, leasing one can be a great alternative to financing. On average, you can expect your payments to be $325—but the exact cost of your monthly payments will depend on optional features, your credit score, and downpayment.

When it comes to a reliable compact sedan, Toyota has nailed it with the Corolla. With its stylish exterior, roomy interior, and long list of active safety features, it’s a great car for anyone looking for a safe and reliable sedan at an affordable price point.

However, a

car loan

is a big commitment—and if you’re looking for all the fun the Corolla has to offer without the hassle, you may want to consider a lease. While a lease has more restrictions than financing a car, you’ll have a lower monthly

Toyota Corolla L insurance cost

and maintenance costs.

If you’re ready to hit the road in a Toyota Corolla L,

car insurance

shopping app

Jerry

is giving you everything you need to know before signing a lease. We’ll cover how you can lease a Corolla L, what services are included in your lease, and what happens when your lease term ends.

Find out if you can reduce your monthly car payments in minutes

* checking your rate won’t affect your credit score

Check your rate

* checking your rate won’t affect your credit score

How to lease a Toyota Corolla L

Now that you’ve decided on leasing a Toyota Corolla L, there are some steps you’ll have to take before signing the lease papers. Here’s what you need to do:

Check your credit score—While having a good credit score isn’t a deal-breaker for leasing a car, dealers do want to know you’ll make your car payments. Generally speaking, a score over 700 is good and will qualify you for a good interest rate and favorable lease terms.

Know your budget—The Corolla L may have a base price, but once you go through the optional features, add fuel costs, possible maintenance, and car insurance, the monthly payments can quickly add up. Crunch some numbers before you head to the dealer so you know what you’re working with.

Go for a test drive—Before you sign a lease, make sure you take the car for a drive. You may find that you prefer a different model or trim level, or there are specific features you really want in your vehicle.

Be clear about upfront costs—While a downpayment isn’t a requirement to lease a vehicle, it does help to reduce monthly costs and improve your chances of being approved for a lease. Sit down and determine how much you’re going to need upfront before you head to the dealership.

Determine your annual mileage—Most standard leases come with an annual mileage range of 10,000–15,000 miles per year. If you’re someone who has a long commute to work or drives a lot, consider upgrading to a high-mileage lease to avoid excess mileage costs at the end of your lease term.

Once you’ve gone through these five steps, it’s time to head to your local Toyota dealership. But before you agree to any leases, make sure you ask about Toyota’s current

special offers and incentives

—they’re a great way to reduce your payments further and save money on your car lease.

MORE: How to test drive a car

The final step: shop for insurance

Once you’ve found your perfect Corolla, it’s time to get behind the wheel! But before you do, you’ll want to make sure you’re properly covered.

Jerry

helps you find the right coverage without having to spend an arm and a leg. All you have to do is download the Jerry app, answer a few questions, and let Jerry find you the most competitive rates from over 50 of the country’s top insurance providers. It’s the simplest way to save on your car insurance.

MORE:

Is Jerry good for insurance?

How much does a Toyota Corolla L lease cost?

To lease a Toyota Corolla L, you’re looking at monthly payments of around $325. However, several factors that will influence the exact amount you’ll pay each month, including:

The vehicle trim level, options, and packages you select

Credit score

Lease term

Down payment

Annual mileage

Although the trim level you choose is the biggest influence on monthly payments, there are several features you can add to the Corolla L that can quickly increase your monthly payments.

On the other hand, your credit score is another big factor that can increase or decrease your monthly payments for a Corolla. Let’s walk through an example of how your credit score can impact your monthly payments. We’re going to assume no money down, a 36-month lease term, and 12,000 annual miles.

Credit score	Monthly payment	Amount due at signing
520 to 579	$524	$1,674
580 to 609	$485	$1,635
610 to 629	$465	$1,590
630 to 649	$438	$1,538
650 to 669	$373	$1,398
670 to 689	$343	$1,343
690 to 719	$328	$978
720+	$325	$975

Find out if you can reduce your monthly car payments in minutes

* checking your rate won’t affect your credit score

Check your rate

* checking your rate won’t affect your credit score

Keep in mind that the amount due at signing includes the first monthly payment, cash out of pocket, acquisition fee, and a security deposit. It does not include tax, title fees, licensing,

vehicle registration

fees, and any applicable rebates or cash offers.

That said, Toyota has special offers for certain individuals that can help to reduce payments towards a new Toyota lease or purchase:

$500 military rebate

$500 recent college graduate (within the last two years)

MORE:

Is it better to lease or buy a car?

Services included in a Toyota Corolla L lease

All new leases come standard with ToyotaCare—a special maintenance plan covering normal factory scheduled maintenance for 2 years or 25,000 miles, whichever comes first. They also include 24-hour Roadside Assistance for 2 years with unlimited mileage.

ToyotaCare maintenance covers:

Maintenance reminders

Engine oil and filter change

Tire rotation

Multi-point vehicle inspection

Fluid level inspection and adjustment

The 24-hour roadside assistance covers:

Battery jump-starts

Lockout protection

Emergency fuel delivery

Tire servicing

Towing

Winching

To find out more about what’s offered with your lease, you can download the

ToyotaCare Advantage

brochure.

MORE:

Basic car maintenance schedule

What to do when your Toyota Corolla L lease is up

When your Toyota Corolla lease ends, you have three options:

Return your Corolla and purchase or lease a new one (or another Toyota vehicle)

Return your current vehicle to the dealership

Purchase your current Toyota Corolla L

MORE:

How breaking a lease can affect your credit

How to return a leased Toyota Corolla

Whether you're planning to return your Corolla for a newer model or a completely different Toyota, or you’ve decided you no longer need a vehicle, the process is the same.

If you’re replacing your Toyota, here’s what you need to do:

Explore Toyota.com to find your next vehicle

Contact your local Toyota dealership and ask about loyalty offers and incentives

Explore vehicle and payment protection plans

Apply for credit online

As a returning Toyota customer, you’ll have your disposition fee waived.

If you’re returning your Toyota, follow these steps:

Schedule a complimentary vehicle inspection 15 to 60 days before your lease ends by calling AutoVIN at (855) 40-MY-TFS

Talk to your local dealership about any necessary repairs and see if they can help

Visit toyotafinancial.com to confirm that all contracted payments and miscellaneous charges have been paid (including the disposition fee) and cancel any reoccurring payments you may have set up

Call your local Toyota dealer to schedule a date and time to return your vehicle

Ensure all original equipment is in the vehicle, along with all sets of keys and the owner’s manual

Sign the

Odometer Statement

Contact your local DMV to determine if you will need to return your current license plates

After your vehicle has been returned, you’ll receive a Lease End Invoice stating any unpaid payments of fees. It will also include any excessive wear and use charges, excess mileage charges, and the disposition fee (if applicable).

If you want more information on lease-end options, download the

Toyota Lease-End Guide

MORE:

What is an odometer disclosure statement?

How to purchase a leased Toyota Corolla L

If you’re not ready to part ways with your Corolla L, you have the option of buying out your lease.

If you want to finance your current Toyota, contact your local dealership and speak with them about financing through the dealer and Toyota Financial Services.

If you want to purchase your Corolla outright:

Visit toyotafinancial.com for account information

Call Toyota at (800) 286-0652 and ask for a payoff quote, mailing address, and any necessary sale documents

Mail the payment fee and any required documentation

MORE: Sedan vs. Coupe: Which to choose for cheap car insurance

How to find the best car insurance for a Toyota Corolla lease

Getting behind the wheel of a brand new Corolla L is exciting, but before you take to the open roads, you’ll want to make sure you have the right insurance coverage to keep you protected. Finding cheap car insurance isn’t usually a simple task—but with car insurance comparison super app and broker

Jerry

, it can be.

All you have to do is download the Jerry app, enter your information, and Jerry searches through more than 50 of the top insurance providers to find you the lowest rates. Whether you want

liability car insurance

comprehensive insurance

, or

collision insurance

, Jerry finds you the best deals for maximum savings.

Once you find the right policy, Jerry’s team of experts will take care of getting you switched over so you can leave the dealership knowing you’re fully protected. That’s why Jerry is the #1 car insurance app and saves its user an average of $887 per year on car insurance!

“Using
Jerry
is a super straightforward process, and at each step, you can see exactly what coverage you’re paying for. Thanks to Jerry, I’m paying $900 less each year while keeping full coverage for my new car!” —Martin H.

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