Leasing a Toyota is the most wallet-friendly way to secure a reliable ride, but it’s essential to know the ins and outs of lease agreements before you sign off on a contract.

Financing a car to purchase may be a popular option, but it’s not the only one. Whether you don’t drive as often, live in a city, or don’t want to commit to a purchase—leasing could be a great route to take. You won’t pay as much in the long run, and you’ll still enjoy the new car smell and accessibility of a Toyota.

Leasing still comes with its setbacks, though. With more regulations around your contract, your payments will be attributed to the services associated with leasing rather than the value of the car itself.

Here to help you navigate leasing options is the

car insurance

super app,

Jerry

. From getting a lease to the costs you can anticipate to finding out how to save more on your

Toyota insurance cost

—we’ll cover everything you need to know to determine if leasing a Toyota is right for you.

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How to lease a Toyota

While signing up for a Toyota lease is a simple process, it takes careful consideration to determine which contract is the right one for your needs. Bear in mind these bits of information before offering your John Hancock:

Check your credit score to find out where you stand financially. An ideal score of 700 will position you to save on a Toyota lease.

Set a budget to cap any unforeseen costs or potential fees along the lease length.

Factor in an upfront payment since you’ll be putting down around $1,000 at the time of your lease signing.

Determine your usage for the vehicle since your mileage will play a major role in the type of lease you secure. Toyota offers a lease for 12,000 miles per year, so if you’re sure you won’t surpass that, it could be the right choice for you.

You can find out what kind of lease options you’re pre-qualified for directly through

Toyota

. Some more affordable vehicles to consider are the

2022

Toyota Corolla

or the 2022

Toyota Tacoma

. If you have more room in your finances, you can opt for a spacious 2022

Toyota RAV4

No matter which direction you take, solidifying your budget before you sit down at the dealership is the safest way to prevent yourself from overpaying when it comes to add-ons and features.

MORE: How does your credit score affect car insurance?

The final step: shop for insurance

The cherry (or dare we say Jerry) on top of your lease agreement will be locking down car insurance. It’s a separate process, but an important one—that can be made drastically easier with Jerry’s comparison shopping expertise.

After a speedy 45-second sign-up, you’ll get to choose the top quote from the nation’s best insurance companies. It’s a way to start your lease off with savings that can add up to $887 per year!

MORE: How to lease a car

How much does a Toyota lease cost?

If you’re leasing a Toyota, you’ll get lower monthly payments even if you pay less cash upfront. The specific amount you’ll pay for your lease will depend on these elements:

The vehicle type

Your anticipated mileage

Your negotiated price

The lease term

Additional features you’ve selected

Your state’s sales tax will also contribute to the amount you’ll pay. Although lease rates vary, a lower-end monthly payment for a Toyota Corolla could be around $293, whereas a higher-end payment of $611 would be associated with a

Toyota Sienna

Keep in mind that you’ll need to account for fees upon signing, including your first month's payment, acquisition fee, refundable security deposit, taxes, and a capitalized cost reduction (which is similar to a down payment).

For example, if your credit score is in the 700 range and you’re leasing a

Toyota Camry

, your payments could look like this:

First month's payment: $499

Security deposit: $0

Acquisition fee: $650

With your down payment included, you’d owe $1,499 at signing for a 2022 Toyota Camry. That number excludes add-on features and other factors that drive up monthly payments.

In comparison, a brand new Toyota RAV4 will cost $1,595 at signing with the same factors considered, despite its MSRP being over $1,000 higher.

Leasing can expand your options for a better quality model despite price differences, which is why it’s essential to know what you’re eligible for.

MORE: Are Toyotas expensive to maintain?

Services included in a Toyota lease

Manufacturers have a vested interest in keeping your leased car up to speed with maintenance, which offers you service perks. Toyota provides ToyotaCare for all new models, which allows for two years or 25,000 miles of maintenance at no cost to you.

This is what the ToyotaCare package covers:

Engine oil

Filter change

Tire rotation

Multi-point inspection

Fluid level adjustment and inspection

Parts and technicians through Toyota

The service you’ll get also comes with 24-hour roadside assistance, which includes:

Battery jump-starts

Help with lockouts

Emergency gas tank refills

Towing

Tire replacements

Get the full download on what kind of care you can expect on the

Toyota website

If you want additional reassurance throughout your lease when any bumps or bruises to your car arise, then you can get Excess Wear & Use Protection through Toyota. It can alleviate any pressure around keeping your car in pristine condition since you’ll be covered for up to $5,000 in excess wear and use charges.

Key Takeaway Even if your lease payment is on the higher end for Toyota, it’ll come with perks like complimentary maintenance that can make your investment worthwhile.

MORE:

Towing and labor coverage

What to do when your Toyota lease is up

When your lease is coming to a close with Toyota, you’ll have three choices:

Lease or purchase a new Toyota

Return your current vehicle

Purchase your current vehicle

The process for leasing or purchasing a new Toyota will be similar to the steps you took to secure your current lease. Let’s take a look at returning or purchasing your current vehicle in more detail.

How to return a leased Toyota

If you’re bidding your leased Toyota adieu, this is all you need to do:

Make sure all your payments and fees have been paid

Schedule a complimentary inspection 15 to 60 days before your lease ends

Contact your local DMV to see if your state requires leased license plates to be returned

Get a confirmation that your dealership will accept your return

Get a signed copy of your Odometer Statement from your dealer

If you have Excessive Wear and Tear Protection, you won’t have to sweat potential repairs toward the end of your lease. If that’s not something you purchased, make sure to assess the vehicle for anything that could be considered excessive wear and use before your return.

MORE:

Is it better to lease or buy a car?

How to purchase a leased Toyota

You may have fallen in love with your shiny new Toyota, which means that keeping it could be the best option for you. You can either finance your Toyota by contacting the dealership and letting them walk you through the steps to finance it or purchase it outright.

Purchasing your Toyota outright can be done

online

or over the phone. Once you find out your current payoff amount and gather the corresponding sales documents, you can mail in your payment and contracts to kick off your new long-term relationship with your Toyota.

MORE: How to prepare a car for inspection when returning a lease

How to find affordable car insurance for a Toyota

If you love the lease option for its low monthly payments and convenience, then you might just fall head over heels for the broker app

Jerry

when the time comes to insure your new ride.

With a

licensed broker

at your fingertips, you can skip the daunting steps of insurance shopping and let the speedy experts of Jerry take care of them for you. Once you sign up for free, Jerry will find you the most competitive insurance quotes for your vehicle. Make your pick, and Jerry will take care of signing you up and helping you cancel your old policy.

Jerry has one mission: to find you savings. If you want all the perks of a top insurance company without all the hassle, then download the Jerry app and get started.

“
Jerry
was spot on. I’m young with one rear end on my record. Still, they dropped my monthly insurance rate from $468 to $250. This really saved me money.” —Jason M.

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Is Toyota leasing worth it?

If you aren’t looking to commit to owning a car and the maintenance that comes along with it, then leasing a Toyota is worth your money.

What’s the cheapest Toyota you can lease?

What you’ll pay for your Toyota lease will depend on factors like the model you choose, the lease term, your state’s sales tax, and more. However, a 2022 Toyota Corolla offers the lowest monthly lease payment.

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