I've got an 04 Ranger XLT, Mine is exactly the same. I put a couple of bags of iron shot in the back as ballast (about 75Kg), makes it a lot better and also makes the ride a little softer.
The leafs on the rear tend to crack due to not having any weight on them (bear in mind you can supposedly put over a tonne on the back), doesn't do them any harm to have a bit of a load on now and then.