Repair/project please help

[lazy]

Hello to all nice and helpful peeps
I purchased this Merida bike off eBay the seller wasn't very clear about the condition of bike long story short he agreed to give me 50 % refund.
Now I am thinking of taking this project and fixing the bike myself.
I have done some tweeking
Changed tyres and tubes
On rusted parts such as screws applied WD40 and chain oil
Adjusted the brakes
Changed the seat and handlebar tape
Now the issues I am facing
When I ride the bike it makes funny noise from its gears
When on high gears (it has only two front gears) the back gears don't change and makes a funny noise, however on small gears I can change gears
The rare wheel seems to be very loose even though I have tried tightening it, it's also not aligned and I don't know how to do it.

How can repaint this

 

[steveindenmark]

My view is that you should fix what needs fixing to make it ride correctly first and then think about paint and pretty stuff afterwards. If you make it pretty, someone will steal it.

Steve

 

[RecordAceFromNew]

I would agree with Steveindenmark. With a fixer upper I would deal with the worst problems first, best first get an idea where the bottom of the pit is...

Regarding your rear wheel, the easiest way to find out what is wrong with it is not when it is on the bike. Release it, spin the spindle and see whether it runs smooth without wobble, similarly with the cassette/freehub, and only then see whether the rim runs true within the frame. Any or all the above could be problematic, but since it is a project the more problems there are the better an educational tool it would be!!

Park is a fantastic resource, so is Sheldon of course.

 

[BimblingBee]

If the rear wheel wobbles from side to side when stationary i imagine its bearings. Either adjust (shimano cup and cone) or replace (cartridge). If it wobbles when moving it probably needs truing. Gears sound like they need re indexing but if cables are rusty then replacing will help.

All is potentially very cheap. As said.. Sheldon is your friend.

 

[sreten]

Hi,
And fit a new chain, the one fitted looks in poor condition and worn out to me.
(The rollers look like they are sticking out too much on when on the cog.)
rgds, sreten.

 

[lazy]

where can i buy cheap but good quality bike kit/tools any recommendations?