Not much is known or told about Faye's ship, but I have a few suspicions and a few observations.

1. I believe it was stolen, as Faye never has any money and doesn't seem to be able to keep it very well with her gambling habits.
2. It must have been a used ship
3. It is a very maneuverable ship. She pushes it to the limit several times when escaping fire, bounty hunters, etc
4. It is fully stocked with weapons. This suggests that Faye has has many run-ins with people who weren't very happy to see her. What is also evident because of this is that Faye is good at using and fighting with it.
5. It has a groovy design ^^

Here are a couple pictures of the Redtail. Click to see the full image.: