I agree with Steve about the armature, but before you look for another one, try sanding this one a bit and make sure it undercut at least a few thousandths. It looks like someone used JB-Weld to glue the commutator segments in place, and some of the glue spilled over onto the top side of the segments. Sand it off, so you have a good clean smooth contact area. Also make sure each brush holder is isolated from the motor frame. Each of the 2 brush holder mounting screws has insulating washers on both sides of the motor frame, and if you need to insulate the shaft of the screw, you can use a short piece of heat shrink tubing.
Check the armature for shorts to ground. I'm guessing there's a reason someone painted the wires on it, and maybe it's shorted. The field windings look good, but check them also for shorts to ground.
Test the horn on a good 6 volt car battery, rather than the battery charger, and let us know what you find. When the horn is adjusted correctly, the armature ratchet wheel will barely touch the horn diaphram.