Financing Options and Costs of Paving a Driveway

paving a driveway

The price of repaving the driveway depends upon both your choice of materials and the size of your driveway. The project may cost anywhere from $1,000 – $10,000, or more. In some cases, it is possible to leverage financing for a home improvement job, like a paved driveway.

Cost to Repave or Pave the Driveway

Blacktop or asphalt driveways are often the least expensive to repair and install. The price of asphalt driveway installation is usually about $3 – $4/ square foot. Repaving it costs, on average, approximately $1 – $3/ square foot. Therefore, installing a 1,000-sq-ft asphalt driveway could cost between $3,000 to $4,000 and repaving it could cost between $1,000 – $3,000.

Installing a concrete driveway typically costs more than an asphalt driveway, with an average cost around $6/square foot whereas repaving is somewhat cheaper. Cobble and brick driveways can be the most costly to install, at $10 – $70/ square foot, depending on the price of the individual bricks or stones.

How to Pay for Driveway Repaving or Paving

Personal loans are a common way for homeowners to finance their new driveway or repave a current driveway. Personal loans are unsecured loans, meaning they do not require collateral, and may be utilized as home improvement loans. Since this type of loan riskier for a lender, the interest rates are usually higher than what you would see with secured loans. However, the application process is a lot easier, and borrowers may get the proceeds from the loan within a few days.

Typically, interest rates vary from about 5 to 36 percent and loan maturity may range from 2 – 7 years.

If you just qualify for a personal loan that has high fees or a high interest rate, it may be a costly option for driveway repaving. However, if you qualify for the low-cost personal loan, it might be a great option.

For more information on our driveway paving services, contact our expert team at Kissner Paving.