I just picked up a utility trailer today (5x8) and use the same hitch\drop as for my boat. Its a 2 1/2" drop, but the utility trailer is to low for this - its angled up a bit to the hitch but doesnt come too close to dragging the back end...the problem is its banging and moving the hitch around a lot while i drive - im guessing because its uneven. Ive run all over town looking for a 6" drop and cant find one - I can find them online. My question is - do you think its ok to use for light loads (150 lb's) until i get the drop i need? Besides creating a noisy racket im not sure its causing any damage to anything. Has anyone else used a drop that wasnt perfectly balanced for their trailer? Problems?

Why not spring for an adjustable hitch..? 

Same size hitch with same size receiver shouldn't be any slop unless your your pin isn't the same diameter as the hole? Alot of pins have a sleeve just incase you have small diameter pin to slide over it making it larger and removing the slop that makes it seem loose.

The trailer would move whether its level or not if the pin is not the exact diameter.

Just for grins, another possible, is the boat hitch and trailer hitch the same ball size?    A 2 1/8" inch hitch will jump around on a 2 inch ball.

   Those are the only two things that make a trailer feel loose that I know of.

     EVen with hitches that aren't even, there should be no slop, slop allows for wear and tear on some component, thats not good in the long run.

Thanks for the input, it is the right size ball and pin, it is just the little bit of give on each side of the mount inside the hitch itself...Once you have the mount in and the pin - the mount moves a tiny bit on each side, it creates quite a racket though! I found out that it is partly because the drop is not low enough and because the trailer is so light....I thought that was weird until i added some cargo and it got a lot better.  I also found out the correct way to measure and i need a 4" drop for this trailer to do it correctly but it is still ok to go with what i have.  thanks again

Adjust the shoe inside the trailer's coupler.  There's a nut in there that needs to be tightened.