Oh man, the Type-7. It's almost like an Initiation Hazing or a Rite of Passage. It was once touted as the worst ship in the game, and probably still is...just no one talks about it any more!
Lol, I flew the Type-7 to pay for the Type-9. Unless you've got a Clipper, she's your best money maker in that price range. Terrible Shields, awful Hull Armor, shameful Hardpoints, troll-level heat management (seriously, you will be at critical heat after every jump!), hideous Pitch, decent Yaw, mediocre speed, good cargo space.
What more could you ask for?
It does it's job, though. It makes you enough credits Trading to get you into either a Python or Type-9 pretty quickly. Then it is probably getting sold. Didn't even want to mine in it, though I'm sure it is decent at it.
Just be sure to Submit, and 4 PIPs to SYS while you boost away!
Definitely save for a Python before they decide it needs a nerf.