Can You Finance A New Driveway?

When it’s time to give a driveway a makeover, the budget is probably the first concern for most homeowners. Whether selling a home, changing how the driveway surface impacts water drainage or because the driveway is nearly unusable, many property owners will find themselves unable to wait for too long. Is financing the project to get it started an option?

Yes, you can finance your new driveway, much like any other renovation project! Here’s what to consider when planning your new driveway, as well as your financing options when you’re ready to take the plunge.

 

Working Towards Your New Driveway 

Most homeowners will have no issue organizing and bringing in a concrete contractor for a project like a new driveway; however, homeownership can be an incredibly varied experience! For instance, if you’re subject to a local Home Owner’s Association, check to see if any restrictions on the types of driveways or materials exist in your neighbourhood.

Next, contact us with your specs and wants. The length and width of your driveway will be a large factor in how much the project will cost, but think about other factors. It might be an ideal time to widen your driveway, improve your property’s drainage, or up your curb appeal with extra decorative elements. We can take you through your options with a free quote!

Once you have your quotes and are ready to move forward, you will also have to decide on a payment method. If you happen to have the full amount available in your account, then you’re good to go! However, most people end up financing large home projects, and a new driveway is no exception. 

 

How Can You Finance A New Driveway?

New DrivewayOne option is choosing a low-interest credit card or line of credit, which can be a simple choice for those who know how they’ll pay it off in the future. One of the best options for homeowners is taking out a personal line of credit. These allow you to access the funds as you need them, and you only pay interest on the amount you use. Interest rates for a personal line of credit are lower than on a credit card. If you’re using your ordinary credit card, be careful to have a plan so that you don’t carry the balance for too long, as interest rates can top 18%. 

Another common financing option is a home equity loan. If you have significant equity in your home, a home equity loan through your lending institution might be the best option. Those lacking sufficient equity in their home – or would prefer not to navigate any mortgage-related obstacles – can consider taking a personal loan from a bank or credit union.

Whatever your needs, financing a new driveway is very doable, and you can make it an investment by choosing concrete. A durable, strong driveway made with properly-mixed materials give you a driveway with a lifespan of decades and little maintenance needs.

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