- Rates starting at 8.99%
- Up to 15-year terms
- Borrow up to $100K
- No prepayment penalties or hidden costs
- No Credit Card
Home improvement financing for your new driveway
Driveway Financing Options for Your Home
Building a driveway for your home isn’t just a matter of laying down some asphalt. Asphalt remains relatively low-cost, but great financing options offered by contemporary companies put other driveway types within reach. You may consider an elevated concrete or brick drive, much cooler in a hot, sunny climate – or even granite pavers that last a century, maintenance-free. Great financing sources help to open the door to bigger and better driveway possibilities.
Calculate your monthly loan payment
Why do I need to build/upgrade my old driveway?
Having a driveway is important for a number of reasons. Not only does it make it easier to get in and out of your home without damage to your vehicle or tires, but a driveway can also increase the value of your property by as much as 20%.
In addition, a well-maintained driveway can last for many years with little to no maintenance required.
Different driveway types & Materials also come with their own set of benefits:
Asphalt is the most common type of driveway. It’s relatively low-cost and easy to install, but doesn’t last as long as some of the other options.
Concrete is more expensive than asphalt, but lasts much longer – up to 30 years with proper maintenance.
Brick or stone pavers are a beautiful option, but require more upkeep than concrete or asphalt. They can last up to 50 years, however.
Granite pavers are the most expensive option, but they’re also the longest lasting – up to 100 years with proper maintenance.
How do I pick the right driveway for me?
No matter which type of driveway you choose, there are a few things to keep in mind:
- The size of your driveway will impact the cost. A larger driveway will obviously require more materials and may need to be reinforced with a stronger foundation.
- The type of material you choose will also have an effect on the price. Asphalt is the most affordable option, while granite pavers are at the high end of the spectrum.
- While costs can vary, a good rule of thumb is to budget $20-$30 per square foot.
- You should also consider any other home improvement projects you may need to do in conjunction with your new driveway. For example, if your old driveway is in disrepair, you may need to repave your entire front yard or install a new carport before installing a new driveway.
The best way to get an accurate estimate of the cost of your project is to consult with a professional contractor. They can assess your specific needs and give you a more detailed estimate.
How much will a driveway cost me?
Installing a new driveway can cost anywhere from $2000 to $5000, depending on the size and type of driveway you choose, while upgrading your old driveway costs a little less, averaging about $1000 to $2000.
Typically, a good rule of thumb to use for various driveway and home sizes is as follows:
- For a standard two-car driveway, you’ll need about 500 square feet of space. This will cost between $2000 and $5000 to install.
- For a one-car driveway, you’ll need about 200 square feet of space. This will cost between $1000 and $2000 to install.
When budgeting for your new driveway, don’t forget to factor in the cost of professional installation. Hiring a professional will ensure that your driveway is installed correctly and will last for many years.
What financing options are available to me?
Once you’ve decided to move forward with your project, the next step is to choose the best financing option for you. There are a few different options available:
- Cash: This is the simplest option, but may not be feasible for everyone. If you have the cash on hand to pay for your project up front, you won’t have to worry about interest rates or monthly payments.
- Line of credit: This is a good option if you have equity in your home that you can use as collateral. The interest rate will be lower than with a credit card or personal loan, but you will need to make monthly payments.
- Credit cards: You can use a credit card to finance your project, but the interest rate will be higher than with a line of credit. Personal loans: There are many lenders who offer personal loans specifically for home improvement projects. The interest rate will be lower than with a credit card, and you may have the option to finance the entire project upfront and make monthly payments.
- Home improvement financing or loan: There are home improvement lending options for all types of home improvement projects. You can apply online to most and get approval quickly. Plus, many often come with long term repayment options and low APRs, making them an attractive option for keeping money in the bank while still affording the driveway your home needs.
When it comes to financing your home improvement project, there are many options available. The best way to find the right option for you is to consult with a professional contractor. They can help you understand the different financing options and choose the one that best fits your needs.
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How PowerPay financing can help you get the best driveway
If you’re considering financing your new driveway, Powerpay is a great option, offering several key financing benefits alongside the convenience of avoiding out-of-pocket expenses on your driveway project. Our financing can help you acquire a better driveway through:
Flexible payment terms
Getting financing for your driveway means you don’t have to pay for the entire project upfront. This can be a big help if you’re tight on cash or need to free up some money for other home improvement projects.
Lower interest rates & monthly payments
Financing your driveway can help you get a lower interest rate than you would with a personal loan or credit card. PowerPay home improvement financing loans begin with interest rates as low as 4.99% for qualified buyers with approved credit.
It also means you’ll have a fixed monthly payment that makes budgeting easy, and it will make your monthly payments more manageable.
No prepayment penalties
PowerPay’s financing options come with no prepayment penalties, so you can pay off your loan early if you want to.
An easy financing application process
At PowerPay, we’re dedicated to helping our customers get the financing they need for their home improvement projects. We offer a convenient online application process and quick approval times so you can get started on your project right away.
A customer service team ready and eager to help
Our team is available to answer any questions you may have about our financing process or your options. We’re here to help you every step of the way.
When you finance your driveway with PowerPay, you can rest assured knowing that you’re getting the best possible team to help you get the driveway you need without breaking the bank.
How do I apply for a PowerPay loan?
Applying for a PowerPay loan is easy. You can apply online or over the phone with one of our friendly customer service representatives. We’ll ask you for some basic information about yourself and your project to determine your approval status.
Once you’re approved, we’ll work with you to choose a repayment plan that fits your budget. We offer flexible repayment terms and competitive interest rates, so you can be sure you’re getting the best possible loan for your needs.
If you’re ready to get started on your new driveway, PowerPay is here to help. Contact us today to learn more about our financing options or to apply for a loan. We can’t wait to help you get the driveway of your dreams.
Homeowner Driveway Financing FAQ
Is Contractor Partner Financing Better than a Home Equity Loan?
Unlike a home equity line of credit, when using a contractor’s partner financing option, your house is never in jeopardy of being used for collateral – you aren’t taking the risk of foreclosure in the event of defaulting. Additionally, while you can secure a home equity loan for the relatively low price of an average driveway installation fairly easily, financing sources with long terms that take care to eliminate hidden contractor fees often offer competitive loan rates.
What is the Lifespan of Different Driveway Types?
The useful lifespan of various driveway materials varies greatly, but generally, the more expensive the option, the longer it lasts. A modern asphalt driveway, properly laid down, survives around 20 years before replacement. A bitterly cold northern climate with winter frost can shorten this to 15 years. Concrete drives, whether pavers or stamped, last around 30 years under typical conditions, while brick pavers remain useful for roughly 25 years. Stone pavers, such as granite, endure for 100 years or even longer.
How Much Extra Does a Circular Driveway Cost?
Plain, straight driveways are the cheapest to install, while circular driveways can double the average cost or more. One reason for this is simply that they require much more material, since they cover the same surface area as an extremely long straight driveway. Labor costs also increase because building the curving shape is more time-consuming and demanding than making a simple straight driveway. Nonetheless, backed by good financing, you should at least consider the possibility of a circular driveway to gain its convenience and appearance benefits.
Visit the PowerPay FAQ for borrowers to learn more about driveway financing options, as well as answers to other frequently asked questions.