Costs and Financing Options for Paving Your Driveway

There are five major signs that it is time to repave your driveway. These include big cracks, ruts, potholes, chunks of eroding pavement, a weathered and aged appearance, or missing pieces of brick or cobble. The end of summer is generally one of the best times of the year to repave your driveway because it has cooled down enough from the hottest part of the summer but is still warm enough to avoid freezing.

The cost of repaving your driveway depends on both the size of the driveway and your choice of materials. The project can cost an average of $1,000 to $10,000 and up though, according to HomeAdvisor, so some homeowners may need to find outside financing in order to complete the home improvement project.

Cost to Pave or Repave a Driveway

Asphalt or blacktop driveways are the cheapest to install and repair. The cost of installing an asphalt driveway is generally around $3 to $4 per square foot, while repaving it costs around $1 to $3 per square foot, on average. So, installing a 1,000-square-foot asphalt driveway could cost between $3,000 and $4,000 while repaving it would cost around $1,000 to $3,000.

Installing concrete driveways usually costs more than asphalt at around $6 per square foot while repaving should be slightly cheaper. Brick and cobble driveways can be many times more expensive to install, from $10 to $70 per square foot, depending upon the cost of the individual stones or bricks.

The total cost of paving or repaving your driveway includes the materials, tools, and labor costs if you are not going to do the work yourself.

How to Pay for Paving or Repaving Your Driveway
Personal Loans for Repaving a Driveway

Personal loans are a common method for homeowners to finance a new driveway or to repave an existing driveway. A personal loan is an unsecured loan, which means there is not an asset that serves as collateral for the loan, and can be used as a home improvement loan. This makes the loan riskier for the lender, so interest rates typically are higher than they would be for a secured loan. The application process, however, is much easier, and borrowers can get the proceeds from their loan within a couple of days.

The interest rates and loan terms on personal loans can vary dramatically among lenders. So, it’s especially important to do your research and make sure that you are choosing the right personal loan for you. Interest rates typically vary from around 5% to 36% and loan maturity can range from two to seven years.

Lenders also charge origination fees that can range from 0% (no origination fee) to 7% of the loan amount. Borrowers who have credit scores above 720 have the best options when choosing lenders and tend to get the most competitive rates and loan terms.

If you only qualify for a personal loan with high fees or a high interest rate, this can be an expensive option for repaving a driveway. But, if you do qualify for a low-cost personal loan, it may be a good choice.

Read the full article here: Costs & Financing Options for Paving or Repaving Your Driveway