Dictaphone 2710 noise problem

I have a Dictaphone 2710, standard cassette transcriber, and it makes it a loud squealing noise whenever a tape is inserted, which gets louder. It seems to be the tiny brass pin in the bottom right of the machine, where you insert the tape. Does this just need to be oiled? If so, what type of oil should be used? I bought this machine a few months ago as refurbished and it will cost me more than I originally paid for it to send it back to the company to fix it! And of course, the warranty just ran out.