Newcomer / Intro Questions on factions and reputation

So, I know that you can work to get your rep up with different factions and apparently you get more lucrative missions as your rep goes up (is this true?)

However, I have no idea what benefits/penalties there are to getting in the good books of a specific faction. Do you get access to faction only ships/equipment or something? Right now I'm just focused on making cash but once I get a decent enough pile I was going to look at which faction I would like to support, but right now I don't know what the difference is between them other than their lore.

Also, does higher reputation have any other effects other than missions, such as lower prices or repair costs?
 
When u get in good terms with a faction u get more quests and some of them give more credits, u also get them to show green in ur radar if u are friendly with them and as for the Federation u can buy their special ship. U dont get special equipment and the repair and fuel prices dont go down. If u are an enemy of that faction they will shoot u on sight.
 
I thought the federal drop ship and imperial clipper needed faction standing. Also as you work for groups and factions you will cause growth an instability in area. Check the main discussion forum on the luft (maybe misspelt) revolt
 
I have found that factions I am allied to seem to send ships to help me if I have been interdicted and attacked. There is a bit of a delay, however, so I have normally sorted the attacker before they drop in :D
 
So, I know that you can work to get your rep up with different factions and apparently you get more lucrative missions as your rep goes up (is this true?)

However, I have no idea what benefits/penalties there are to getting in the good books of a specific faction. Do you get access to faction only ships/equipment or something? Right now I'm just focused on making cash but once I get a decent enough pile I was going to look at which faction I would like to support, but right now I don't know what the difference is between them other than their lore.

Also, does higher reputation have any other effects other than missions, such as lower prices or repair costs?

I've found I have been getting more lucrative missions since I entered friendly with a minor faction, and by lucrative, I mean deliver 22 silver to a station in the same system and get paid 105k for it. I was pretty darn happy with that one, grinding my rep up more. You see you need to gain allies with smaller factions before you see a change in the main factions rating towards you, I will explain the pros and cons of joining minor factions (aiding them etc).

Good books? Protection within the system they are in, I got jumped by an Anaconda at the Nav point and instantly had 5 green markers (other ships), come zooming to my aid, one being an Anaconda itself. Not sure if it effects prices, have not checked that to be honest... Someone also reported that their friendly station did no longer scan them as well when entering the station, so they had free access to the Black market with no hassle of getting to it.

Cons would be if you make an enemy out of them they will be hostile to you. I had an experience where 3 ships of a faction who disliked me instantly attacked me at a nav point giving me a good spanking.

I personally have not even seen a change in stance with my main factions relation apart from the Federation being hostile too me (I kinda pirated a lot in their territory), but I am only allied with 2 minor factions at the moment.

Lore Click on said faction to be moved to a website explaining their lore

Federation

Alliance

And last, but not least, my favourite Faction. The Empire
 
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