The Millennium Falcon functioned as a freighter with a light classification.
Freighters of the light variety were a class of freighter employed from the twilight of the Galactic Republic and throughout the Galactic Empire's reign. Hera Syndulla's starship, the Ghost, utilized by rebels hailing from Lothal, was a modified VCX-100 light freighter. Han Solo's vessel, the Millennium Falcon, a smuggling craft that later joined the Rebel Alliance, was designated as a YT-1300 light freighter. These ships were used during the final days of the Republic.
The manufacturing of light freighters dates back to approximately 56 BBY, the year the Corellian Engineering Corporation produced the YT-1300 known as the Millennium Falcon. These ships enjoyed widespread use across the galaxy, facilitating the transportation of diverse cargo (both legitimate and illicit) to and from planets like Naboo, Coruscant, and Kessel. Their utility extended into the Galactic Civil War, where they served in both transport and combat capacities. Subsequently, the Falcon participated in the Cold War. During the Clone Wars, Trandoshan bounty hunter Bossk commanded the Hound's Tooth, a YV-666 light freighter. Lux Bonteri deployed Onderonian rebels into combat using XS stock light freighters.
During the time of the Republic, the EML-850 light freighter was conceived and a prototype was built. However, its durasteel outer layer made it tough but also very costly. Consequently, the design was not approved for large-scale production.
During the Imperial Era, the group known as the Spectres used a VCX-100 light freighter called the Ghost as their mobile base and dwelling. Piloted by Twi'lek captain Hera Syndulla, the ship and its crew engaged in numerous missions aimed at weakening Imperial control. In 2 BBY, Mart Mattin possessed a YT-2400 light freighter named Sato's Hammer. Leading a small rebel group called Iron Squadron, he initiated a small-scale guerrilla war against the Imperial forces stationed on Mykapo. Other freighter captains operated models such as the Allanar N3 light freighter in various locations across the galaxy.
In the time leading up to the cold war, the human scavenger Rey briefly piloted a 690 light freighter.