I am sorry to hear that you are having issues with your hitch pin on your Swagman Trailhead 4 # S63381. One of the troubleshooting methods that we recommend for the looseness issue is to wiggle the rack up and down as you install/tighten the hitch pin. This can help with tightening.
Also, another route is to purchase the etrailer Anti-Rattle Hitch Stabilizer for 2" Hitches # e99007 for some additional support. I went ahead and attached a video of the stabilizer to give you an idea about... view full answer...