So it would appear to be problems with just this loco..
How 'tired' does the loco look? - Generally tatty, worn skates and plating on the wheels, also look at the backs of the wheels..
Check the tyres are clean.
Check the skates can move up and down freely.
Check the rear faces of the wheels. - They want to be fairly clean.
Check the carbon brushes (that rub on the rear faces of the wheels). - These should not be too worn, and should move freely. Sometimes they get a notch worn on them, from the edge of the holder.
If you have a meter:
Check for continuity along the wheels and skate, each side of the loco. - You should get a 'beep' or other indication, between the wheels and skate, along each side of the loco.
There should not be masses of oil, on the bottom plate of the motor block.
Nor should there be masses of old filthy grease (and/or possibly muck) around the axles.
If there is a model number on the underside of the loco, what is it?
If there is a circular gold sticker, what are the first and last, of the six digits?
Once we have an idea of the age and condition, we can make more suggestions.
If it is an older model, it may have screw-in bulbs?
A bulb could just be loose in the holder, but should not cause a loco to slow to that extent..
If the motor is really old and worn, then it might be taking enough current (I assume you have the 1Amp starter set controller?) and the lamp is taking it just over the limit of your transformer?
PhilP