How can you possibly get a loan to pay them off, when your banker won’t even talk to you? Federal Tax Liens prevent you from being able to borrow any money for a car or home
Taxpayers with IRS Problems often have to shop at Buy Here, Pay Here car lots because these car dealers don’t care if you have a Federal Tax Lien, because they charge so much for the cars and usually have very high interest rates.
Cars are expensive enough without having to pay 18% to 21% interest on a used car loan, but with a Federal Tax Lien you don’t have any choices.
The banks have gotten so tough on opening new bank accounts that anyone with a Federal Tax Lien is usually prevented from even having a simple checking or savings account.
This makes it hard on some taxpayers to cash their paychecks or to pay their monthly bills. Often they have to pay more money and use money orders or certified checks just to pay their rent or utility bills.