Warbonnet is right in that a new motor would be best but there is a lot you can do to improve the running of older Athearns.
Firstly take the motor out and clean the commutator (this is the exposed brass piece that you can see turning when the motor is running.) Just apply some power to the motor and polish the commutator with either a very fine file, sandpaper or a glass fibre pen. The commutator should sparkle after cleaning it!
It's a good idea to take out the brushes (careful not to lose the springs) and clean off any dirt or grime. Some modellers also cut about 1/3 of the springs away to lessen the pressure on the commutator and allow the motor to turn easier.
A tiny drop of oil on the motor shaft bearings is also a good idea, but don't over do it or allow any oil to get on the commutator.
That takes care of the motor but most of the noise from an Athearn loco comes from the drive shafts and gears. Take these apart and check for any flash on the plastic that might cause friction when the parts are turning. Pay attention to the brass worm gear on top of each bogie. Take them apart and clean away any grease and grime them re-lubricate and reassemble them.
Lastly, disassemble the bogies and take out all the gear wheels. Check again for flash in and around the centre hole of the gears also between the gear teeth. I take a small triangular file and file between each tooth (a couple of strokes is all that is necessary, don't over do it!). Again clear out any old grease and grime.
The loco can then be reassembled with some lubrication and then ran in for about a hour or so but I prefer to add one more step: Lubricate the gears in the bogies with some graphite powder, reassemble and run the loco at medium speed for about 1/2 hour in each direction, preferably not on your layout! This polishes the gears and reduces the friction even more. You can then lubricate the loco as normal after cleaning away any surplus graphite around the bogies that may have been forced out by running it in.
I know this sounds like a lot of work, but I do it with all my Athearns and it really improves the running.
Also, if you run DCC the choice of decoder is very important with these old locos. I've settled on Lenz Standards which give fantastic slow running and control.