NAD 5120, noise at 45 setting.

My father gifted me a NAD 5120 which he found at auction cheaply.  My excitement was short lived, as it makes a terrible noise at 45, but not at the 33 setting.  It is in great cosmetic condition with a grey Audio Techinca cartridge.

I read on the internet the bearings may be shot, but my knowledge of turntables are extremely limited and I need someone to confirm this theory, or please advise me about how to get it running perfectly again.

Thanks in advance.