How to Make a Clean Hole with 1 1/8" Dill Bit?

[swwrobotics]

Hey everyone, so for our practice bot, our team was having trouble drilling the 2014 KOP chassis with a 1 1/8" bit, similar to the one shown here: http://drillsandcutters.com/dwdrsd1-...hlOgode FEA_A. We need to fit bearings into four holes we drill so they need to be precise.

When we tried drilling a practice hole in the 2014 chassis, the drill bit jumped around a lot, got stuck every once in a while, and in the end we ended up with a piece with a very jagged hole in it. Is there a way to fix this problem? Like squirt a bunch of lube on the piece while drilling it? Or buy another type of bit? Any advice would be appreciated.

Also keep in mind we're just using a normal cheapo drill press and none of that fancy CNC machine stuff (which I wish we had). Thanks!