99% for 3 years, you could have monthly payments as low as $142. To accurately estimate what your monthly payment could be, you should get pre-approved for a loan. Once you are pre-approved you can use a personal loan payment calculator to estimate monthly payments using the rate, amount, and term you qualify for. You can get pre-qualified for a home improvement personal loan at PrimeRates without affecting your credit score. 

Is it cheaper to pave or concrete a driveway?

In most cases it’s cheaper to pave an asphalt driveway as opposed to a concrete driveway. Concrete and asphalt driveways are similar in many ways. The primary difference between asphalt and concrete is the adhesive materials they use. Both types of driveways are relatively easy to maintain but asphalt driveways are usually cheaper to repair. Asphalt and concrete driveways can both experience cracking over time. Cracks should be repaired no matter what kind of driveway you have. Concrete driveways with cracks can be more difficult and more expensive to repair. However, experts suggest that concrete is a more sturdy and longer-lasting option that can last 50 year or more with proper maintenance. Proper maintenance usually just includes necessary repairs and degreasing. If a concrete driveway lasts longer, it may be a better value even though it may not necessarily be cheaper upfront. Concrete driveways may not hold up as well in very cold climates and asphalt may not hold up as well in very hot climates. Homeowners usually have more design options with a concrete driveway. 

Will financing cover driveway repairs?

Homeowners and business owners can use financing to cover driveway repairs. If you need financing for driveway repairs you should consider a personal loan or a credit card. As long as repairs exceed $1,000 you should be able to use a personal loan. Most lenders have a minimum loan requirement for personal loans that usually ranges between $1,000 to $5,000. Compared to a credit card, personal loans usually have lower interest rates and fixed terms. If you can pay the loan off quickly, a credit card may make sense for financing driveway repairs. For larger home improvement repairs or projects you can use a secured loan such as a home equity loan to get extremely low interest rates. If you are considering a secured loan you may want to find additional home repairs to complete along with your driveway repairs.

Do asphalt companies finance?

Asphalt companies can offer financing. While the asphalt company itself usually does not provide the loan, they can partner with lenders who can offer loans. It’s a win for all parties involved usually. The asphalt company is able to close more estimates by providing an affordable payment solution. The homeowner is able to make home improvements without handing over their savings. And lastly, the lender is able to secure a loan with a relatively low customer acquisition cost. Some asphalt companies may be able to offer promotional financing offers for customers. If you own an asphalt company and want to offer financing for customers, PrimeRates can help. PrimeRates partners with homeowners and business owners to provide affordable financing solutions for home improvement financing. Additionally if you are a homeowner trying to determine what you can qualify for, you can apply at PrimeRates to view personal loan offers based on your borrowing needs and credit score.

What are the interest rates & fees associated with a driveway paving loan?

Interest rates and fees can vary depending on the type of financing you use for driveway paving financing. In addition, your credit score can impact what you qualify for. If you have good to excellent credit you can get a personal loan with interest rates starting at just 3.99%. Some lenders may offer different interest rates for different loan terms. In most cases, you’ll be able to secure a lower interest rate by using a shorter term. However, a shorter term usually means a higher monthly payment. Even though the monthly payment may be higher, there’s a good chance that the cost of the loan will be cheaper with a shorter term. If you can afford the monthly payment for a shorter term loan with a better interest rate, we recommend using this option. Whether you have good credit or bad credit, PrimeRates lending partners can help you secure a personal loan for driveway paving financing. If you have credit challenges you may not qualify for the lowest interest rates. Although your interest rate may be higher, accepting the loan and making on time payments can help improve your credit score. Most lenders allow you to pay the loan off early to save money on interest. If you have a high interest rate you should try to pay the loan off as fast as possible to boost your credit score while saving money on interest.

What are the requirements to qualify for driveway paving?

There are few requirements to qualify for driveway financing. To increase your chance of approval you should have a credit score of 620 or higher. PrimeRates partners with a variety of lenders that are committed to helping all credit types secure driveway paving financing. In addition to credit score, borrowers should have consistent income and a reasonable debt-to-income ratio. If you are concerned that you may not qualify for driveway paving financing you should apply with a co-signer. Ideally, the co-signer should have a good credit score and consistent income. If you do not have a co-signer you may want to look into other types of driveway paving financing such as secured loans. Secured loans are backed by collateral making them less risky for the lender.

How to Find Best Driveway Paving Financing Deals

PrimeRates offers a completely free, safe, and time-saving platform that can help you find the best driveway paving financing deals. PrimeRates can connect you to lenders based on your credit score and borrowing needs. Borrowers can easily compare driveway paving financing offers. Most PrimeRates lending partners determine the interest rate you qualify for based on credit score, loan term, and purpose of the loan. Before committing to a loan you should make sure the monthly payment is affordable and sustainable. In addition, you should confirm whether or not the lender has an early payoff penalty. If the lender does not have an early payoff penalty you can pay extra each month or pay the loan off early to save money on interest. 

How to apply for a driveway paving loan

If you are looking for a competitive driveway paving financing offer you can apply through PrimeRates. Applying through PrimeRates will not affect your credit score and provides you multiple personalized loan offers within minutes. The funds can be used for driveway paving or other home repairs. Here are 3 easy steps to apply for a driveway paving loan through PrimeRates. . .

#1. Submit easy online application

#2. Select the best driveway paving loan offer

#3. Receive funds quickly

Why Choose PrimeRates for Driveway Paving Financing

PrimeRates can save homeowners an abundance of time, money, and hassle during the process of securing driveway paving financing. With several top-rated lending partners competing for your business, you are likely to get an unbeatable driveway paving loan at PrimeRates. To get started, simply visit PrimeRates and submit a quick application. PrimeRate’s secure system will then connect you with lenders who can best help you. This makes comparing multiple loan offers easy and convenient.

Conclusion

In conclusion, unexpected home repairs happen. And if they do, PrimeRates has you covered. Whether you need driveway paving financing, window replacement, new appliances, or other home repairs you can secure home improvement loans up to $100,000 through PrimeRates. While homeowners can also secure driveway paving financing through most banks and credit unions, it can be much easier to qualify with an online lender. In addition, they typically offer very competitive rates and terms along with a faster process. Contractors and homeowners can use PrimeRates for driveway paving financing.

Discover the best driveway paving financing offers. . . apply online today!