Toyota Corolla SE Lease
The average monthly payment for a Toyota Corolla SE ranges from $344 to $383.
Written by Sarah Gray
Reviewed by Jessica Barrett
Your average monthly payment on a 36-month Toyota Corolla SE lease will range from $344 to $383. Your individual monthly payment will depend not only on your credit score but also on the trim level, added features, and your negotiated sales price.
Toyotas are known for their reliability, but that doesn’t necessarily mean you’ll want to drive your Corolla SE forever. Sometimes, we just need a little change, and a lease is a great option for those of us who like a little change more often.
Though leases do come with their own unique restrictions, they also offer drivers the flexibility of a new vehicle every few years and a few extra dollars in their pockets each month due to generally lower monthly payments compared to traditional loans.
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Here to help you learn more about leasing a Toyota Corolla SE is your go-to
car insurance
app, Jerry
. We’ve put together this guide to tell you everything you need to know about how leases work, what expectations you should have when leasing a Toyota Corolla SE, what options you’ll have at lease-end, and how to save on your Toyota Corolla SE insurance cost
.How to lease a Toyota Corolla SE
Despite the finger cramps associated with all the paper signing, leases are pretty simple. That doesn’t mean you should rush right out and get one though. As with any major expenditure, there are a lot of things you need to consider first, and when it comes to a lease, those things have to do with your finances.
So, before you run to your nearest Toyota dealer, you need to do a few things:
- Check your credit: Not unlike when you rent an apartment, you need to have a solid credit rating to get approved for a lease. Applicants with credit scores in the 700 range and above will get the best rates, but those with scores between 650 and 700 can get some great offers as well. As your credit score gets lower, your monthly payment will get higher, and if your score is less than 520, you’re not likely to get approved.
- Calculate your Payment to Income Ratio (PTI): Lenders need to know you’ll be able to afford your monthly payment, so as part of the leasing process, they’ll determine the percentage of your monthly income that will be required to make your monthly lease payment. This is your PTI, and it needs to be 15% or, ideally, less. That means that if you make $3,500 per month, the absolute maximum lease payment you could afford is $525 per month, but your goal should be to come in below that.
- Determine how much you can put down: Not only do leases usually require cash down at signing but making a down payment is also a great way to lower your monthly payment. To ensure you’re ready to pay what’s owed at the signing table, be sure you’ve got at least a couple thousand dollars on hand.
- Calculate annual mileage: One of the biggest restrictions associated with leases is the number of miles you're allowed to drive without penalty. Like most vehicles, Toyota Corolla SE leases are available in 10,000-, 12,000-, or 15,000-mile increments. The higher the mileage lease you choose, the higher your monthly payment, and going over your allotted mileage will cost you.
Now you know exactly how much you can afford, so you’re in the perfect position to head to your local Toyota dealer and negotiate a
great deal on a lease
.The final step: shop for insurance
Your Toyota Corolla SE lease won’t include car insurance, but you’ll need to have it before you drive off the lot. In fact, you’ll be expected to carry
full-coverage insurance
for the duration of your lease, which can get a little expensive. But Jerry
can make sure you’re not overpaying for insurance. Within minutes of downloading the Jerry app and answering a few questions, you’ll be presented with customized quotes to choose from. Just make your selection, and Jerry takes care of the rest—setting up your new policy and even helping you cancel your old one.
How much does a Toyota Corolla SE lease cost?
On average, a Toyota Corolla SE lease costs from $344 to $383 per month depending on the trim level you choose.
In addition, your monthly payment will be affected by the options you choose to include on your vehicle, your credit score, your lease term and mileage allocation, and your down payment. Plus, dealers often run specials and incentives that will also affect your overall price and payment.
Vehicle trim level options and packages
can really affect lease costs, and not just because a higher trim is more expensive. Different trims also often require different amounts of cash due at signing. Let’s see how the trim level affects your monthly payment and cash due at signing assuming you have excellent credit (720+), you’re able to put down $1,500, and you select a 36-month lease term with 10,000 miles.Trim level | Monthly payment | Amount due at signing |
|---|---|---|
SE | $344 | $994 |
SE Nightshade | $361 | $1,011 |
SE Apex | $383 | $1,033 |
Your credit score is the second biggest factor when it comes to determining your lease pricing. This is how your monthly payment for the base Corolla SE could change based on your credit score, assuming the same lease factors as in the previous scenario.
Credit score | Monthly payment |
|---|---|
520 to 579 | $571 |
580 to 609 | $526 |
610 to 629 | $503 |
630 to 649 | $473 |
650 to 669 | $399 |
670 to 689 | $365 |
690 to 719 | $348 |
720+ | $344 |
Maintaining a high credit score and making a large down payment can certainly reduce lease costs, but you could also lower your costs if you’re a recent college graduate or a military member. Check out the Toyota website for information on all available rebate options in your area.
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Services included in a Toyota Corolla SE lease
Unlike many vehicle manufacturers, every new Toyota comes with the
ToyotaCare
maintenance package included in the sales price. Toyota covers all routine maintenance for the first two years or 25,000 miles that you have your vehicle, and you get free 24-hour roadside assistance.This means that for the first two years, you’ll have costs covered for:
- Oil and filter changes
- Tire rotations
- Multi-point inspections
- Fluid level inspections
A couple of things to note: ToyotaCare does not cover repairs due to accidents. Also, ToyotaCare only covers the first two years of service.
That means you’re all set if you have a 24-month lease. But if you choose a longer lease, you’ll be responsible for keeping up with maintenance once your ToyotaCare plan runs out.
Key Takeaway Toyota leases include routine maintenance and 24-hour roadside assistance for 24 months.
What to do when your Toyota Corolla SE lease is up
As with most leases, you have three options when your lease term is up. You can:
- Return your car and lease any new model Toyota
- Complete the return checklistand return your car
- Buy your Toyota Corolla SE
How to return a leased Toyota Corolla SE
If you’re ready to get into a new vehicle, whether it’s a new Corolla SE or another Toyota model, the process is simple:
- Call AutoVIN at 855-40-MY-TFS to schedule a complimentary inspection at least 15 to 60 days prior to lease-end.
- Make any necessary repairs to avoid excess wear costs, if necessary.
- If you’ve decided not to purchase or lease a new Toyota, visit toyotafinancial.com to ensure all fees, including the $350 Disposition Fee have been paid, and your recurring payment is turned off. This fee is waived if you purchase or lease a new Toyota.
- Schedule an appointment with your originating dealership to return your vehicle
How to purchase a leased Toyota Corolla SE
Buying your current Toyota Corolla SE couldn’t be easier. Just contact your originating or local Toyota dealer to arrange financing, or contact
Toyota Financial Services
for a payoff quote.How to find the best car insurance for a Toyota Corolla SE lease
Jerry works hard to make sure you get the best rate on insurance that’s customized just for you, your car, and your finances. Jerry does all the comparison shopping for you, sets up your new policy, helps you cancel your old one, and even reminds you to
shop for car insurance every 6 months
so you always have the best rate possible.This level of service is what makes Jerry the #1-rated insurance comparison app in the country.
“When usingJerry, I just put in a bit of information, and they found lots of different quotes for me. I was paying $305 a month for 2 brand-new cars, but now I’m paying $150 a month for both with full coverage!” —Robin U.
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