They are usually unrelated to the Prime Rate. Most of them are adjustable and they often start with 'teaser' rates as low as 1%. They quickly climb after some short amount of time and are often limited to something 12% or 14%.
> Aren't they super-prime interest rate loans
Heh. They (the borrower, vis their credit report) are 'sub-prime' in the way that the meat at Burger King isn't Prime. It's not the interest rate that's not prime.
/jordan