My bike trainer is making a low vibrating sound when I pedal. It has never made this noise before. What might be wrong?

That sounds like worn bearings or something rubbing. Magnets don't make a noise.

Question edited for clarity, full make model (what it is), and wrong type of peddle (drugs) / pedal (a bike).
Question moved from Cars and Trucks to Exercise Bike category.

That noise is normally caused by adjustable bearings that need tightening up. There is help in the link.

https://www.google.com/search?q=bike+body+champ+clunking+noise

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I know this is way later...only 7 years!!. But these bikes or still around. I know because I just got one...Broke.
1. The Motor is bad... About $90 New....
2.If it turns to Easy... The Belt could be off.

I put my belt on and #1 was hard to pedal. But did get harder with resistance increase which means the motor works! Too G??d!

dont know if you got one but I needed a right pedal and it cost me 10gbp from the manufacturer all I had to do is ring them on 01527 598388 and it arrived within 24hrs I was very surprised. item number 23-pedal http://g-ec2.images-amazon.com/images/G/02/uk-sports/Team/B000QZ54MS._V358643820_pdf

I have a iron man cdt elliptical that was clunking . I found a shaft on the end of the crank was slipping in and out, inside the bearings. I shimmed it and retightened the retaining washer which prevented it from slipping . Smooth as silk now. It was very frustrating because all seemed tight at first.

You may have to disassemble the unit remove the side panels if the foot pedal assembly, arm assembly bearing and bushing are in good shape. You'll have to inspect the flywheel and pulley assembly with the power on & off . It will be a process no doubt.

A grinding from the hub sounds like a bad wheel bearing.

It need to be dismantled and inspected, no use guessing.

If it sounds like "swish-swish" noise, that is nornal for your bike. HD changed the front brakes in the 90's and the result was better stopping performance but there is that darned swishing sound. Don't worry about it, mate, there's nothing wrong with your bike.

Now, if you start to hear squealing when you pull the lever, take the bike to a shop to have the brakes pads replaced. If you feel vibration when you apply the brakes, take it to a shop immediately and have them check the wheel spokes for tightness.

you need a "bullit" skewer, (if you don't have one already) on your back wheel.
This is rounded at both ends to sit in the clamps on the turbo trainer.Make sure that the wheel unit on the trainer is low enough so that you can mount your bike. clamp in the back wheel, not too tight as you will cause damage to your hub. Raise the wheel on the trainer to the back wheel of your bike, again, not too tigt as there will be a lot of heat from the friction of the wheel against it, but tight enough to prevent slipping. get on your bike and prepare to sweat like hell!!!
I hope this was of some help,
Jimi